The rise in popularity and adoption of decentralized finance protocols, particularly on Ethereum demonstrates the potential for the future decentralized monetary services — as a DeFi ‘money lego’ toolkit ecosystem gets built. With this rise in adoption of DeFi protocols and applications presents an opportunity for middleware, service layer protocols that help bridge between real-world value and the blockchain protocols that decentralized economy is built on. That is, most DeFi protocols rely on some level of oracle services, providing a critical point of failure as seen with the recent Synthetix hack and teams are looking to decentralize this technology further.

Band Protocol is well positioned to provide a solution for this problem with our oracle and data feed solutions that help to significantly decentralize and secure what is a major weakness and need in the industry. Band oracles and integrations will continue ongoing major focus for the protocol and future partnerships moving forward.

What we have accomplished

In quarter 2, the majority of our focus was securing and refining our smart contracts and launching our testnet on the Rinkeby network. Oracles and price feeds available on deployed Band Protocol smart contracts include cryptocurrency, stock and commodity price feeds as well as sports and lottery results.

No critical bugs have been found and we have a successful audit completed by CertiK that confirmed the teams technical skills and building best practices that are high quality in industry standards.

The Beta version of Coinhatcher, our community governed decentralized data feed application was launched successfully. So far we have distributed Coinhatcher tokens to 4,800+ addresses based on their activities on Coinhatcher. We’ve seen more than 25,000 transactions with the Coinhatcher TCR contract, maintaining 450+ entries in its crypto-insight registry.

Other developments and milestones in Q2 for Band include:

Product development

Upgrades of our smart contracts and tools to support on-demand data request and external API calling capabilities. This will allow our protocol to serve more flexible data for those applications that require on-demand data / API calls to any web2 websites.

We have conducted UX research, some of which was aided significantly by our active community testing our products to add many features to improve usability of our data governance portal and in-browser wallet.

Partnership

A strategic partnership with Certik was formed to co-develop secure oracle protocols.

Great progress in other partnerships has been made which we will announce in separate blog posts in the coming weeks and months.

Community events