Rajarshi Mitra
Independent Analyst
- TRON has recently partnered with the oracle solution Band Protocol.
- The partnership could bolster TRON’s goal of growing its DeFi ecosystem.
- Band’s decentralized oracle network, BandChain, has been implemented on TRON using a bridge.
TRON has recently announced a partnership with Band Protocol. The collaboration lets third-party developers use Band’s oracle solution to receive tamper-proof price feeds and other external data sources. The partnership appears to be beneficial for both parties as TRON is shipping new products like JustSwap and BitTorrent File System, while Band has just gained a Coinbase listing and integrated with Binance Chain.
Band Protocol is a well-known oracle solution. Band’s cross-chain oracle solution is compatible with all networks, making it a suitable option for TRON. Devs can program smart contracts, which respond to real-world events by using Band’s APIs.
TRON’s partnership with Band Protocol could bolster its goal of expanding its decentralized finance (DeFi) ecosystem. Adding oracles to a blockchain network gives devs the power to create applications that are not limited to events that occur on-chain.
Band’s decentralized oracle network, BandChain, has been implemented on TRON using a bridge. Instructions on using BandChain have been added to TRON’s developer documentation to help the devs explore its capabilities. Developers can either query the available information as standard within the BandChain bridge contract or create their custom oracle.
Justin Sun, the founder of TRON, said:
We are ecstatic to enhance TRON with the most valuable oracle product on the market. This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain…TRON’s ecosystem is growing faster than ever and having Band Protocol secure our top applications helps us speed up the adoption of defi and dApps worldwide.
TRX/USD daily chart
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Following the announcement, TRX/USD jumped from $0.0293 to $0.0349, spiking above the 20-day Bollinger Band. The bears have now stepped in to correct an overpriced asset as TRX/USD has settled around $0.0342. On the downside, we have healthy support levels at $0.03047, $0.02761, $0.02672 (SMA 20) and $0.0222 (SMA 50).
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