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
-637346101462791206.png)
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).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?