Binance Smart Chain Collaborated With Band Protocol Oracles To Enhance DeFi Activity

August 21, 2020 4:10 PM UTC

The market inside report shows that Binance Smart Chain, decentralized applications supportive crypto exchange’s blockchain, has collaborated with Band Protocol’s data oracles.

Srinawakoon, CEO and co-founder of Band Protocol, said, “This recent development will allow any developers who build with Binance Smart Chain to access available information, build decentralized finance much easier than before, as well as leverage the new technology to make it more user friendly and more scalable.”

The development of DeFi protocols will be more efficient with the support of Binance Smart Chain, as this technology can comfortably move smart contracts to Binance Chain.

“Scalability is a key factor for DeFi to compete with Centralized Finance (CeFi) and we look forward to unlocking its immense potential through Binance Smart Chain,” said Sovaris.

DeFi Protocols Achieve Another Significant Threshold

Market analysis for DeFi protocols is presenting no indications of stopping soon. The growing trend of decentralized finance platforms proceeds to increase in all perimeters. DeFi total value locked has crossed another significant threshold. After achieving the target of $1 billion, the figure has surged roughly six times. Currently, the total value lock in the Defi sphere stands at $6.32 billion.

DeFi is an open-source protocol built on top of the blockchain. DeFi sphere employs smart contracts and digital assets to help its users by providing new borrowing and lending solutions, without calling the services of the traditional banking sector. Several crypto experts are considering DeFi as the future of finance.

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