• Fantom Logo
  • Technology Tools Enterprise Ecosystem Developers
  • Fantom DeFi
      • Sub menu

        Intro to Fantom

        Fantom is a fast, scalable and secure platform for digital assets.

      • Sub menu

        Stake on Fantom

        Earn rewards by securing the network.

      • Sub menu

        FTM token

        FTM is the primary token of the Fantom ecosystem.

      • Sub menu

        The Consensus

        Discover Lachesis, Fantom’s ultra-fast consensus protocol.

      • Sub menu

        Opera Chain

        The Fantom mainnet, with staking and EVM support.

    • WALLETS

      • Sub menu

        Fantom Wallets

        Store, send, receive, and stake FTM on desktop, mobile, and hardware wallets.

      EXPLORER

      • Sub menu

        FTMScan

        A new Fantom explorer built by the Etherscan team.

      • Sub menu

        Opera Explorer

        Explore the network transactions, blocks, and nodes on Opera.

      • Sub menu

        OKLink

        OKLink is an alternative explorer for the Fantom network

    • GUIDES

      • How to use Fantom Wallet

      • How to set up Ledger Nano with Fantom

    • Sub menu

      Enterprise

      Discover Fantom’s solutions for enterprise clients.

    • Sub menu

      Solutions

      Take a deep dive in real world use cases.

      • Sub menu

        About us

        Meet the people behind Fantom.

      • Sub menu

        Partners and integrations

        Learn how we're creating a cross-chain ecosystem on our innovative platform.

      • Sub menu

        Blog

        Learn about Fantom through our general and tech articles.

      • Sub menu

        Podcasts and interviews

        Check out all the Fantom related interviews and AMAs.

      • Sub menu

        FAQ

        Do you have questions? We have answers!

      • Sub menu

        Community

        Join our wonderful community and share ideas.

      • Sub menu

        Careers

        Come work with us!

    • Sub menu

      Documentation

      Start building on Fantom

      GET STARTED

      Deploy a smart contract Create a fixed-cap asset Create a local test network GraphQL API docs

      GUIDES

      Set up Metamask Run a validator node
    • Sub menu

      Technical papers

      Read our technical papers and latest research essays.

      Covalent API
      The Graph's Subgraphs
      Verified contracts
      Frontend JS Utilities
      DeFi Smart Contracts
      Developers’ chat
Fantom Logo
menu
Fantom Logo close
  • Technology
        • Sub menu

          Intro to Fantom

        • Sub menu

          Stake on Fantom

        • Sub menu

          FTM token

        • Sub menu

          The Consensus

        • Sub menu

          Opera Chain

  • Tools
      • WALLETS

        • Sub menu

          Fantom Wallets

        EXPLORER

        • Sub menu

          FTMScan

        • Sub menu

          Opera Explorer

        • Sub menu

          OKLink

        GUIDES

        • How to use Fantom Wallet

        • How to set up Ledger Nano with Fantom

  • Enterprise
        • Sub menu

          Enterprise

        • Sub menu

          Solutions

  • Ecosystem
      • Sub menu

        About us

      • Sub menu

        Partners and integrations

      • Sub menu

        Blog

      • Sub menu

        Podcasts and interviews

      • Sub menu

        FAQ

      • Sub menu

        Community

      • Sub menu

        Careers

  • Developers
      • Sub menu

        Documentation

      • GET STARTED

      • Deploy a smart contract

      • Create a fixed-cap asset

      • Create a local test network

      • GraphQL API docs

      • GUIDES

      • Set up Metamask

      • Run a validator node

      • Covalent API

      • Verified contracts

      • DeFi Smart Contracts

      • The Graph's Subgraphs

      • Frontend JS Utilities

      • Developers’ chat

      • Sub menu

        Technical papers

blog-image
September 18, 2020

Band oracles are live on Fantom

Announcements

We announced our strategic partnership with Band Protocol back in March. 

Today, Band oracles are live on Fantom mainnet.

Compared to other chains, transaction fees on Fantom are very low, allowing for faster and more numerous oracle queries. In other words, Fantom DeFi achieves higher feed-price accuracy, mandatory for excellent user experience.

Let’s explore into detail how the Fantom ecosystem will use Band oracles.

Band Protocol will be providing critical data feeds for Fantom’s DeFi suite featuring stablecoin minting, lending/borrowing, and trading of synthetic assets. 

Our partnership will extend to other functionalities as Fantom DeFi grows to allow all developers on Fantom’s Opera mainnet to access Band Protocol oracle data for their dApps.

 

What are Band Oracles?

An oracle is an “agent” that verifies real-world data and brings it to the blockchain to be used in smart contracts. 

Band Protocol is a cross-chain oracle platform aggregating and providing reliable and tamper-proof data in real-time.

DeFi utilizes smart contracts built on top of blockchains to eliminate intermediaries and reduce the need for trust. Centralized data sources are susceptible to attacks and would destabilize the system by reintroducing trust and a single point of failure. Decentralized oracles offer a solution using game theory to bring verified external data feeds to DeFi.

By accessing accurate on-chain and off-chain data, smart contracts gain new functionalities.

For instance, oracles may provide price feeds on cryptocurrencies or other assets like gold or stocks, that DeFi protocols can integrate.

 

Why we chose Band Protocol

Band Protocol is a scalable, low-cost oracle platform that fulfills all the requirements we had for Fantom Finance.

  • Scalable: Computations take place on BandChain, a high-performance blockchain based on the Cosmos SDK 
  • Independent and cost-efficient: Costs are independent of gas costs on Ethereum. Correct data will be delivered on time, even during high network congestion.
  • Easy to integrate: Cosmos SDK compatibility enables developers to implement price oracles with little effort. Furthermore, predefined oracle scripts make it easy for anyone to get started.
  • Customizable: Developers can create custom oracles that fit their needs, setting specs like external data sources, aggregation methods, and security parameters independently.
  • Decentralized: BandChain is decentralized and virtually eliminates any risk of attack using 65 validator nodes.

 

How Fantom Finance integrates Band Oracles

Fantom Finance is a full-feature DeFi suite that has been in development by the Fantom team since January. Users can lock up tokens (FTM initially, and more tokens later on) to mint fUSD, a stablecoin pegged to the US Dollar. fUSD then can be used to trade, borrow, and lend 176 synthetic assets like fBTC and fETH.

All of that happens in one intuitive interface and runs on top of a fast, scalable, and secure aBFT consensus engine.

When minting fUSD, the protocol must be aware of the FTM price to determine the debt limit. Users can mint 50% of their FTM’s dollar value in fUSD at a maximum. This is where Band oracles come in. The oracles set the price reference for fUSD minting (and debt liquidations in the future) to keep the system well-collateralized and safe.

Band Protocol is an essential building block of fMint, the gateway to Fantom Finance.

In addition to the use of Band oracles in DeFi, Band Protocol’s customizable design enables developers on Fantom to also access a variety of real-world data related to events, sports, weather, random numbers, and more.

As the Fantom ecosystem matures, Band oracles will provide additional data feeds for new future functions.

 

About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The project also enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on a centralized oracle’s single point of failure. Band Protocol is backed by a strong network of stakeholders, including Sequoia Capital, one of the world’s top venture capital firms, and the leading cryptocurrency exchange, Binance.

 

About Fantom

The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. We aim to create fast, secure, and scalable technologies across various industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.

 

Read more

Card image cap
How Does an Increase in Validators Impact Fantom?
READ STORY
Card image cap
Plena Finance — Fantom Ecosystem Spotlight
READ STORY
Card image cap
Fantom General Update | March 27, 2023
READ STORY
Card image cap
How Does an Increase in Validators Impact Fantom?
READ STORY
Card image cap
Plena Finance — Fantom Ecosystem Spotlight
READ STORY
Card image cap
Fantom General Update | March 27, 2023
READ STORY
  • Technology
    • Intro to Fantom
    • Stake on Fantom
    • FTM token
    • The Consensus
    • Opera Chain
  • Tools
    • Fantom Wallets
    • Opera Explorer
  • Enterprise
    • Enterprise
    • Solutions
  • Ecosystem
    • About us
    • Partners and integrations
    • Blog
    • Podcasts and interviews
    • FAQ
    • Community
    • Careers
    • Media kit
  • Developers
    • Documentation
    • Technical papers
    • Covalent API
    • Verified contracts
    • DeFi Smart Contracts
    • GraphQL API
    • Frontend JS utilities
    • Developers’ chat
Social
  • Twitter
  • Discord
  • Telegram
  • Telegram ANN
  • Reddit
Fantom Logo

© 2023 Fantom Foundation

  • Cookie Policy
  • Privacy Policy
  • Terms of Service
  • Cookie Policy

The information on this website is for informational purposes only. It contains high-level summaries and is not intended to include all material information regarding the Fantom ecosystem and risk factors associated with holding FTM.