Crypto.com’s parallel chain, Cronos is integrating the decentralized cross-chain oracle network, Band Protocol to provide reliable and trustless data for decentralized finance (DeFi) applications running on it.
In a statement, Cronos announced the integration of Band Protocol oracle solution in an aim to enhance the development of DeFi applications on its network. The integration with Band Protocol will allow DeFi applications to source real-world external data and relay it on smart contracts.
This allows developers on Cronos to leverage the high-performance decentralized network and build custom DeFi apps on a network that enhanced utility, security and accessibility to external data.
Kris Marszalek, Co-founder and CEO of Crypto.com said:
The addition of Band Protocol into the Cronos ecosystem comes highly recommended to all developers to connect any external data source and customise their decentralized oracles, which is essential for DeFi Dapps that need high quality, decentralised, real time external financial data to run.
Cronos, the Ethereum Virtual Machine (EVM)-compatible chain running in parallel to the Crypto.org Chain, aims at providing solutions that massively and rapidly grow the adoption of the DeFi ecosystem. DeFi developers can rapidly port apps from EVM-compatible chains to reduce the gas costs and minimize the low latency problems on Ethereum.
The integration with Band Protocol will see Cronos integrate the price feeds from the decentralized oracle as a “trusted partner”, the statement reads. In return, Band Protocol will also fetch data from Cronos and include the prices to its oracle enabling scaling on the oracle.
The Band Standard Dataset is available for Cronos developers which covers an extensive range of over 230+ price feeds for crypto assets, commodities, and foreign exchanges.
Cronos is built on Ethermint, a Cosmos SDK development framework, enabling the launch of high throughput and highly scalable proof of stake (PoS) blockchains that are compatible with Ethereum. The project launched in July and has already onboarded several platforms onto its network.
The project is one of the beneficiaries from -Particle B’s $100 million CRO EVM Fund and has exposure to the 10 million users on Crypto.com.
Band Protocol is also built on Cosmos SDK allowing users to easily relay data across different blockchains. This enables seamless and cost-effective transition of DeFi apps built on different blockchains using price feeds from Band Protocol, including DApps that would want to move to Crypto,com Chain.
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