Crypto company Looping has become the first payment protocol and decentralized exchange to integrate Band Protocol’s cross-chain data oracle. In a press release shared with CryptoSlate, the company said that integrating the Sequoia-backed oracle will enable them to provide high-speed fiat price feeds for all crypto assets supported on Loopring’s zkRollup decentralized exchange.
Custom decentralized oracles from Band Protocol are coming to Loopring
Loopring, a zkRollup exchange, and payment protocol has announced the integration of Band Protocol’s cross-chain data oracle. This is a big step for Loopring, as it has made the company the first decentralized exchange to utilize Band’s oracles. In a press release shared with CryptoSlate, the company said that the cross-chain data oracles will be used to provide high-speed fiat price feeds for all crypto assets supported on Loopring’s zkRollup DEX.
Jay Zhou, the co-founder, and COO of Loopring, said the integration will safeguard users against unnecessary slippage rates on the decentralized exchange. Aside from that, it will also enable a more reliable exchange rate sourced from multiple trusted data sources.
Loopring’s custom oracles built using Band Protocol will utilize verified data from more than a dozen industry-leading sources, including CryptoCompare, CoinGecko, Binance, Coinbase Pro, Huobi Global, OKEx, Kraken, Bitfinex, and FTX, as well as premium currency exchange rates from AlphaVantage, Fixer, 1Forge, Open Exchange Rate, and XE.com.
Creating a more scalable and more robust DEX landscape
These price feeds will leverage Band Protocol’s high-throughput and update every 5 minutes or upon detecting a price deviation of 0.5 percent, the company explained. Currently, there are eight price feeds live on the Band Protocol mainnet—they will eventually expand support for all assets supported on Loopring.
Loopring users will be able to access price feeds in both the U.S. dollar (USD) and the Chinese Yuan (CNY), which will increase the visibility and transparency for the platform’s dominant user bases in the U.S. and China.
Additionally, the company will also enhance its current oracle design through Band Protocol by querying the LRC/ETH rate once every 168 hours. This will increase precision by reducing update time and reducing the cost for the feed responsible for determining the appropriate LRC amount to stake.
Soravis Srinawakoon, the CEO and co-founder of Band Protocol, said that working with Loopring was a natural extension of Band’s commitment to expanding the decentralized landscape. He explained that Band is the first oracle solution to allow decentralized exchanges to expand offerings to all assets on their platform without suffering from issues with network congestion and experiencing high transaction fees.
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Source: Looping becomes the first DEX to integrate Band Protocol’s cross-chain oracles