“Only Chainlink,” Loopring clears recent Band Protocol integration rumors

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Payments protocol and zkRollup exchange Loopring said this week that rumors of its partnership with oracle provider Band Protocol were greatly exaggerated and a mistake.

Earlier this week, Loopring said it was onboarding Band Protocol oracles for the price feeds on its exchange:

But in the hours after, a Band Protocol post on the topic seemed to suggest that Loopring had ceased the usage of Chainlink — Loopring’s current data feed provider — in favor of the former. This lead to rumors over social media sites like Twitter about Band’s apparent superiority over Chainlink in terms of providing data.

However, Loopring was quick to dispel the misinformation. It said in a tweet later on, “Did not ditch Chainlink. Chainlink is used within the protocol to inform LRC staking parameters, and further, will be used if/when we have the need for oracles to build out derivatives/new instruments on Loopring.”

The firm added that “Band is used separately for a different use case,” on its exchange. Meanwhile, Loopring head of business Matthew Finestone took to Twitter to clarify, stating Band Protocol used “different words” to describe the integration.

Finestone said Loopring has worked with Chainlink for over a year, with the latter even creating LRC/ETH oracles for other Loopring DEX operators to have the protocol mandated stake in terms of ETH and USD terms.

Finestone added the “strong words used by Band of them ‘selected to secure’ Loopring were incorrect on many levels (oracles don’t secure Loopring, ever).” He even noted Band’s blog post was first sent to the Loopring team for a review but “slipped.”

He clarified:

“Nothing has changed with us and Chainlink, and Band prices are used on the UI. We are not afraid to say this. Inter-community tensions may be high, but we have no part in that.”

The tensions Finestone referred to was the swift criticism of the Band Protocol announcement by members of the Chainlink community — colloquially called the LINK “marines” and committed towards the project’s long-term success.

Some like anonymous Chainlink educator and community member “ChainLinkGod” pointed out:

Meanwhile, Chainlink’s on a roll in 2020. The blockchain agnostic tool has been integrated by many DeFi projects this year that onboard its data feeds to support a verifiable and efficient ecosystem. These include a golf game, a decentralized exchange, and a betting dApp among many others.

The post “Only Chainlink,” Loopring clears recent Band Protocol integration rumors appeared first on CryptoSlate.



Source: “Only Chainlink,” Loopring clears recent Band Protocol integration rumors

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