Launched in late 2019, Band Protocol (BAND) connects good contracts with trusted off-chain data, offered by means of community-curated knowledge suppliers creating an infrastructure that enables dApps to leverage present knowledge on the web with out compromising safety, bridging the use circumstances between Net 2.Zero and three.0. Its modus operandi is much like the notorious “Bitcoin Challenger”, ChainLink (LINK) which additionally connects good contracts utilizing “Oracles”.
As at press time, having a market cap of $25,119,602 as seen on Coingecko and a 24-hour buying and selling quantity of $8,488,538, BAND has a circulating provide of 20 Million BAND and a pegged provide of 100 Million cash, whereas principally traded on Binance.
Similar to ChainLink (LINK) which went on to set all-time highs this year, BAND hit its all-time excessive of $1.29 on Could 01, 2020, gaining practically 460% within the course of.
In March amid the Coronavirus pandemic and its attendant effects, BAND carried out an improve on its Cosmos blockchain, its Testnet launch, and integration with Cosmos inter-blockchain communication (IBC). Its improve tentacles reached its Oracle-WASM and block explorer, stating help for EVM blockchains.
BAND/USDT Day by day Chart
Band protocol is presently rising at $1.22 whereas BAND worth surges 20% within the final 24 hours.
BAND Is Catching Buyers’ Eager Consideration, Band Protocol to Discover Utility In opposition to DeFi Hack
After hitting its all-time low of $0.203625 on Nov 25, 2019, BAND is surging forward that analysts are pondering it may give other Altcoins a run for their money.
When Chainlink (LINK) rose sporadically to hit all-time highs this yr, buyers who have been caught unawares and thus might have missed out the rave of the second have shifted their eager consideration to BAND.
Amid the Coronavirus outbreak in early March which noticed your entire crypto market plunge right into a carnage, BAND has steadily grown from its all-time low of $0.20 to face at its latest worth of $1.22 which is considered one of the vital excellent performances within the crypto market.
It was famous that the complete vary of bottom-to-top on BAND/USDT is effectively over 500% on Binance.
After the bZx hack in which funds were exploited, many lending protocols sought means on the right way to enhance the safety of their protocols wherein co-founder of bZx, Kyle Kistner opined that having a number of Oracle suppliers helped to reduce the chance components.
The platform thus strategized to deploy a a number of Oracle design that will safeguard against the reoccurrence of such a hack. On this new design, the Band Protocol with excellent flexibility can be used to refine knowledge aggregation.
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