In a major move, Ethereum based Layer 2 scaling solution zkRollup powered Loopring has integrated Band Protocol decentralized data oracles for enhancing the functionality of it’s decentralized exchange (DEX) on Sep 02. The integration would see the provision of reliable and accurate multi-source FIAT price data for Loopring DEX listed crypto-assets.
According to the press release, the Band Protocol’s price feeds are provided in both United States Dollars (USD) and Chinese Renminbi (CNY), to better serve customers in the Loopring’s dominant user base. The other specifications revealed for the integration are price updates on every 5 minutes or on deviation of 0.5%.
The Loopring DEX solves major scalability problems and allows the system to accurately determine slippage rates, through it’s integration with the Band Protocol’s oracles. It also provides a strong boost for the Decentralized Finance (DeFi), which is currently marred by high fees and network congestion on Ethereum.
With this development, users can rapidly execute trades with low fees, enhanced with accurate price and slippage information. It’s a big step in the direction of bringing decentralized exchanges (DEX) on par with their centralized counterparts, since usual trading on the former is significantly slow and costs a lot.
About Loopring Protocol
The Layer 2 scaling solution for the Ethereum network features payment / transfer facility and decentralized exchange (DEX). The team developed zkRollup which was used to power Loopring exchange.
The zkRollup scales Ethereum 1000x over its nominal capacity by transferring most processing on another chain, which means higher settlement speed and low cost of transactions. It has the same network security guarantee as the parent chain of Ethereum.
About Band Protocol
Band Protocol is a cross-chain (multiple blockchain compatible) decentralized data oracle project that provides and manages real world / event data to smart contracts. It enables the provision of secure and reliable feeds, which are tamper resistant and don’t have a single point of failure. The project is backed by leading organizations such as venture capital Sequoia Capital and the cryptocurrency exchange Binance.
