Band Protocol
Band Protocol is an oracle network that delivers price data and other information from outside a blockchain to smart contracts on more than 40 chains. It runs its own blockchain, BandChain, where validators fetch the requested data, agree on a result and store it with a proof. Band states that it has secured data onchain since 2018.
Applications on other chains read the results from BandChain, for example price feeds for exchanges, wallets and lending protocols. The BAND token secures BandChain through staking and gives its holders a vote in governance. Band now also supplies current information to AI models through a product called Membit.
How BandChain answers a data request
BandChain is a separate blockchain for oracle requests, built on the Cosmos SDK. A request names an oracle script, the program that defines which data sources to query and how to combine their answers, plus the number of validators asked to report and the minimum number of reports needed. The chosen validators fetch the data, BandChain aggregates their reports, and the result is stored onchain together with a proof that contracts on other chains can verify.
With request-based data feeds, an open standard on BandChain, a protocol can define its own price feeds. Band lists more than 52 validators and more than 11 data sources for its feeds.
Price feeds, VRF and Membit
Band offers three products: a data feed for real-time financial data, a verifiable random number function for games, and Membit, which supplies current information to AI models through contributors it calls Data Hunters. Band states $188 million in total value secured and more than 82 clients and partners. Clients shown on its website include the exchange Bitget, the analytics firm Nansen, the node provider QuickNode and chains such as XRPL EVM, Sonic and Cronos zkEVM.
The BAND token and staking
BAND is the native token of BandChain and pays for its security. Holders delegate BAND to validators, who need the stake to take part in data requests and earn rewards for correct reports, and the token gives a vote on changes to the network. Band sold its first BAND tokens through Binance Launchpad in September 2019, before BandChain started as its own chain in 2020.
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What is Band Protocol crypto?
Band Protocol crypto usually means the BAND token, the native token of the BandChain oracle network. Holders stake BAND with validators to secure the network and to vote on its governance.
What BandChain is
BandChain is the blockchain of Band Protocol, built on the Cosmos SDK, where validators answer data requests. Applications on more than 40 other chains read its results through proofs that their contracts can verify.
How BAND staking works
BAND holders delegate their tokens to BandChain validators and share in the rewards those validators earn for correct data reports. A validator that misbehaves risks losing part of the stake that holders have delegated to it.
Price feeds from the Band oracle
The Band oracle supplies price feeds for crypto assets and other markets to exchanges, wallets and lending protocols. A protocol can also define its own feed through request-based data feeds on BandChain.
Oracle networks and market data
Band Protocol and Finance Loop
Finance Loop covers oracle networks in the Investment & Digital Assets track. Band Protocol belongs there because its validators deliver price feeds to exchanges and wallets on more than 40 chains. Finance Loop held a panel on decentralized oracle networks for smart contracts in Frankfurt, a pre-event of the Crypto Assets Conference 2024.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, tokenization, stablecoins, and DeFi. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.