Band Protocol, a recognized name in the realm of data oracle entities facilitating cross-chain operations, has announced the launch of Band Oracle v3 Testnet's phase 2. With this launch, Band Protocol is broadening the Data Tunnel integration thereof to back Cosmos, Axelar, and Router Protocol. The platform disclosed this development on its official social media account on X.
Announcing the 2nd phase of Band Oracle v3 Testnet!
We’ve expanded the Data Tunnel to support @cosmos, @routerprotocol, and @axelar, opening up Band v3 Oracle access to more chains than ever.
Here’s what you need to know ??
— Band Protocol (@BandProtocol) August 23, 2023
Launching the 2nd phase of Band Oracle v3 Testnet, Band Protocol is introducing support for Router Protocol, Axelar, and Cosmos. This integration drastically expands Band Oracle v3's reach, positioning Band Protocol as a key technological enabler for real-world asset tokenization and the DeFi sector.
A new addition in this phase is the integration of the IBC-Hook route. This enables blockchains within the Cosmos ecosystem, utilizing the present Inter-Blockchain Communication token transaction channels, to access the oracle data of Band. Such integration optimizes the onboarding process for Cosmos-based chains while also introducing the reliable price feeds of Band to facilitate a broader and more valuable ecosystem.
Furthermore, Band Protocol is collaborating closely with Axelar and Router Protocol to implement their cross-chain routing functionality. In partnership with Axelar, the focus is on developing a secure bridge that would transfer the oracle data of Band to chains linked by Axelar.
The introduction of Band Oracle v3 Testnet's phase 2 paves the way for the future of uniquely interoperable DeFi, RWA, and gaming applications. As a trusted and experienced data oracle entity, Band Protocol is set to play a crucial role in the decentralized financial ecosystem's evolution.
