Band Protocol and Acala to Launch Open Oracle Gateway for Polkadot DeFi Services

Band Protocol and Acala to Launch Open Oracle Gateway for Polkadot DeFi Services

By Abhimanyu Krishnan | News | 2 Dec 2020


Band Protocol (BAND) and Acala will collaborate to release an open oracle gateway for DeFi services on Polkadot (DOT), according to a blog post published on Dec. 1.

  • Band Protocol’s decentralized oracle service will power Acala’s DeFi platform, with the Open Oracle Gateway allowing multiple parties to create their own oracle networks
  • The gateway provides flexibility in terms of the services provided, and the two collaborators expect an ecosystem of service providers to offer diverse feed based on the specific needs of applications
  • For example, dapps can select an individual price feed or an aggregate of feeds; additionally, they can also request raw data from nodes or design the dapp such that users can choose median or average prices, or any other method
  • The Open Oracle Gateway is currently on Acala’s Mandala Test Network
  • Acala is a DeFi hub and stablecoin platform based on Parity Technologies’ Substrate platform
  • CEO Ruitao Su will be one of the participants in the upcoming Polkadot Decoded event
  • An alternative to Chainlink (LINK), Band Protocol also partnered with Coinmarketcap in Aug. 2020

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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