As part of our ongoing efforts to make the Nervos Network the destination of choice for innovative developers, we are excited to announce the integration of Band Protocol’s oracle services onto our layer two, following their earlier integration onto our layer one.
The integration of Bands oracle services on our Ethereum Virtual Machine (EVM) compatible layer, Polyjuice, will not only aid dApps built on Nervos to have oracle access, but also means Solidity-based smart contracts running on Ethereum can be ported over to Nervos and utilize Band’s oracles.
Polyjuice enables simplistic porting of Ethereum dApps to CKB where they can make use of additional layer two solutions to aid in becoming part of a multi-chain ecosystem. Polyjuice is intended to maximize Nervos dApps’ compatibility with Ethereum and vice versa, but, in choosing to port over to CKB, dApp developers will also be able to take advantage of Nervos’ other layer two tools — such as the Force Bridge and Godwoken.
Building Better DeFi
Oracles have been a revolutionary part of the advancement of smart contracts as they allow for these contracts to receive external data from outside of their ecosystem, essentially making smart contracts smarter. This ability has become even more prevalent and important with the explosion in DeFi.
DeFi relies on oracles for real-time on-chain data. In fact, seven of the top 10 DeFi applications are supported by oracles for critical external information. The need for oracles arises because smart contracts do not have the ability to make API calls on their own, which prevents them from learning and becoming aware of data outside of their blockchain ecosystem.
Nervos is an open and growing ecosystem and we know how important the DeFi space is today. With the likes of Yokai Swap making great strides in our ecosystem, we know that having oracles services at hand will help in their growth and development.
More on Offer
Co-founder of Nervos, Kevin Wang, said of this integration: “One of our primary goals is to make building dApps on Nervos easy and exciting, as well as allow those apps to be flexible and powerful. This extension of our partnership with Band means we can offer a well-established oracle service that developers can use in building out our DeFi sector, as one key example. We hope that developers will make use of this oracle service when building on CKB, or, join us from Ethereum with the simple process of porting over.”
About Band Protocol
Band Protocol is a decentralized data oracle that aggregates real-world data and sends it to smart contracts on blockchains. Decentralized Finance (DeFi) applications need reliable price feeds, and other smart contracts and decentralized applications (dApps) require a variety of real-world data inputs ranging from current events and sports, to weather, or even random numbers. The Band Protocol represents one way to bring that external data safely and securely to the on-chain environment. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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