Monero based DeFi ecosystem Haven Protocol has integrated decentralized oracle network Band Protocol’s pricing oracle to secure its decentralized private assets. Band Protocol will be the primary price aggregator for Haven Protocol’s synthetic assets, including xGOLD, xSILV, xEUR, and xCNY, while Chainlink as a backup to further decentralize the network’s private assets.
Big news to share!
Haven has partnered with @BandProtocol to integrate their pricing oracle on Haven's network.
— Haven Protocol (@HavenXHV) November 5, 2020
In Twitter feed on Thursday, Band Protocol stated that it will provide price feeds for all XHV based stablecoins on Haven mainnet after the v0.16 update. Band further added that the decentralized price feeds would update every 30 seconds and be derived from various authentic data providers nominated by Havel Protocol itself.
1/ 🚀 @HavenXHV, leading privacy-focused #DeFi protocol based on @Monero, has integrated $BAND price feeds for $XHV-backed stablecoin on Haven’s mainnet after v0.16. This will expand into feeds for private synthetic assets xGOLD, xSILV, xEUR, and xCNY.https://t.co/MgXQ0p0BLt
— Band Protocol (@BandProtocol) November 5, 2020
Haven Protocol is based on the Monero network, one of the most decentralized, secure, and privacy-focused crypto networks globally. The protocol allows users to peg their XHV tokens to various fiat currencies, including the USD, EUR, and CNY, or traditional assets like Gold and Silver. Commenting on the integration with Band Protocol, David Bandtock, Project Lead at Haven Protocol, said that it is a critical step towards decentralizing Haven, a top priority of the network’s team and community alike.
Band Protocol is one of the largest providers of decentralized data oracles in the crypto-blockchain industry. The protocol aggregates and connects smart contracts with real-world data and APIs, providing access to secure off-chain data. Band Protocol Co-Founder & CEO Soravis Srinawakoon said that they are looking forward to supporting a leader in privacy-focused DeFi, who is working on synthetic assets and stablecoins. Further, the integration with Haven Protocol propels them to deliver decentralized private money to everyone worldwide.