South Korea’s leading blockchain network, ICON, announced a partnership with Band, which has gained much momentum recently.
According to the announcement, this partnership will provide ICON developers with full access to the BandChain decentralized oracle network to utilize various data and pricing.
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DeFi’s decentralized applications and ecosystems depend on accurate pricing and feed data, or oracles, to function. Band Protocol is an emerging decentralized platform that aggregates and connects real-world data with intelligent contracts.
ICON is a deeply rooted project in South Korea, emerging as the Bitcoin Revolution blockchain developer for the government. The platform operates a network of established companies and government agencies including banks, telecommunication companies, and healthcare providers, and provides blockchain and development solutions to meet their needs.
Through its technology arm, ICONLOOP, it works on the digitization of national identity authentication and decentralized passports. Now that it is expanding into the growing dApp and DeFi markets, ICON requires oracles for its latest projects.
Min Kim, founder of the ICON Network, said
„The strategic partnership and integration of Band Protocol into the ICON Network will bring greater security and scalability to all decentralized applications built in South Korea’s largest blockchain project.
Band Protocol joined Chainlink, which had already been integrated into ICON’s systems earlier this year. The leading oracle supplier was used to bring price data from traditional markets to DeFi products.
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Chainlink is the most dominant oracle provider at the moment, with important partnerships such as Google Cloud, Binance, Matic Network, Ethereum Classic and the 0x Project. Its LINK token has been one of the best performers this year, rising 325% from $1.80 on January 1st to the current price of $7.65.
But there is a growing awareness of the Band Protocol competition that has partnered with Waves, DeFi and Staking app Frontier, the BetProtocol decentralized gaming platform, and the Gravity Hub cross-chain interoperability protocol.
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The BAND token increased in price this year, with most of last month’s earnings generated by the DeFi boom. BAND shot up over 2,170% from $0.22 at the beginning of the year to an all-time high of just over $5 today.
Both tokens were performing well at the time of this article’s publication, with LINK earning 6.5% on the day, and BAND posting an increase of just under 10% in the last 24 hours.