Last week, we announced a group of strategic partners who will support the growth and success of Omm. Today, we’d like to highlight one of those partnerships: that with Band Protocol.
Band’s oracle solution is critical for Omm and the safety of our users, so this post explores how Omm is using Band for the launch, and how the Band team plans to help Omm achieve its goal of becoming a cross-chain money market.
How Omm is using Band for launch
Omm will launch with 3 markets: ICX, USDS, and IUSDC. They use Band Protocol’s ICX/USD and IUSDC/USD price feeds to maintain the proper value, to more accurately calculate your borrow limits and risk ratio.
To avoid price instability, like flash crashes on a single exchange, the Band oracle aggregates price data from a range of sources, including Binance, OKex, Upbit, Huobi, and CoinGecko. The price feed updates every 5 minutes, or whenever the price deviates by 0.5%, to make sure people interact with the most reliable and secure price data.
How Band plans to work with Omm in future
Thanks to ICON’s upcoming interoperability and cross-chain capabilities, Omm has the ability to add assets from other chains, like Bitcoin, Ethereum, and ERC20 tokens, which will make it easier to attract newcomers and investors from other blockchains.
The Band team will advise us on safe, liquid markets to support, and their oracles will be essential to maintain price accuracy.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts, 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. With over 61 validators on their decentralized oracle network, BandChain, Band Protocol is the emerging leader for end-to-end customizability and scalability in oracle technology from a large cohort of DeFi leaders to secure billions of dollars in value locked in smart contracts.
Want to know more? We’ll cover the other strategic partners and the roles they play over the coming weeks.