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Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts

Introduction

Blockchains leverage on their decentralized and distributed network for full functionality. The first application of this Distributed Ledger Technology (DLT) was Bitcoin. As basic as it is, it has nonetheless demonstrated that working from a publicly verifiable ledger is possible and secure.

It further demonstrated that funds, or electronic money controlled by math, can be minted and fused to the web essentially building a bankless network riding on a web3 framework.

The success of Bitcoin inspired other developers and as Satoshi melted into the interwebs, the concept of smart contracting and Ethereum proved to be a game changer.

Ethereum was the first, improving on the Bitcoin protocol by enabling smart contracts which could function without third parties as long as certain on-chain conditions are met meant the activation of functions thought to be previously impossible.

However, while smart contracts promised so much, the siloed nature of blockchains limited the full potential of this novel tech and dapps that relied on these codes.

This necessitated the launch of trusted oracles platforms. Oracles are channels through which vetted off-chain, real-world data can be used as inputs or conditions for activation of on-chain smart contracts.

Oracles are basically data from verified sources that can be fed to activate smart contracts. In DeFi dapps, these data can be asset prices. In other applications, it can range from speed of say cars for IoT dapps, to temperature fluctuations in weather dapps.

What is the Band Protocol?

The Band Protocol is a decentralized oracle framework for blockchain dapps.

Smart contracts controlling these dapps are fed by off-chain, real-time data curated from a trusted web of data providers backed by strong economic incentives ensuring accurate data.

This eliminates the limitations of dapps since smart contracts are connected to real-world information.

Dapps can connect to any open API, get fed with verified data without connecting via a centralized entity thereby guaranteeing data security, availability, and reliability regardless of the demand of data.

To ensure data availability, on-demand data are updated frequently and kept on the blockchain without compromise. By enforcing strict query requirements, the Band protocol has a high tolerance for collision.

Moreover, data providers are properly incentivized and distributed meaning there is no point of failure since no entity has no authority to by-pass governance and take control.

The Band Protocol is underpinned by the following culture:

  • Community driven in that they allow people to build what they want to. In this spirit, their data providers are perfectly distributed and dapps continue to partner with the protocol.
  • They prioritize decentralization and the team have made it clear that they won’t allow any entity to take control of any iota of data.
  • Their source code is open source stating that great software should be transparent and available for everyone.

Team

Behind the Band Protocol is a team dedicated to build a framework for a decentralized data governance that leverages on decentralization to structure and bridge the blockchain with the real world.

Made up of members with experience at DropBox, TripAdvisor, and others, they have their eyes fixed on the price.

  • Soravis Srinawakoon is the CEO and co-founder. He has been featured in Forbes 30 under 30. He was previously a management consultant with strong technical background in computer science who now lives and breathes crypto.
  • Sorawit Suriyakarn is the CTO and co-founder. He has an M.Eng. /S.B. in EECS from the Massachusetts Institute of Technology with previous gigs at Hudson River Trading, Quora, and Dropbox. He can write all sorts of programs ranging from formal verification (Coq), “smart contracts”, HFT low-level high performance, backend shenanigans, and sometimes frontend.
  • Paul Nattapatsiri is the CPO and a co-founder. He has created several crypto gaming apps with over 800,000 users. He has worked with Tripadvisor and Turfmappx.
  • Other members are Bun Uthaitirat who is the Chief Fun Officer and Developer, Atchanata Klunrit at the Operation and legal office, Kanisorn Thongprapaisaeng and Prin Rangsiruji who are developers.

Partnerships

The Band Protocol has partnered with Sequoia Capital India who led a seed funding drive raising $3 million with participation from Danamu and Partners, and SEAX.

They recently partnered with Atomic Wallet, a non-custodial wallet where users need not to register and sensitive information is controlled by the user.

Commenting, Konstantin Gladych, the CEO and Founder of Atomic Wallet, said:

“The major wave of blockchain for the past couple years has been decentralized financial applications, the next wave will be the security of the underlying protocols and oracles will be a major factor. With Band Protocol being the major oracle solution to enable real-time data requests, Atomic Wallet is confident in their success and are excited to support their mission to connect smart contracts with the real-world.”

Hash Quark one of the largest staking service providers in Asia has also partnered with the Band Protocol.

Others include CastleNode, WeStaking, Forbole, B-Harvest, KardiaChain, and ChorusOne.

Band Tokenomics and Token Distribution

The creators of the Band Protocol opted for an Initial Exchange Offering (IEO) at the Binance Launchpad from September 16 to 17 to supplement their private and seed sale allocations.

Five percent of the total supply was availed to private investors during the private sale where each token was sold at $0.40 while each token was sold for $0.30 at the seed sale where 10 percent of the total supply had been assigned for investment.

Their overall objective was to raise $10.85 million through a crowd funding where 27.37 percent of the total supply of 100 million Band tokens were available for public investment.

During the IEO, each token was sold for $0.473 and the only coin accepted was BNB. The crowd funding was successful as the hard cap of raising $5.85 million was reached within two days.

A pool of 631,800 BAND tokens (worth around 300k) was split and airdropped to all Launchpad participants who didn’t win tickets. In total there were 19,500 tickets and each ticket was allotted $300 or 634.25 Band tokens

In this IEO round, 17.08 percent of the total supply had been set apart for investors.

There was no vesting period and tokens were distributed within 15 days after purchase.

The Band Protocol and its foundation has been allocated 44 percent of the total supply. 25.63 percent to the Band Protocol ecosystem and five percent to Advisors.

By mid-2024, all Band tokens would have been released into their ecosystem as per their token release schedule.

Performance and Exchanges

At the time of press, each token is changing hands at $0.97, down 10 percent in the last trading week.

As such, early adopters who channeled their funds, buying the token during the IEO, Private or seed fund sale have more than doubled their earnings in less than a year.

The token is predominantly traded on Binance where it is paired against BTC, USDT, and BNB. The BAND/BTC pair is actively traded commanding a market share of roughly 42 percent.

Band is also offered at Bilaxy, Bitsonic, DCoin, Kyber Network, UniSwap, and FatBTC.

Short Term Price Catalysts

  • Oracles as an emerging sub-sector within the larger blockchain ecosystem is still nascent and the Band Protocol is well positioned to dominate and be counted as a reliable source of community-vetted data for dapps. DeFi which is heavily reliable on oracles has total value locked (in USD terms) of over $700 million.
  • The team is dedicated and continue to update their community and investors. Soravis Srinawakoon and team are also very experienced. Its CEO has been featured in the Forbes 30 under 30. Investors would benefit from his technical experience, expertise, and wealth building.
  • Listing at Binance, one of the largest cryptocurrency exchange by trading volumes, is a boost for BAND liquidity and therefor price in the medium term.
  • The Band Protocol’s security is guaranteed and this is a net positive for its token price following their partnerships with leading staking companies in Asia including WeStaking and Node A-Team.
  • The team is preparing for the launch of its mainnet. There has been successful penetration and stress tests.  If its transition is smooth, it will build the confidence for more projects—especially those serving in the emerging and lucrative sector, to partner with the Band Protocol. The more the partners, the more the demand and exposure of Band tokens.
  • Atomic Wallet, one of the largest and trusted non-custodial wallet providers with over 300k users and over $20 million of coins staked, announced support that will lead to full integration and staking. This is a show of confidence and is bullish for price in the medium term.

Long Term Price Catalysts

  • In the race for decentralization, scalability, and reliability, the Band Protocol ranks higher. Their plan is to shift to the Cosmos blockchain which advocates for speed, interoperability, and security.
  • Use and adoption is vital for the survival of any blockchain project. With the main competition being Chainlink, Band Protocol’s on-chain activities continue to grow. Use spurs demand and this is bullish in the long-run.
  • The Band Protocol took a different approach and by rolling out a cross-chain compatible oracle solution, the team provides solutions to real-world problems.
  • More and more exchanges support the Band token. Kyber Network and UniSwap are two DEXs where the token has been paired against other liquid assets like BTC, BNB, and USDT. Here, holders have full control of their private keys unlike in CEXs which are prone to attacks.
  • There is a strong economic incentive for data providers to remain honest. Their focus on community and decentralization gives them an advantage and flashes well with their overall objective of building a decentralized oracle infrastructure.
  • The project is supported by leading and prestigious investors like Sequoia. Moreover, they have partnered with influential projects. Castle Node, for example, is backed by StarchainFund which has also backed Coinbase and MakerDAO.
  • Compared to competing options, Band’s smart contracts are optimized for gas usage and are relatively cheaper. A simple query call only consumes less than 30,000 gas. Moreover, these queries are fast and instant as one logic can be processed within one transaction without block confirmation since data is readily available via a delegated Proof-of-Stake consensus algorithm ensuring more integrity.

Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts

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Introduction

Perhaps what is interesting about the modern world is its rate of tech evolution and innovation. From light bulbs, cars, washing machines, telephones, and roughly 30 years ago, the groundwork was laid for the Internet.

The world has never been the same again. It was dubbed web 2, the publishing age, since anyone, anywhere could create content and “push” it to the other side of the world. The world became a village.

Fast forward and the 2010s brought us the blockchain. Seven years later, the concept of dapps took root. Dapps were ordinary applications whose back end ran on a distributed, smart-contract ledger. Ethereum is still the favorite.

With Ethereum, there is just more than what meets the eye. Yes, there is smart contracting and its middleman, eliminating automation which also fostered innovation. This innovation seeped into the restive financial industry and now we have decentralized finance, or DeFi.

DeFi: It is just the beginning.

DeFi is open finance where owners of ETH—or native currency of a smart contract’s platform say Cosmos (ATOM), for instance, can borrow or lend their holdings for a stable coin. DeFi has revolutionized traditional finance. And Ethereum is the base for this welcomed innovation.

But DeFi is not specific, it is all-encompassing, and they involve exchanges and lending apps. At the time of writing this, there were over $900 million worth of ETH locked up in DeFi applications.

Ethereum (ETH) Locked in DeFi dapps

The most popular is MakerDAO, where borrowers received DAI, a stable coin with ETH as collateral. Lenders in the meantime can earn above rate interest rates.

But DeFi can’t function without oracles, or portals that convey useful, reliable—and always vetted real-world, off-chain information, that can trigger smart contracts which also run DeFi apps.

Thing is, Ethereum and similar platforms require trusted oracle for valuations, settlements, and dispute resolution. And DeFi and developers need to resolve the “oracle problem” before there are other advances.

This is vital because should secure oracles that provide stable data feeds are compromised then DeFi as we know will collapse.

Otherwise, the closed-looped, self-contained nature of ordinary smart contracts won’t allow the full utilization of certain DeFi apps that may require external data for activation.

What is Tellor?

Providing a solution to this is Tellor. It is an Ethereum-based decentralized and secure oracle for DeFi dapps. Tellor is an easy, implementable solution through which DeFi dapps can receive high value data for smart contracts.

Their data feeds are stable and reliable because they make use of staked miners who compete through Proof-of-Work to submit official value for requested DeFi data.

TRBs are mined with each successful data point but a portion of it, 10%, is taken by the company for ecosystem development. This developer share goes to the treasury of the founding team to finance the team’s effort.

Tellor says this is necessary to “maintain a decent token price for profitable mining and a secure network” consequently aligning incentives between miners and Tellor’s founding team.

Tellor: Decentralized Oracle and a Hybrid Consensus Algorithm

Tellor is a project that was built from a need. Its creators had earlier created a startup, Daxia, a derivatives protocol on Ethereum, which required an oracle.

How Tellor (TRB) Decentralized oracle for DeFi dapps work

Daxia would create tokens that represented long, or short sides of a trading pair. To function, an oracle was required for smart contracts to be executed.

For their needs to be met, the team built Tellor, a decentralized oracle that fully met their needs.

Aware that DeFi has the potential of being a multi-billion industry, Tellor has built a network of staked miners where through Proof-of-Work, they can reliably channel secure and stable pricing data for the burgeoning industry.

The Tellor Oracle is an on-chain data bank where miners compete to add data points in return for rewards called “Tributes” or TRB. For miners, they earn a base amount of 5 TRB for every submission and tips as incentivisation.

Interested parties then pay Tributes to submit a request for data to their decentralized Oracle. The oracle then settles on a best funded query and creates a Proof-of-Work challenge for the miner to solve. Each query collects pricing data and makes it on-chain.

As another cushion of security, miners are required to stake their Tributes. To take part, a miner must stake 1,000 TRB. This is to dis-incentivize those who may want to game the system.

The combination of Proof-of-work, a gold standard in consensus, and staking gives the decentralized oracle an edge over competitors. Besides, there is quality since queries are made every 10 minutes.

Tributes is key to Tellor, and their work is to:

  1. Provide security by incentivizing miners and required for dispute resolution—charged as fees. They are also needed for staking.
  2. For the building of a striving and robust Tellor ecosystem and community. This is only achieved by ensuring continuous distribution of the token.
  3. Ensure a sustainable system.

Team

Tellor TRB team

Brenda Boya is the CEO and co-founder. She is an Ethereum developer and a former economist in the US Government. Before that, she was the lead developer and VP of Daxia.

Nicholas Fett is the CTO. He’s actively designing and developing a system for off-chain data access and validation on Ethereum. Before that he was the founder and CEO of Daxia.

Michael Zemrose is the co-founder. He describes himself as an expert in developing, communicating, executing, and sustaining strategic initiatives. Before that he was the Chief Strategy Officer at Daxia.

Partnership

Binance Labs, ConsenSys, and MakerDAO are investors and major partners.

Last year, they also partnered with Radar Relay, a P2P trading platform.

Tokenomics and Distribution

TRB, as aforementioned, is an Ethereum-based utility token that powers the Tellor system. Notably, they didn’t carry out an ICO. Instead, they opted for a developer share. 10% of miner rewards is diverted to the founders’ treasury.

“A dev-share allows us to get the necessary financing we need to create a sustained and secure oracle network, but only if we really deliver a cutting-edge product that’s needed. If we don’t, then the token value will plummet and there won’t be any interest in Tellor, be it miners or actual projects using the oracle.”

“So instead of the project dying while already having raised millions in dollars, we would be left without anything in hand and a failed project. This commitment and proper incentive are what we are after.”

At the time of press, the token is trading at $6.61 with a 24-hour trading volume of $226,265 according to streams from CoinGecko, a coin tracker.

At this level, the token is up 17% in 24 hours and 130% month-to-date. It is down 22% from its all-time high of $8.73 and 35X from its all-time lows of $0.18 registered on Nov 10, 2019.

Tellor TRB Price Action

There will be 1.05 million TRB tokens in total and 960k are already in circulation. The token’s market cap stands at $6,437,774 and is therefore ranked at 270.

TRB is actively traded on IDEX, where the TRB/ETH is the most popular trading pair drawing daily trading volumes of $74,994. Other supporting exchanges include Vitex, Citex, and Bilaxy.

Tellor TRB supporting cryptocurrency exchanges

Furthermore, TRB is available at Bidesk.

Short term Catalysts

  1. Tellor is a project created out of necessity. The team understands what they are trying to solve and their solution resonates well for DeFi dapp creators. As a reflection of their goals, the token soared 33X from its all-time lows of $0.18.
  2. The team tight-knit and experienced. Tellor executives were part of Daxia, a derivatives protocol based on Ethereum.
  3. Tellor has received investments from DeFi industry leader MakerDAO and Binance Labs.
  4. There are rumors that Binance DEX could list the token. Binance DEX is massive and is powered by Binance’s technology. Should they list, the token’s liquidity will increase and that is a net positive.
  5. The idea of giving up and opting for a developer share instead of an ICO reveals their true intention and urge to see the project blossom.

Long-term Catalysts

  • The amount of ETH locked up in DeFi platforms continue to rise. It recently surged past $1 billion mark. Supportive fundamentals from DappRadar further reveals that more people who interacted with blockchain experimented with Ethereum and specifically DeFi. This is huge and for a platform that serves DeFi dapps, it’s only a matter of time before they receive more investments from Fortune 500 companies and the likes.
Tellor Oracle Adoption cycle
  • Their emphasis of security and decentralization is attractive for purists, and over the long term and if DeFi blossoms, this will be a major talk point more so if there is exploitation of other oracle solutions. The security of the network is directly proportional to TRB market rates. The higher, the more secure the platform. Additionally, Tellor’s smart contract has been audited by CertiK.
  • TRB total supply is relatively low and fixed. There is no pre-mine. Tellor’s popularity will only mean more demand for TRB, and market forces will mean a repricing beyond the token’s all-time high.
  • Tellor can work on any chain with smart contracting capability. This means gathering cross-chain information is possible.
  • Development team is working on “creating a secure, scalable, and on-demand Oracle to help smart contracts achieve their true potential.” Research on Zero-knowledge submissions to reduce gas costs and to prevent mirroring, and automatic reporting and monitoring is already been done.

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