- Band Protocol integrates push-based oracles on Sonic Labs, enhancing real-time data reliability for dApps like DeFi and AMMs.
- Push-based oracles suit continuous updates, while pull-based oracles serve intermittent needs in prediction markets and gaming dApps.
Sonic Labs has made a major advancement by integrating Band Protocol’s push-based oracle into its testnet. This marks the first time the network has deployed such an oracle, enhancing the reliability and accuracy of data provided to decentralized applications (dApps). These include Cross-Chain Routers, DeFi platforms, Automated Market Makers (AMMs), and Lending Protocols.
With intentions to expand support for other assets as demand continues to rise, the integration guarantees these dApps receive continual, real-time pricing feeds for key assets including DAI, ETH, FTM, USDC, USDT, and WBTC.
6/ 📈 Push-Based vs. Pull-Based Oracles:
Push-based oracles are ideal for applications requiring constant updates, such as DeFi and AMMs. In contrast, pull-based oracles are better suited for intermittent data needs, like prediction markets, insurance protocols, and gaming…
— Band Protocol | #cryptoisboring 😑 (@BandProtocol) October 4, 2024
Sonic Labs Strengthens Blockchain Capabilities with Push-Based Oracles
Band Protocol and Sonic Labs—formerly known as Fantom—have been collaborating since March 2020; hence, this relationship is not new. Their cooperation has concentrated on stretching the possibilities of blockchain technology and offering strong Oracle solutions to guarantee seamless automation and operations.
Integration of Band Protocol with Sonic’s testnet marks a significant turning point in data accuracy optimization and Sonic network general performance enhancement.
The essence of this progress is the kind of oracle applied. Applications like DeFi platforms and AMMs that call for ongoing data updates—push-based oracles are perfect.
Pull-based oracles, on the other hand, which are triggered on demand, perform better for protocols requiring intermittent data—such as prediction markets, insurance applications, and some gaming dApps.
Sonic Labs has progressed in cross-chain capabilities beyond only the Oracle integration. According to CNF, Sonic Gateway provides consumers complete control over their assets by offering safe and trustless Ethereum-to-Sonic transfers, therefore removing storage hazards.
Also, Sonic’s connection with Chainlink and the Cross-Chain Interoperability Protocol (CCIP) improves this cross-chain capability even further by arming developers with safe tools to produce more sophisticated and distributed cross-chain apps. Growing need for cross-chain interoperability makes this integration a safe base for developers creating distributed apps across several blockchains.
Sonic’s native token, FTM, has had a 2.23% rise over the last 24 hours, bringing its price to $0.6365 and its market cap to more than $1.7 billion at the time of writing.
