BAND Protocol Prices Stabilize After 40% Plunge: Will These Key Developments Help?

Dalmas Ngetich

Last Updated: June 11, 2024 2:37 pm

2 mins read

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BAND prices remain stable at the time of writing. However, considering recent development within the Band Protocol ecosystem, there could be more upsides as the project unveils new features and strikes strategic partnerships.

Horizen Partnership

Recently, Band Protocol, a platform focusing on cross-chain data oracles, partnered with Horizen, a public blockchain offering a scalable ecosystem for decentralized applications (dapps).

The goal is to provide EON, Horizen’s recently launched EVM-compatible intelligent contracting platform, with access to decentralized oracle services. In this way, decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs) within the EON ecosystem will have real-time pricing information and reliable data via Band Protocol’s middleware solutions.

EON uses Band Protocol’s primary Oracle solution to provide real-time token price feeds across several blockchain networks. Integrating these two platforms ensures the integrity of EON’s data, which will be essential in developing the company’s DeFi, gaming, and NFT ecosystem.

Band Protocol’s ability to gather and integrate real-world data and APIs to intelligent contracts may help EON become less reliant on centralized oracles, which introduce points of failure. This new link allows programmers to enhance and expand the functionality of EON intelligent contracts.

According to Rob Viglione, co-founder, and CEO of Horizon Labs, the relationship with Band Protocol is a broad step forward in the company’s efforts to provide a safe and scalable environment for DApps.

The reliable oracle services provided by Band Protocol allow programmers to design innovative software for DeFi, gaming, and NFTs.

Integrating Band Protocol’s oracle solution, Horizen EON can now provide their intelligent contracts with accurate, real-time price data. Due to this collaboration, new possibilities in DeFi, gaming, and NFT applications will emerge, and the whole blockchain ecosystem will become more robust and decentralized.

Band Protocol Planning For SubDAOs

Moreover, Band Protocol has proposed the implementation of SubDAOs.

According to Shine Sutheeravet, head of operations at Band Protocol, the goal is to address challenges in decentralized autonomous organizations (DAOs).

SubDAOs offer solutions for complexity management, efficient resource allocation, specialized expertise, flexibility, inclusivity, and scalability.

The proposal suggests transforming the Cosmos Group module into councils to establish clear governance structures.

At the moment, Band Protocol is seeking community feedback to refine and optimize this governance framework and drive the growth of the SubDAO ecosystem.

Amid this development, BAND prices are stable at around $1.39, and likely to recover after dropping 40% from February 2023 highs.

BAND Price On May 28| Source: BANDUSDT On Binance, TradingView — BAND price May 28 | Source: BANDUSDT On Binance, TradingView

-Featured Image From Canva, Chart From TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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