Band Protocol, a well-known data oracle entity for cross-chain operations, has announced the launch of Band Oracle v3 Testnet’s phase 2. With this launch, Band Protocol is broadening the Data Tunnel integration thereof to back Cosmos, Axelar, and Router Protocol. The platform disclosed this development on its official social media account on X.
Band Protocol Unveils Phase 2 of Band Oracle v3 to Boost Cross-Chain Operations
By launching the 2nd phase of Band Oracle v3, Band Protocol intends to increase its support for Router Protocol, Axelar, and Cosmos. The development considerably widens Band Oracle v3’s availability, making it a notable infrastructure provider when it comes to real-world asset tokenization and DeFi sector. A unique feature emerging in this phase is the integration of IBC-Hook route.
This permits blockchains within the Cosmos ecosystem to use the present Inter-Blockchain Communication token transaction channels. In this respect, they can access the oracle data of Band. This streamlines the onboarding procedure for Cosmos-based chains while also bringing the accurate price feeds of Band to facilitate a growing ecosystem.
Driving DeFi, RWA, and Gaming Apps with Unmatched Interoperability
According to Band Protocol, it is also working in close cooperation with Axelar and Router Protocol to utilize its cross-chain routing functionality. Along with that, Band Protocol is also focusing on its partnership with Axelar for the development of a secure bridge. It would transfer the oracle data of Band to Axelar-linked chains. Overall, the Band Oracle v3 Testnet’s phase 2 leads to the future of unique interoperable DeFi, RWA, and gaming applications
