To give a fillip to the oracle solutions’ scalability based on the decentralized technology, the agreement between the NUTS finance (acBTC’s development team) and Band Protocol has assumed quite a significance. The development is quite relevant from the industry viewpoint, where different players feel the need for a scalable decentralized oracle solution.
Finer Details
According to the agreement, acBTC will be used by the Band protocol, which gives the latter an opportunity to accomplish a range of functions, including lending, swooping, and saving all protocols with the help of a single platform.
The competency of acBTC can be assessed from the fact that it is used to integrate ERC-20 BTC and native BTC into one single standard, which is secure and quite wide in its applicability. According to an estimate, around $9 million renCRV is currently staked in the mining event of AC Genesis that will result in minting acBTC.
The reason behind the selection of the Band protocol is its distinctive competence in the field of decentralized finance. The protocol offers a wide range of services in terms of data support, and its track record on the scalability aspect is also beyond comparison. acBTC is taking the help of Band Protocol to constantly update pricing information related to renBTC, WBTC, and ETH. These pricing feeds help the acBTC to come up with a real-time value of the staked assets while helping in calculations related to APY.
Conclusion
This is first in the chain of integration efforts that we will witness in the upcoming future between Band protocol and acBTC. Both these organizations are also helping each other in other areas, including acLoan and acSwap products, which are expected to get market launch in the upcoming December. It is important to keep in mind that after the introduction of acBTC, Band Protocol will be moving towards a series of other new services to create a complete ecosystem around acBTC. These services will include the likes of acVault, xeSwap, acLoan, and acSwap.
