{"id":171247,"date":"2020-09-02T14:00:14","date_gmt":"2020-09-02T13:00:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=171247"},"modified":"2022-03-05T02:22:32","modified_gmt":"2022-03-05T02:22:32","slug":"looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles\/","title":{"rendered":"Looping becomes the first DEX to integrate Band Protocol\u2019s cross-chain oracles"},"content":{"rendered":"<p>Crypto company Looping has become the first payment protocol and decentralized exchange to integrate Band Protocol\u2019s cross-chain data oracle. In a press release shared with CryptoSlate, the company said that integrating the Sequoia-backed oracle will enable them to provide high-speed fiat price feeds for all crypto assets supported on Loopring\u2019s zkRollup decentralized exchange.<\/p>\n<h2>Custom decentralized oracles from Band Protocol are coming to Loopring<\/h2>\n<p>Loopring, a zkRollup exchange, and payment protocol has announced the integration of Band Protocol\u2019s cross-chain data oracle. This is a big step for Loopring, as it has made the company the first decentralized exchange to utilize Band\u2019s oracles. In a press release shared with CryptoSlate, the company said that the cross-chain data oracles will be used to provide high-speed fiat price feeds for all crypto assets supported on Loopring\u2019s zkRollup DEX.<\/p>\n<p>Jay Zhou, the co-founder, and COO of <a href=\"https:\/\/cryptoslate.com\/coins\/loopring\/\">Loopring<\/a>, said the integration will safeguard users against unnecessary slippage rates on the decentralized exchange. Aside from that, it will also enable a more reliable exchange rate sourced from multiple trusted data sources.<\/p>\n<p>Loopring\u2019s custom oracles built using Band Protocol will utilize verified data from more than a dozen industry-leading sources, including <a href=\"https:\/\/cryptoslate.com\/products\/cryptocompare\/\">CryptoCompare<\/a>, CoinGecko, <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> Pro, <a href=\"https:\/\/cryptoslate.com\/companies\/huobi-global\/\">Huobi Global<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/okex\/\">OKEx<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/kraken\/\">Kraken<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/bitfinex\/\">Bitfinex<\/a>, and FTX, as well as premium currency exchange rates from AlphaVantage, Fixer, 1Forge, Open Exchange Rate, and XE.com.<\/p>\n<h2>Creating a more scalable and more robust DEX landscape<\/h2>\n<p>These price feeds will leverage Band Protocol\u2019s high-throughput and update every 5 minutes or upon detecting a price deviation of 0.5 percent, the company explained. Currently, there are eight price feeds live on the Band Protocol mainnet\u2014they will eventually expand support for all assets supported on Loopring.<\/p>\n<p>Loopring users will be able to access price feeds in both the U.S. dollar (USD) and the Chinese Yuan (CNY), which will increase the visibility and transparency for the platform\u2019s dominant user bases in the U.S. and China.<\/p>\n<p>Additionally, the company will also enhance its current oracle design through Band Protocol by querying the <a href=\"https:\/\/cryptoslate.com\/coins\/loopring\/\">LRC<\/a>\/<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a> rate once every 168 hours. This will increase precision by reducing update time and reducing the cost for the feed responsible for determining the appropriate LRC amount to stake.<\/p>\n<p>Soravis Srinawakoon, the CEO and co-founder of Band Protocol, said that working with Loopring was a natural extension of Band\u2019s commitment to expanding the decentralized landscape. He explained that Band is the first oracle solution to allow decentralized exchanges to expand offerings to all assets on their platform without suffering from issues with network congestion and experiencing high transaction fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto company Looping has become the first payment protocol and decentralized exchange to integrate Band Protocol\u2019s cross-chain data oracle. In a press release shared with CryptoSlate, the company said that integrating the Sequoia-backed oracle will enable them to provide high-speed fiat price feeds for all crypto assets supported on Loopring\u2019s zkRollup decentralized exchange. Custom decentralized [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":171262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,77472,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Looping becomes the first DEX to integrate Band Protocol\u2019s cross-chain oracles<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Looping becomes the first DEX to integrate Band Protocol\u2019s cross-chain oracles\" \/>\n<meta property=\"og:description\" content=\"Crypto company Looping has become the first payment protocol and decentralized exchange to integrate Band Protocol\u2019s cross-chain data oracle. In a press release shared with CryptoSlate, the company said that integrating the Sequoia-backed oracle will enable them to provide high-speed fiat price feeds for all crypto assets supported on Loopring\u2019s zkRollup decentralized exchange. Custom decentralized [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-02T13:00:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-05T02:22:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/loopring-band.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/looping-becomes-the-first-dex-to-integrate-band-protocols-cross-chain-oracles\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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