Band Protocol keeps creating a sensation upon sensation. This eminent decentralized finance application is developed on Waves technology. Recently, Neutrino has chosen to collaborate with Band Protocol. The other name for Neutrino is USDN. The collaboration with Band Protocol results in providing a strong and secure price feed. This price feed is for collateral assets such as WAVES/USD.
Neutrino is an algorithmic stablecoin. It enables users to use WAVES tokens. These tokens are used to mint USDN. This USDN is a stablecoin, which is attached to 1 USD. This stablecoin protocol has decided to use multiple data sources. These data sources are of high quality and completely trustworthy. The protocol has the capability to provide price updates. These price updates are on-demand through Band Protocol.
The collaboration of Neutrino and Band Protocol
Neutrino is a multi-asset protocol. It is built on smart contracts and a variety of stakeholders. This helps in maintaining the stability of the price. Neutrino chose Band Protocol to collaborate. This choice is because Band Protocol is a decentralized oracle.
The choice of Neutrino over Band Protocol
The choice of Neutrino helps in providing the spot market price of the collateral. The spot market price should be in real-time and on-demand. Of course, it would not require paying an extra amount of fees for updates of price. This also makes sure that smart contracts of Neutrino do not query data.
The partnership between Waves Protocol and Band Protocol
This collaboration is a gifted version of the altcoins. The gifted version is due to the partnership between Waves Protocol and Band Protocol. Needless to say, both teams are working hard. This hard-working partnership has a secure future.