Haven integrates Band Protocol as primary oracle provider
We’re pleased to announce that Haven has partnered with Band Protocol to integrate an additional decentralized oracle price feed into the Haven network.
Band Protocol will initially provide a USD price feed for XHV to allow for in-Vault conversions to xUSD. We are already working closely with Band Protocol to integrate and test additional price feeds for our upcoming xAssets (xGOLD, xSILV, xEUR, and xCNY) in phase two.
The Band Protocol oracle is currently being utilized in testnet, and will go live on Haven’s mainnet after the hard fork implementing the v0.16 upgrade. We plan to use Band Protocol as the primary price aggregator for the entire Haven network, with the existing Chainlink oracle providing a failover in case of any downtime.
We have chosen Band Protocol as the primary oracle provider because they have a significantly different structure that allows Haven to remove its “middle layer.” The existing structure takes prices from Chainlink’s oracle and formats them in a middle layer that is compatible with Haven’s pricing record. Upgrading Haven Protocol to utilize Band Protocol allows us to remove this middle layer, which will reduce the likelihood of a centralized server attack on the price feed.
Band Protocol operates a decentralized oracle network on an independent blockchain, called BandChain, which will not require any reliance on the Ethereum network and will also run their service entirely independently and trustlessly from Haven. Band Protocol removes the primary reliance of the oracle on Haven’s servers and takes away an additional step in the xUSD conversion process to create a more streamlined and efficient mechanism.
While this does not eliminate attack vectors altogether, it is a critical step towards decentralization of Haven which has been a priority for our team and community. We will also continue discussion with additional decentralized oracle providers supplementary to Band Protocol moving forward.
We look forward to working alongside Band Protocol as we develop Haven with the goal of delivering decentralized private money open to anyone in the world.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.