Band Capital, the decentralized data governance startup, has announced launching the first version of Band Protocol on Ethereum Mainnet on 30 September. The now, live and operational protocol, aims “to become the universal data query layer for all future decentralized web 3.0 applications.”
The Defi startup’s official release said,
“Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers.”
This was rolled-out ahead of the release of its decentralized app [DApp]. Dubbed ‘BitSwing,’ the Sequoia India-backed firm’s first-ever DApp will offer users the option to trade Bitcoin [BTC] binary options, which is a type of derivative product.
Band Capital in its official release for BitSwing stated,
“.. this is the first step to kick start Band Protocol ecosystem and provide necessary infrastructure toward building decentralized oracle on Ethereum blockchain.”
Traders on the platform will be able to hedge their trading positions, long and short positions, in the Bitcoin [BTC/USD] market, within a time frame of one minute with the benefit of no counterparty or custodial risk. The official post went on to add that data providers and stakers will start benefiting from accrued query fees, estimated to be over $300,000 per annum with the launch.
Soravis Srinawakoon, Co-founder and CEO of Band Protocol, in conversation with TheBlock, revealed that BitSwing saw over 40,000 transactions in just a week after it was launched on the testnet, helping it earn $12,000 worth of testnet ETH in data query fees in the first two weeks.
Earlier in February this year, Band Capital secured funding worth $3 million in a round led by Sequoia India.