dForce, decentralized, and integrated network of financial protocols has entered into a strategic partnership with Band Protocol decentralized Oracles. The focus will be on trade swap and securing the digital gold token GOLDx of Band Protocol. Industry sources believe that this is just the start of a series of amalgamations of open financial products and integrations of scalable oracles offered by Band Protocol on the dForce network.
GOLDx, created by dForce, is an open gold protocol that supports a digital ERC20 gold token. This token, in turn, is fully backed by constituent gold reserves. It ensures that DeFi and the exchanges can create derivatives with GOLDx and provide users with on-chain gold that is measured in grams. Additionally, a critical benefit is that GOLDz tokens can be redeemed for physical gold through designated brokers and agents located all over the globe.
GOLDx is a novel and innovative creation. Presently, the only gold token reserve is PAXG. The partnership of dForce and Band Protocol will evaluate how to secure gold tokens to add to the future reserves.
Band Protocol has posted this development on their Twitter platform.
Top executives of dForce and Band Protocol are expectedly thrilled over the new partnership and look forward to many more tie-ups in the future.
Founder & CEO of dForce Mindao Yang says,
Soravis Srinawakoon CEO & Co-Founder of Band Protocol says,
He also hopes that dForce will grow into a big and secure DeFi ecosystem as the industry expands rapidly.
Working with the oracle services provided by Band Protocol, dForce has created customized decentralized oracles. The required parameters have been tweaked to ensure full access to the real-world markets to fix price data for Goldx. Through Band Protocol’s oracle script, the PAXG/USD price feed will be queried from various trusted and reputed sources so that the GOLDx token value can be updated once every 2 minutes or whenever there is a variation of more than 0.1%.
The multiple supported assets from which the price feed will be queried for determining the exchange rate of GOLDx are USDx, USDT, USDC, BUSD, and more. It will be done via a dForce flagship decentralized stable token swap product.
This integration of Band Protocol oracle with GOLDx on dForce is just the start of a long-term successful working relationship.