Band Protocol Partners with GetBlock after Multiple Setbacks

The cross-chain data oracle network Band Protocol announced a partnership with Getblock, an end-to-end SaaS provider to access nodes of the major blockchain node. This collaboration aims to enable developers or platforms to connect to BandChain nodes without the labor-intensive process of launching and maintaining.

The official announcement penned by Kevin Lu, the Head of Business Development and Growth at Band Protocol stated,

“This collaboration between both teams brings critical on-chain data into the hands of developers and enthusiasts which in turn expands the presence of Band Protocol to all the users of GetBlock.”

With this partnership, GetBlock will be allowed to connect a virtual BAND node to its application using a fully compliant JSON RPC API method. Besides, statistics and parameters for the BAND node will be displayed in real-time on GetBlock which guarantees direct and instant synchronization with the blockchain. The post also claimed that the team operates servers in Germany and provides a high-speed connection to each blockchain node under secure and 24/7 surveillance.

Band Protocol’s [BAND] Price Response

The recent development was followed by a slight uptick in terms of Band Protocol’s native token BAND of 2.84% over the past day which pushed it to a value of $7.02. However, it was still down by over 58% since peaking all the way in August this year. Several tokens have shed significant valuation over the past couple of weeks. However, most of them have quickly jumped back up. But so far, BAND has failed to push for a notable recovery.

The rivalry drama

1/ 🚀 @HarmonyProtocol, a blockchain for security and scalability, has integrated Band Protocol to provide an efficient oracle that can provide high-frequency updates. Developers utilizing $BAND oracles can also apply for Harmony's $7M grants program.https://t.co/ZkGmx0QlKj

— Band Protocol (@BandProtocol) October 1, 2020

I can't count the number of times this has happened after a @BandProtocol partnership has been announced. It's happened far too many times to be a coincidence! #band@SSrinawakoon @nomorebear https://t.co/Lpj41Q57AO

— DeFi Info (@AboutDefi) October 3, 2020

The failure for a major uptrend could be due to its rivalry with another oracle platform, Chainlink. Over the past several months, every time a DeFi platform announced joining hands with Band, they changed their decision shortly after and went ahead with Chainlink instead as their preferred oracle solution. What gives Chainlink an edge over Band is its association with Ethereum-based DApps while Band protocol operates on the Cosmos network.

Hence, the latest partnership is expected to strengthen Band Protocol’s stance in a space that is mostly dominated by Chainlink.