Secret Network Integrates Band Protocol to Power Secret Contracts for Secret DeFi

Secret Network
February 25, 2021
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Secret Network, a privacy-preserving secret contract & decentralized application platform (built with the Cosmos SDK) has completed the implementation of Band Protocol to bring decentralized and scalable cross-chain oracles to Secret Network. Band Protocol supports unrestricted access to 150+ price feeds, empowering the next generation of Secret DeFi dApps and tools by connecting trusted off-chain data from institutional providers, directly to Secret Network. With the implementation of oracles, Secret Network projects will be significantly empowered to implement a wider range of data, creating even better and more powerful use cases with secret contracts.

Band Protocol is currently securing ~$4.5 Billion in value locked in smart contracts with major DeFi players including Venus Protocol, Mirror Protocol, Linear Finance among many others as well as providing support for leading blockchain platforms Ethereum, Binance Smart Chain, Fantom, ICON, Waves, Nervos, Elrond and more.

The utilization of Band Protocol enables secret contracts to have access to data sources outside of the Secret Network protocol. This will be critical for the development of Secret dApps that are focused on data marketplaces, credit scoring, lending, insurance, synthetic assets, derivatives, stablecoins, staking derivatives, and DEX (such as SecretSwap).  This is made possible via Band Protocol’s cross-chain data oracle network on BandChain, a highly secure and scalable blockchain for off-chain sourcing, aggregation and reporting.

“Price oracles are extremely important to enable robust products in a growing DeFi ecosystem. Integrating Band Protocol, the scalable oracle solution trusted with over $4.5B in value,  will improve usability of existing Secret DeFi products like Secret Auctions and help us build much more robust DeFi products like collateralized lending and synthetic assets with ease, scalability and affordability.”

– Can Kisagun, Enigma Co-Founder & Chief Product Officer

“Secret Network, the first blockchain with privacy-preserving smart contracts, is leading the charge to enable developers to build permissionless, powerful and anonymous blockchain applications. Band Protocol is thrilled to integrate and support another leading blockchain platform with extensive data support with decentralized oracles that are scalable, customizable end-to-end and integration-ready.”

– Soravis Srinawakoon, Band Protocol CEO & Co-Founder


Empowering Secret Network Developers With Decentralized Oracles

Band Protocol’s implementation brings significant benefits to developers building or looking to build on Secret Network. Developers interacting with the Band Protocol API will be able to retrieve institutional-grade data from premium data providers. Secret Network and Band Protocol will provide documentation and examples for Secret Network developers to integrate oracles into Secret Contracts. Here’s what Secret Network developers can look forward to with the Band Protocol integration:

  • Create custom oracle scripts connecting to any external data source with fine-tuned update and security parameters.
  • Use Secret JS to fetch data directly from the Band Protocol API
  • Get asset prices for a long list of supported tokens from The Band Standard Dataset currently supporting price feeds for over 170+ crypto assets, two commodities (gold and silver) and 15 exchange rates

Secret Network will continue to work together with Band Protocol to drive adoption and set a standard for the usage of scalable and secure decentralized oracles and their integration into privacy-preserving smart contracts. The immediate impact of this  integration is on Secret DeFi products, and will expand into other important domains of use case development on Secret Network.


About Secret Network

Secret Network is the first ever privacy-enabled Layer 1 blockchain, featuring privacy-preserving smart contracts (“secret contracts”) that utilize hardware-based and software-based privacy technologies to protect data. Secret contracts are unique in that they allow for encrypted inputs, outputs and state. Data on Secret Network is private by default, public when desired. Secret Network is also open-source and permissionless – anyone can operate a node, deploy an app, or contribute to the network and its ecosystem.

Secret Network is supported by multiple independent development teams and entities as well as a global community of passionate privacy advocates, including Enigma, Secret Foundation, Secretnodes.org, 50 mainnet validators, and many other developers and community members who contribute to network governance and growth.

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About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. 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.

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