Sirlibz
Linear Finance has announced that they are partnering with Band Protocol, a cross-chain decentralized oracle system to help fetch trusted, high quality information “off chain ” for decentralized Application (Dapps) “on chain”.
Linear Finance started their journey with the aim of building a synthetic asset protocol that would actually be used seamlessly and effectively, they faced some challenges that existed in that sector such as the problem of front running caused by traders taking advantage of slow price updates. The Linear team believes Band Protocol to be one of the strongest solutions for scalability and such has partnered with them.
The Linear Finance team hope to leverage some of Bands protocol use cases such as high throughput and latency with low block times without compromising on cost effectiveness as offered by Band Protocol. Band Protocol will help them deal with the problem of front runners, making Linear Finance protocol safer for traders and stakers in the network.
“Front running is a fundamental problem not just for current synthetic asset trading but all trading in general. We know that even if Linear offers all the benefits of cross-chain compatibility (such as speed and cost), and a superior creative selection of synthetic assets, trading will still be meaningless for users if trades can be front run. The whole system would still be fraught with risk. By collaborating with Band Protocol for our BSC integration and onwards, together we are able to build a safer and scalable trading protocol.” Drey Ng, Co-Founder at Linear Finance said.
This partnership will allow Linear Finance to easily integrate with other great projects to build a synthetic asset trading platform that is faster, safer, and cheaper than existing alternatives.
Soravis Srinawakoon, CEO and Co-Founder at Band Protocol said: “Band Protocol is thrilled to be chosen by Linear Finance as an oracle partner for their upcoming Mainnet launch. The partnership will begin with securing their synthetic asset protocol on Binance Smart Chain and expansion to other major blockchain platforms. Both teams are also researching extensively into mitigating the frontrunner problem for all synthetic asset trading platforms.”
Linear Finance
Linear Finance is the first cross-chain compatible decentralized synthetic asset protocol to create, trade, and manage synthetic assets (Liquids), and acts as a faster, cheaper, safer, and easier to use alternative compared to other synthetic asset protocols. Our goal is to democratize investment assets and provide creative thematic exposures to our users while also solving existing scaling/high gas fee issues and increasing composability.
https://t.me/linearfinanceannoucements
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.
