The price of BAND, the native token of the blockchain oracle platform Band Protocol, has received a significant boost this week, returning to levels seen in April.
BAND has seen a growth of almost 35% in the last week. Its market price is around $1,46 per unit, driven by the addition of new validators to the decentralized data oracle platform and other developments.
According to data from cryptocurrency price monitoring platform CoinMarketCap, BAND’s recent price surge coincides with a significant increase in the token’s market activity. Crypto traders are moving over $120 million worth of BAND in trading volume per day, which is an impressive 4.280% increase over the trading volume recorded for BAND the previous day.
Source: CoinMarketCap
BAND’s market cap also saw a significant growth of almost 40% at the time of writing, surpassing $194,5 million.
Currently, Band Protocol is the 131st largest cryptocurrency in the market by market capitalization.
What drives the price of BAND?
Via X (formerly Twitter), Brand Protocol developers made a series of important announcements that seem to have sparked investor interest and are driving up the price of the BAND token in the crypto market.
First, they reported on the incorporation of The Horizen EON smart contract sidechain, compatible with the Ethereum Virtual Machine (EVM), as a validator in the protocol.
The arrival of Horizen EON on Brand Protocol will strengthen the development of top-tier decentralized applications (DApps) through Band Protocol’s secure and scalable data feeds and the secure architecture offered by Horizen.
In a release, the blockchain oracle protocol developers highlighted that through Horizen’s data integrity and attributes, developers will be able to seamlessly deploy custom DApps and protocols that are resistant to data tampering, something that is especially important for the growing ecosystem of DeFi, NFT, and Web3 gaming applications on Horizen EON.
Moreover, the Web3 BitNordic staking platform also joined the Brand Protocol validator set, allowing BAND token holders the ability to start staking on the platform. Staking providers Imperator and SmartStake They have also come to Band Protocol as validators to transmit data, secure the protocol and explore new collaborations.
Earlier this month, Band Protocol opened applications for its quarterly validator program, allowing other innovative projects the chance to contribute to the decentralization and security of the BandChain Network and protocol.
What is Band Protocol?
Band Protocol is a cross-chain data oracle platform that allows real-world data to be aggregated and connected to smart contracts in an accurate, secure, and real-time manner. Its main goal is to build a set of high-quality tools, products, and services for the Web3 ecosystem that adapt and provide solutions to real-world needs.
Band Protocol was initially developed on the Ethereum blockchain, but migrated to the Cosmos blockchain in 2020. The developers of this protocol launched a new version in June of that year using the BandChain Network, which was created using the Cosmos SDK blockchain framework.
Finally, as a cross-chain oracle protocol, Band Protocol can meet the needs of accurate and reliable data across multiple blockchain networks.
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