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What is Band Protocol (BAND)?

Band Protocol basic info

Name:Band Protocol
Ticker:
Introduction:

What Is Band Protocol?

Band Protocol is a decentralized, cross-chain data oracle platform that plays a vital role in the blockchain ecosystem. Founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Nattapatsiri, Band Protocol facilitates the seamless exchange of information between on-chain and off-chain data sources, thereby enhancing the functionality and reliability of DApps and smart contracts. Initially built on the Ethereum blockchain, it transitioned to the Cosmos network in June 2020 with the release of Band Protocol 2.0 to leverage the benefits of lower gas fees and optimized costs.

Band Protocol stands as a beacon of innovation, offering a secure and scalable solution for data interoperability. Its mission is to foster the growth of Web3 by providing a decentralized oracle framework that connects real-world data sources to smart contract platforms. Through its unique features such as monetized data provision and real-time price information, Band Protocol is at the forefront of powering the decentralized oracles in the blockchain sphere.

Resources

Official Documents: https://docs.bandchain.org/

Official Website: https://www.bandprotocol.com/

How Does Band Protocol Work?

At the heart of Band Protocol's operations is BandChain, a dedicated public blockchain built using the Cosmos SDK, focusing on speed, scalability, and cross-chain compatibility. This blockchain is operated by a network of over 72 validators globally, ensuring decentralization and data accuracy. BandChain facilitates a two-layered decentralization approach, offering data flexibility through customizable oracle scripts in various programming languages, and a rapid block validation time averaging at 3 seconds, significantly enhancing the speed of data requests and processing.

Band Protocol operates through a synergistic ecosystem comprising data providers, a standard dataset aggregator, and a verifiable random function (VRF). This structure allows for a scalable interaction of functionalities, providing DApps with access to accurate, real-time off-chain data. The data request flow in BandChain involves a series of steps starting from publishing data sources and oracle scripts to initializing oracle script execution and aggregating validator reports to produce a final result.

What Is BAND Token?

BAND is the native token of Band Protocol. Validators use BAND tokens as collateral to verify real-world data sent to various blockchains, and they earn fees for their services. The token has a dual existence as an Ethereum-based ERC-20 token and a mainnet form, interchangeable at a 1:1 ratio, with the latter being stakable. BAND tokens are instrumental in network governance, with voting power proportional to the amount of staked tokens. The token operates on an inflationary supply model, encouraging users to actively participate in network activities and earn rewards, thereby fostering community growth and ecosystem development.

Band Protocol's Impact on Finance

Band Protocol is carving a significant niche in the data oracle sector, a critical component of the burgeoning DeFi ecosystem. By facilitating a secure and reliable data exchange between blockchains, it is strategically positioning itself as a vital tool in the scalability and growth of the financial sector. Its competitive edge lies in its low-cost and high-speed solutions, potentially outpacing its primary competitor, Chainlink, in the near future.

Band Protocol's introduction of monetized data provision and real-time price information is revolutionizing the way DApps access and utilize data, paving the way for more innovative and efficient financial products in the decentralized economy. Its commitment to fostering a truly decentralized and reliable data oracle provider is a testament to its potential to significantly influence the trajectory of the DeFi sector.

What Determines Band Protocol's Price?

In the dynamic and ever-evolving landscape of cryptocurrency markets, the price of decentralized data oracle networks like Band Protocol is influenced by a myriad of factors. As a pivotal player in the blockchain ecosystem, the Band Protocol price is often determined by the supply and demand dynamics prevalent in the cryptocurrency market. Investors and traders closely monitor the developments in the DeFi sector, as the integration of Band Protocol in various decentralized applications (DApps) and smart contracts can significantly influence its market valuation. Moreover, the utility and adoption rate of the BAND token, which serves as the backbone of the Band Protocol ecosystem, play a crucial role in determining its price.

Market sentiment is another powerful determinant in the fluctuating price of Band Protocol. In the cryptocurrency space, news, social media buzz, and community perceptions can have a substantial impact on the price trajectory of blockchain projects. For Band Protocol, partnerships with notable DApp projects and collaborations with other significant entities in the blockchain space can act as catalysts, potentially driving a surge in its price. Furthermore, the performance and developments in the broader cryptocurrency market, including the price movements of flagship cryptocurrencies like Bitcoin and Ethereum, often resonate with the price dynamics of altcoins, including the BAND token.

Investors eyeing the Band Protocol should also consider the technical advancements and updates within the BandChain. The scalability, speed, and cross-chain functionalities offered by Band Protocol are critical factors that can attract investments, thereby influencing its price. Additionally, the governance decisions made by the BAND token holders, and the overall health and activity within the Band Protocol network, are vital indicators of its potential price movements. As the Band Protocol continues to innovate and solidify its position as a reliable data oracle in the blockchain space, its price is expected to reflect its growth trajectory and contributions to the decentralized finance sector.

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Current price:
All-time high:$23.19
All-time low:$0.2042

BAND supply and tokenomics

Circulating supply:152,938,670 BAND
Total supply:152,938,665.95 BAND
Max supply:0 BAND
Market cap:$153.19M
Fully diluted market cap:$153.19M
Token allocation:
Ecosystem
25.63%
Foundation
22.00%
Team
20.00%
Public Sale Investors
12.37%
Seed Sale Investors
10.00%
Private Sale Investors
5.00%
Advisors
5.00%
Tokenomics:

Uniqueness

Band Protocol is designed to be faster and more efficient than competing oracle solutions and is also compatible with most blockchain and smart contract development frameworks — ensuring reliable data can be fed to and from multiple different blockchains.

To achieve its cross-chain data transfer, Band Protocol plans to leverage Cosmos' still in-development Inter Blockchain Communication (IBC) protocol. It remains unclear how long it will take until the IBC is operational and ready for use.

Band Protocol is designed to offer permissionless oracle creation, allowing anybody to start servicing data requests. It also offers extremely simple smart contract integration, allowing developers to begin using data from Band Protocol oracles with just a few lines of code by calling on a predefined interface.

Token utility

BandChain currently utilizes its native BAND token as the sole token on its network. The chain then uses the promise of receiving reward tokens as an incentive for validators to produce new blocks and submit responses to data requests. Additionally, any network participants can use the tokens in 3 ways:

  1. Bond tokens to become validators
  2. Delegate tokens to another validator to earn a portion of the collected fees and inflationary rewards
  3. Participate in the chain’s governance

Links

Buy Band Protocol for $1Buy BAND now

What is the development prospect and future value of BAND?

The market value of BAND currently stands at $153.19M, and its market ranking is #269. The value of BAND is not widely recognized by the market. When the bull market comes, the market value of BAND may have great growth potential.

As a new type of currency with innovative technology and unique use cases, BAND has broad market potential and significant room for development. The distinctiveness and appeal of BAND may attract the interest of specific groups, thereby driving up its market value.

What will the price of BAND be in 2025?
Based on BAND's historical price performance prediction model, the price of BAND is projected to reach $1.27 in 2025.
What will the price of BAND be in 2030?
In 2030, the BAND price is expected to change by +3.00%. By the end of 2030, the BAND price is projected to reach $3.03, with a cumulative ROI of +184.45%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of BAND and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is BAND worth investing or holding? How to buy BAND from a crypto exchange?

If you want to buy BAND, the following information may be helpful for your investment decisions:
In the last 7 days, the price of BAND has fallen by -9.81%, leading to negative returns for most BAND investors. The market is currently pessimistic about the price trend of BAND.
It is important to note that the current price of BAND has retreated by -95.68% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether BAND is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in BAND or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of BAND, if you want to buy or sell BAND, you can consider Bitget for your trading needs. The best place to buy BAND is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Band Protocol has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Band Protocol. Here's a step-by-step guide on how to buy Band Protocol on Bitget.

How to get Band Protocol through other methods?

Using cash to buy Band Protocol is not the only way to obtain Band Protocol. If you have the time to spare, you can get Band Protocol for free.
Learn how to earn Band Protocol for free through the Learn2Earn promotion.
Earn free Band Protocol by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Band Protocol airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Band Protocol through Bitget Convert, Bitget Swap, or spot trading.

What is Band Protocol used for and how to use Band Protocol?

The use case of Band Protocol may expand as the crypto market and the project itself develop. Currently, you can use BAND to achieve the following goals:
Arbitrage by trading BAND: Since BAND is a frequently traded cryptocurrency, the price of BAND is always fluctuating. Earn more BAND by buying low and selling high on the exchange. Bitget spot market provides a variety of BAND trading pairs to fully meet your needs.
Earn by staking BAND: You can also generate income through financial management methods such as staking BAND or lending BAND. Bitget Earn offers a variety of financial products designed to help you earn more income from your BAND.
Send or pay BAND: If you want to give BAND to your friends, a charity, or a fundraiser, or you want to pay someone with BAND, you can quickly and easily send BAND to the recipient through their payment address.
You can also go to the official website of the Band Protocol project to learn more about the use cases of BAND. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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