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About Band Protocol

Category

Application token


Band Protocol Value Proposition


The Band Protocol price is $1.49, a change of -2.27% over the past 24 hours as of 10:33 p.m. The recent price action in Band Protocol left the token’s market capitalization at $148,633,662.08 USD. So far this year, Band Protocol has a change of -69.58%. Band Protocol is classified as a Application token under CoinDesk's Digital Asset Classification Standard (DACS).


Band Protocol (BAND) is a cross-chain data oracle platform that aggregates and connects real-world data to smart contracts. The project’s mission is to bring external data sourced through traditional web APIs, such as stock prices and weather, onto blockchains. Band Protocol is blockchain-agnostic, which allows for interoperability between smart contracts and the traditional web.

Band Protocol price

Band Protocol released its token via an Initial Exchange Offering (IEO) in the fall of 2019. During the IEO, tokens were sold for $0.473 to the public, representing 27.37% of the total supply of BAND tokens. Other holders of BAND tokens include private investors, advisors, the Band Protocol Foundation and the Band Protocol ecosystem. The total supply of BAND tokens is capped at 100 million, a figure expected to be reached by mid-2024 according to the token release schedule.

On Sept. 18, 2019, BAND token debuted trading at $0.64 per token. On Apr. 12, 2021, the BAND token hit an all-time high of $23.23 but experienced a drawdown in May and June amid a broader market sell-off. For the next several months, BAND continued to trade between $5 and $10 per coin.

The token is supported on several centralized and decentralized exchanges, including Binance, Coinbase, Huobi and Uniswap.

How does Band Protocol work?

Band Protocol falls within a category called “oracles”, which act as a middleman between decentralized applications and various data sources. Other oracle projects include Ethereum-based Chainlink and Pyth Network, which is based on the Solana blockchain.

In June 2020, the project officially launched the public mainnet of BandChain, the protocol’s blockchain in the Cosmos, which is a network that allows the exchange of data between different blockchains. BandChain uses the native BAND token to secure the decentralized oracle network through the proof-of-stake method. That means a person can validate block transactions according to how many BAND tokens he or she holds. Validators stake their tokens to fulfil data requests in return for a portion of the usage fees and to earn block rewards.

According to the project’s website, “For every data request to BandChain, which requires BAND tokens in the form of transaction fees, validators and their delegators earn a fee for fulfilling oracle requests and producing blocks.” This ensures that all stakeholders on the oracle network including data requestors (protocols, developers), validators and BAND token holders are economically aligned. The more usage on BandChain, the more protocol fees are accrued by validators and token holders creating a positive feedback loop enhancing security and demand for BAND.

Key events and management

The Band Protocol project was founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn and Paul Nattapatsiri. As of October 2021, all three co-founders are still at the helm of the project, with Srinawakoon serving as CEO, Suriyakarn as CTO and Nattapatsiri as CPO.

The project received funding from venture capital firm Sequoia Capital and cryptocurrency exchange Binance, as well as Dunamu & Partners, Spartan Group, Alphain Ventures, Woodstock and SeaX.

  • In June 2020, Band Protocol launched its public Mainnet of BandChain on the Cosmos ecosystem, in order to foster greater cross-chain compatibility.
  • In December 2020, Band Protocol became the first blockchain firm to join the non-profit OpenAPI Initiative, alongside tech giants such as Google, eBay, IBM and Microsoft.
  • In July 2021, Band Protocol went live with its BandChain version 2, allowing data providers to run nodes themselves, rather than having intermediaries acquire the data.

Band Protocol Market Cap

$148.63M

Band Protocol 24H Volume

$15.81M


Band Protocol Price

24H Open
$1.52
24H Change
$-0.034477
52 Week Low
$1.18
52 Week High
$11.43
All Time High
$23.23
Returns (YTD)
-69.58%

Band Protocol Market Stats

Total Supply
100.00M
Max Supply
100.00M
24H Value Transacted
N/A
30D Volatility
1.68
24H Transaction Count
N/A
24H Average Transaction Fee
N/A

About Band Protocol

Category

Application token


Band Protocol Value Proposition


The Band Protocol price is $1.49, a change of -2.27% over the past 24 hours as of 10:33 p.m. The recent price action in Band Protocol left the token’s market capitalization at $148,633,662.08 USD. So far this year, Band Protocol has a change of -69.58%. Band Protocol is classified as a Application token under CoinDesk's Digital Asset Classification Standard (DACS).


Band Protocol (BAND) is a cross-chain data oracle platform that aggregates and connects real-world data to smart contracts. The project’s mission is to bring external data sourced through traditional web APIs, such as stock prices and weather, onto blockchains. Band Protocol is blockchain-agnostic, which allows for interoperability between smart contracts and the traditional web.

Band Protocol price

Band Protocol released its token via an Initial Exchange Offering (IEO) in the fall of 2019. During the IEO, tokens were sold for $0.473 to the public, representing 27.37% of the total supply of BAND tokens. Other holders of BAND tokens include private investors, advisors, the Band Protocol Foundation and the Band Protocol ecosystem. The total supply of BAND tokens is capped at 100 million, a figure expected to be reached by mid-2024 according to the token release schedule.

On Sept. 18, 2019, BAND token debuted trading at $0.64 per token. On Apr. 12, 2021, the BAND token hit an all-time high of $23.23 but experienced a drawdown in May and June amid a broader market sell-off. For the next several months, BAND continued to trade between $5 and $10 per coin.

The token is supported on several centralized and decentralized exchanges, including Binance, Coinbase, Huobi and Uniswap.

How does Band Protocol work?

Band Protocol falls within a category called “oracles”, which act as a middleman between decentralized applications and various data sources. Other oracle projects include Ethereum-based Chainlink and Pyth Network, which is based on the Solana blockchain.

In June 2020, the project officially launched the public mainnet of BandChain, the protocol’s blockchain in the Cosmos, which is a network that allows the exchange of data between different blockchains. BandChain uses the native BAND token to secure the decentralized oracle network through the proof-of-stake method. That means a person can validate block transactions according to how many BAND tokens he or she holds. Validators stake their tokens to fulfil data requests in return for a portion of the usage fees and to earn block rewards.

According to the project’s website, “For every data request to BandChain, which requires BAND tokens in the form of transaction fees, validators and their delegators earn a fee for fulfilling oracle requests and producing blocks.” This ensures that all stakeholders on the oracle network including data requestors (protocols, developers), validators and BAND token holders are economically aligned. The more usage on BandChain, the more protocol fees are accrued by validators and token holders creating a positive feedback loop enhancing security and demand for BAND.

Key events and management

The Band Protocol project was founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn and Paul Nattapatsiri. As of October 2021, all three co-founders are still at the helm of the project, with Srinawakoon serving as CEO, Suriyakarn as CTO and Nattapatsiri as CPO.

The project received funding from venture capital firm Sequoia Capital and cryptocurrency exchange Binance, as well as Dunamu & Partners, Spartan Group, Alphain Ventures, Woodstock and SeaX.

  • In June 2020, Band Protocol launched its public Mainnet of BandChain on the Cosmos ecosystem, in order to foster greater cross-chain compatibility.
  • In December 2020, Band Protocol became the first blockchain firm to join the non-profit OpenAPI Initiative, alongside tech giants such as Google, eBay, IBM and Microsoft.
  • In July 2021, Band Protocol went live with its BandChain version 2, allowing data providers to run nodes themselves, rather than having intermediaries acquire the data.

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Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms.