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Band Protocol is a cross-chain data oracle platform that connects APIs to smart contracts and also enables DeFi applications to be built on-chain. It aims to be the go-to data infrastructure layer for Web 3.0 applications by providing decentralised, curated off-chain data to smart contracts. Users can receive BAND tokens as a reward and incentive for validators to produce new blocks and submit responses to data requests. Users can use the tokens in three ways: to become validators, to earn a portion of the collected fees and inflationary rewards by delegating their holdings to another validator and lastly, to participate in the chain’s governance.
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