Following the boom in non-interruptible tokens (NFTs) linked to NFT markets and instruments, oracle tokens are now showing growth in their valuations. Over the past seven days, a number of Oracle tokens have seen dramatic increases ranging from 7% to 45%.
Oracles Tokens Projects Ref. Spring in seven days
Not too long ago, the prices of tokens associated with NFT markets and tools were rising amidst an incomprehensible token craze. Recently, Bitcoin.com News Service reported a decline in sales of NMT, as well as a decline in interest in NMT.
According to the NFT-linked pump, a large number of oracle log markers show a significant increase over the past seven days. Essentially, a decentralized oracle network is a group of independent participants that autonomously offer data to the blockchain.
Over the past seven days, API3 is up 46.6%.
Oracle dominates the Ethereum network and is used for decentralized financial applications (Defi) to create intermediaries that create trust in decentralized financial instruments.
Essentially, the oracle protocol sends trusted data from an external source or a source in the real world. This includes things like feed prices, climate temperatures, time updates, and polling data. Using Oracle, Ethereum or another blockchain, a smart contract can leverage data to enable solution-based transactions.
Seven-day statistics for the LINK market (LINK) on Sunday 4. April 2021.
Oracle projects and their native tokens have become extremely valuable in the past week. The most valuable oracle token in terms of market cap is chainlink (LINK), which traded at $30.64 last week and was up 14%. LINK is probably the most popular oracle because it works with Google Cloud, Dapps Inc, Matic Network, Hedera Hashgraph, IOST and Betprotocol.
14% is a decent weekly gain, but API3 is up 46.6% this week. API3 claims to provide decentrally managed and quantitatively secure data flows. Today, the API3 Native Token will trade for $8.73 per unit. API3 is managed by DAO to maintain trust, and project developers insist that API3 and d-API contain data streams, aggregated data from first-party oracles managed by some of the world’s leading API providers.
Ribbon Protocol, ASV, Zorakles, Orihane
In addition, Band Protocol (BAND) has done very well this week, gaining 21% over the past seven days. The BAND token was trading at $16.72 per unit at the time of writing. The oracle DIA (Decentralized Information Asset) open source challenge token is up 27% this week and is currently trading at $4.86 each. Confidential Oracles Project Zoracles (ZORA) gained 29% in the week and each token traded for $768.91. The Oraichain Project (ORAI) token is trading at $42.82 apiece and is up 7% on the week.
Oracles are interesting cryptocurrency projects, but they still have a long way to go to become more reliable. In addition, they face the Oracle problem, a simple dilemma that demonstrates that oracles should strive for built-in functionality, since many of these projects cannot retrieve or transmit data without a direct connection to an external component.
What do you think of the significant performance of Oracle tokens over the past week? Let us know what you think in the comments below.
Tags in this story
band, band protocol, Chainlink, Chainlink (LINK), defi oracles, DIA, ETH oracles, Ethereum, Ethereum (ETH), LiNK, oracle projects, oracle projects spike, Oracles, Oraichain, Zoracles
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