With the rise of non-fungible tokens (NFTs) associated with the NFT market and tools, oracle-based tokens are now seeing their valuation rise. In the past 7 days, the earnings of many Oracle tokens have risen sharply between 7% and 45%.
Oracle’s token project saw a seven-day jump in revenue
Not long ago, in the non-fungible token hype, the price of tokens related to the NFT market and tools soared. Just recently, Bitcoin.com’s news desk reported a decline in NFT sales, and interest in NFTs has recently declined.
After the craze related to NFT, a large number of oracle protocol tokens have obtained considerable gains in the past seven days. Basically, the decentralized Oracle network is a group of independent responders who provide autonomous data to the blockchain.
Oracle dominates the Ethereum network and is used in decentralized financial (defi) applications to create intermediaries that ensure trust in decentralized financial instruments.
Essentially, the “oracle” protocol sends trusted data from external sources or the real world. This includes price information, climate temperature, hourly data updates and voting records. With the help of Oracle, Ethereum or any blockchain smart contract can use data to provide decision-based transactions.
In the past week, the Oracle project and its native tokens have been collecting huge value. In terms of market capitalization, the most valuable Oracle token is chainlink (LINK), which traded at $30.64, a 14% increase last week. 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 good weekly gain, but the API3 project soared 46.6% this week. API3 claims to provide “decentralized management and quantifiable secure data feeds.” Today, the price of native API3 tokens is $8.73 per unit. API3 is governed by DAO with the purpose of minimizing trust. The project developers insist that “API3 data feed and d-API are aggregated by the first party Oracle and operated by some world-class API providers.”
Frequency band protocol, DIA, Zoracles, Oraichain
In addition, this week’s Band Agreement (BAND) performed well, with an increase of 21% in the past 7 days. At the time of writing, the BAND token is trading at $16.72 per unit. The open source defi oracle DIA token (decentralized information asset) rose 27% this week and is currently trading at $4.86 per unit. The confidential Oracle project Zoracles (ZORA) rose by 29% in a week, with each token being exchanged for $768.91. The Oraichain project’s token (ORAI) traded at US$42.82 per unit, up 7% this week.
Oracle is an interesting cryptocurrency project, but there is still a long way to go to become more powerful. In addition, they face the “Oracle problem”, which is a simple problem that shows that Oracle needs to work hard to implement built-in functions, because many of these projects cannot pull or push data into external elements without a direct connection.
What do you think of the significant gains made by Oracle Token in the past week? Let us know your thoughts on this topic in the comments section below.
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