Cryptocurrency

Band Protocol is Chainlink on the heels of

The strong demand and growth in the Defined Space has led to many Altcoins have experienced a tremendous Momentum. Some projects could increase in a few weeks, more than 500% and not only Ethereum, but also Bitcoin in the shade. The big winners including Band Protocol (BAND) and Chainlink (LINK), which is recorded in the last weeks huge gains.

Band Protocol and Chainlink with incredible Performance

This week, it goes with the DeFi-madness in the next round. The Bitcoin price goes sideways and gives a lot of room for different Altcoins that go through a true Pump. The courses explode and everywhere, it seems to be Gold on the streets. Two projects especially, have created a real Hype around the BAND and LINK.

Chainlink is already for many a term, and has done it this year already several times in the headlines. Band Protocol, however, is to many entirely unknown. In the case of a BAND, it is probably the largest competitors of Chainlink. Both projects are moving in the Defined niche of the decentralized Oracle. Here, data from the real world with the various decentralized applications. Without this data, many applications may not function properly.

Now if we look at the histories of the two projects, we realize that the BAND’s course has provided the LINK of the course clearly in the shadows. The BAND rate is increased in the last 30 days by approximately 685%. The Chainlink of the course, however, “only” 114%. This large difference is due, among other things, on the Basis of the respective market capitalisation.

Chainlink has a market capitalization of around 5 billion USD and is now on the 6 place on Coinmarketcap. Band Protocol currently has a market capitalization of $ 300 million. The higher the market capitalization, the slower the rate moves in the rule.

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DeFi growth Oracle logs explode

The reason for this incredible increase in the explosive growth in the DeFi-sector. DeFi applications allow users various financial activities such as trading, lending, and Earning interest from the crypto-loans fully decentralized to perform.

Thus, DeFi-platforms work seamlessly, you need to market real-world data from different sites and Blockchain-networks. Here, Oracle is used. Oracles are required in the context of Smart Contracts, because they do not have direct access to the outside world, and, nevertheless, reliable data is required. If so, the DeFi-sector is expanding, to benefit projects that provide decentralized Oracles available.

The data of Defi Pulse show that since 1. June the in DeFi-applications-bound, of a total value of 1.048 billion to $ 4.76 billion dollars has increased. As more capital has flowed into the DeFi-market, has also increased the demand for Band Protocol, and Chainlink.

The strong difference in the assessment of the two projects could spur Band Protocol, and thus, Chainlink significantly outperform. The researchers of the Messari declared that the BAND has taken a similar path to that of Chainlink, what fires the growth additional. Do you see a possibility that Band Protocol continues to cling to Chainlink and strong assessment mitprofi animals can.

We are curious as whether or not to come in the market soon for a cooling, and how the two Oracle projects beat. We will keep you posted.

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The comments in this article do not represent any trading recommendations or investment advice.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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