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- The cryptocurrency industry is set to focus on interoperability developments in 2022, when several oracle projects will stand out for acquiring this ability beforehand.
- Chainlink is the top oracle project by market capitalization, which has the highest number of partnerships and has also announced to get into more partnerships with several DeFi & NFT projects.
- Chainlink also showed bullish movements in Galaxy Score in December 2021, where it reached a Galaxy Score of 69, showing a bullish sentiment of 14.5% to date.
For the Cryptocurrency ecosystem, 2022 is being expected to be a revolutionizing year with isolated blockchain networks shifting their focus to interoperability and several projects revealing their plans to introduce abilities for their platforms to connect with different protocols. One of the biggest factors that would have an essential role in making smoother interactions and communications between networks would be the oracle projects. Some of the major oracle projects include Chainlink (LINK), Augur (ERP), Uma (UMA), Band Protocol (BAND), Tellor (TRB), etc.
A blockchain oracle is mainly a third-party service, which lets you connect the smart contracts with the external world. Oracles transfer data in a decentralized, secure, and consistent manner, a primary factor in serving price details for centralized exchanges and the DeFi sector.
The Chainlink Oracle project
Chainlink acquires the highest number of partners and is the most broadly adopted oracle, having almost eight times more partners when compared to the second-highest partnered oracle, Berry Data (BRY). The Twitter feed of oracle clearly shows why Chainlink is the top oracle project, starting 2022, as it has announced several partnerships with numerous NFT and DeFi projects. Other advantages this oracle project received have been from its shifting focus for developing CCIP (Cross-Chain Interoperability Protocol) that will contribute to the constant growth of the multi-chain environment.
The Galaxy Score Of Chainlink
As per the data from LunarCrush, the galaxy score of Chainlink was observed to have bullish movements. Galaxy Score is a metric that LunarCrush serves and is used to understand any cryptocurrency’s movements, given by analyzing data from several sources and discovering insights helpful for making investment decisions. The Chainlink’s Galaxy Score began bullish movements on December 11 when it hit the score of 69 and, to date, has shown 14.5% bullish sentiment.
The Band Protocol
Band Protocol is a platform for cross-chain data that has been designed to support developers in integrating the data from the real world into their dapss (decentralized apps). The real-world data could include random numbers, weather details, price details, sports, and a lot more. In a recent announcement, Band Protocol revealed that it had been launched on Celo’s mobile-first DeFi platform, with an aim to serve DeFi (Decentralized Finance) for over 6 billion smartphones that are in circulation at present.
With the cryptocurrency industry and ecosystem shifting their primary focus in 2022 for significant cross-chain integration and interoperability developments, the oracle projects are alone in the market that might possibly observe the constant flow, just because of the ability to transfer digital assets and data securely among the supported networks of blockchain.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
