2022 is shaping up to be a year of transformation for the cryptocurrency ecosystem, as the focus on interoperability between siled blockchain networks is brought to the fore and a host of projects announce plans. to interconnect their platforms with other protocols.
One area of the crypto ecosystem that will play a pivotal role in ensuring smooth communication and interaction between networks is that of oracle projects such as Chainlink (LINK) and Band Protocol (BAND).
Oracles relay data in a consistent, secure, and decentralized manner, which is essential for delivering price feeds to the DeFi industry and centralized exchanges.
Like show In the graph above, Chainlink is by far the most widely adopted oracle in the crypto ecosystem with an almost eight-fold lead among partners over its closest competitor Berry Data (BRY).
Chainlink secures new partnerships
A scroll in Chainlink’s Twitter feed shows why LINK started 2022 as Oracle’s premier supplier by announcing multiple partnerships with DeFi and NFT projects.
The project also benefited from the focus on the development of the Cross-Chain Interoperability Protocol (CCIP) which helps facilitate the continued growth of the multi-chain ecosystem.
TBEN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for LINK on December 10, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to TBEN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.
As shown in the graph above, the VORTECS ™ score for LINK started increasing on December 10 and peaked at 77, approximately 72 hours before the price increased 60% over the next three weeks.
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Band Protocol launches on Celo
Band Protocol is a cross-chain data platform designed to help developers integrate real-world data into their decentralized applications, including sports, weather, random numbers, and price data.
The project recently announced that it has been launched on Celo’s (CELO) mobile-first DeFi platform, which aims to bring decentralized finance to more than “6 billion smartphones in circulation.”
TBEN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for BAND on December 29, ahead of the recent price hike.
As shown in the graph above, the VORTECS ™ score for BAND peaked at 76 on December 29, about 48 hours before the price began to rise 44% over the next five days.
With the major themes of interoperability and cross-chain integrations shaping up to be a primary focus of the cryptocurrency ecosystem in 2022, oracles are one sector of the market that may continue to see positive inflows through to their ability to transfer data and assets transparently and securely between supported blockchain networks.
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