Non-reversible tokens (NFTs) have been a topic of conversation in the city in recent months, but with the start of the second quarter of global financial markets, it is possible that traders will start looking for opportunities in other parts of the cryptocurrency market. …
Oracle Projects is one of the subsectors that has taken steps in recent weeks, with some traders shifting their focus away from NFT.
BAND / USDT vs. API3 / USDT vs. DIA / USDT 1-day chart. Source: TradingView
As explained above, Band Protocol (BAND), API3, and DIA are three Oracle projects that have grown exponentially in the past week.
Band / USDT
Band Protocol is a cross-chain Oracle Data Platform supported by the Cosmos Network (ATOM). The protocol combines real data and APIs and provides data for network applications and smart contracts to facilitate the exchange of information between data sources on and off the network.
Between January 1 and February 13, the BAND price increased nearly 300%, while the March token traded sideways from $ 11 to $ 15.30.
4 hour BAND / USDT chart. Source: TradingView
Protocol activity began to return on March 26 after the team’s involvement in converting VeChain (VET) to Linear Finance (LINA) was revealed. The developers also announced that they will continue to add new assets to the LINA ecosystem.
BAND’s subsequent partnership with Statistics Sweden 10X, one of Thailand’s largest financial institutions, gave an additional boost to the token, rising to $ 17.78 on April 1, up 60% from last week.
API3 / USDT
API3 is a DAO-powered Oracle project focused on building decentralized application programming interfaces (APIs) that support blockchain (dAPIs) that collect data from third-party oracles.
Token price activity started rising on March 1 and continued to increase throughout the month as the protocol announced several new partnerships, including partnerships with Option Room, Royale Finance (ROYA), MobiFi, and Bridge Mutual (BMI).
API3 / USDT 4 hour chart. Source: TradingView
After hitting a low of $ 3.28 on Feb 28, API3 raised 220%, posting a new high of $ 10.50 on April 1.
DIA / USDT
DIA is an open source data and oracle platform for the DeFi ecosystem that enables market participants to receive, present and share reliable data. Essentially, the protocol provides a reliable and verifiable bridge between off-chain data from various sources and on-chain smart contracts that can be used to build different financial DApps.
The platform brings together data analysts, data providers, and data users to create a space for open financial information in a smart contract system similar to Wikipedia with financial data.
4 hour DIA / USDT chart. Source: TradingView
After dropping to $ 1.87 on February 28, DIA unveiled several partnerships in March, including integrations with Polkadot’s Moonbeam (DOT) umbrella. As a result, on April 1, the DIA price increased 150% to a maximum of $ 4.79.
Another potential catalyst for the current push came shortly after the launch of the DIA University Student Network on March 12th.
In total, the DIA announced partnerships with eight different blockchain projects and companies in March, indicating that the team is serious about its goal of building a cross-network oracle that provides reliable data for the cryptocurrency ecosystem.
The oracles now appear to be ready to continue the training that began in January when blockchain and cryptocurrency technology gained additional interest from investors and companies.
When the hype around NFT begins to fade, Oracle Tokens could be the next group lure in investors and the storm to new full-time positions.