Altcoin to Outshine Chainlink's Oracle Dominance

Have you been keeping an eye on Chainlink’s token, LINK? It’s been making some serious waves in the market lately. LINK has soared an impressive 175% in a year and that too in a bear market.

If we compare its all-time low to the current price, LINK is up 12216%. But it seems Chainlink is about to face serious competition from an upcoming Oracle altcoin. Will that project surpass LINK, and why do we think Chainlink will continue to lead in the future? You will discover it here.

Potential Reasons for Price Surge

Chainlink has always been a favorite of Whales. There is a secret whale-buying ton and tons of Chainlink. In the past few days, Look on Chain reports $16.72M million of LINK buying going on. It is still unclear whether this is a single crypto whale or an institution accumulation. 

This buying activity suggests a strategic move. And it’s a move by a big money entity with confidence in Chainlink’s future.

Another interesting reason for Chainlink’s price surge is its CCIP revenue. It’s getting huge. And fast. I’m talking a whopping 180% increase in two months. Their fee revenue went from $61000 in January to a jaw-dropping $171,000 in the first half of March. That’s some serious growth right there. Fueling this growth are sweet integrations with Metis, Wemade, and Circle. They’re teaming up with new partners left and right.

Is Pyth the Next Chainlink?

When it comes to oracles, Chainlink isn’t the only player in the town. Is there something better than Chainlink? Possibly something cheaper? Pyth Network is a rising competitor in oracles. They are looking to challenge Chainlink’s dominance in the oracle space. It promises lower fees and faster transactions. It has caught the eye of many in the crypto community. When compared to Chainlink, Pyth stands out in several aspects:

  • Pyth Network gets data directly from trusted sources like CBOE and Binance. This provides more accurate information. Chainlink does not always go direct.
  • Pyth updates its data in real-time. It does so every sub-second, giving users instant insights. In contrast, Chainlink lags with updates every few seconds.
  • The Pyth Network emphasizes universal access. This ensures consistent performance across different chains. It’s A feature Chainlink doesn’t have.

But before we get too excited it’s essential to weigh both sides of the coin:

  • Pyth Network offers some compelling advantages. But it is still behind Chainlink in 2 key areas. Adoption and Partnerships.
  • Chainlink isn’t just about finance. It gives info on games, sports, and weather. This makes it good for many kinds of businesses.
  • Only 15% of the total Pyth supply is in circulation. That’s a potential downside that short-side traders could exploit.
  • Chainlink has an established presence, a strong network, and many partnerships. These give it a competitive edge that’s hard to beat.
Why will Chainlink Lead? 

When it comes to Chainlink, there are many things we like. Here are some things keeping them in their place as industry leaders:

  • Infrastructure: First, we love the sector they are in. Web3 Infrastructure. Any smart contract platform that has to deal with off-chain information like crypto prices needs oracles. And Chainlink is the undisputed leader in oracles.

  • CCIP: Chainlink’s Cross-chain interoperability protocol is a big deal too. It allows for the easy building and connecting of dApps across chains. One major headache for banks has always been integrating their existing systems with new technologies. With CCIP, banks can leverage their existing expertise and services.
  • Latest Chainlink Integration inspiring confidence from big leaders: 
    • Ethereum L2 Metis is integrating Chainlink’s CCIP.
    • Cathie Wood’s ARK Invest has integrated Chainlink proof-of-reserves for its spot Bitcoin ETF.

  • Asset tokenization is gaining traction in 2024. Big players like JP Morgan and SWIFT entering the fray. BlackRock is sending signals about tokenized identity as well as real-world assets. And tokenized identity is the main pillar of Chainlink’s DECO program. Deco is something that they have a patent on. Deco stands for Decentralized Oracle.

BlackRock is going after tokenized identity. And Chainlink has positioned itself where DeFi and TradeFi meet. Chainlink can lead to real-world asset integration onto the blockchain.

Web3 infrastructure is one of the safest bets in crypto. And in oracles and moving off-chain information on-chain, no one is as important as Chainlink. They are Number 1 and still rising. And we believe they are going to be leaders in their industry.



The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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