Top 5 Blockchain Oracles

The blockchain ecosystem comprises several sections. These sectors aid in the effective functioning of the entire space. Therefore, Oracles are an important trending category that plays a vital role in the efficient operability of DEXs

In this article, you will learn who are the Top 5 Blockchain Oracles that are attracting more attention. But before doing that, let’s start by defining what is an oracle.

What is an Oracle?

Oracles are either centralized or decentralized protocols that bridge the gap between the on-chain and off-chain world. They achieve this by retrieving, verifying real-world data (off-chain data). In addition, these platforms supply the data feed to complex smart contracts of decentralized applications. Chainlink is one of the most popular blockchain oracles.

Therefore, what makes oracles important is the lack of access to real-world data of decentralized protocols. This makes smart contracts need this data to make accurate decisions. Here are the most trending and promising Oracles by market capitalization:

1. Chainlink (LINK)

Chainlink is the topmost valuable blockchain oracle because is very highly secured and flexible built on Ethereum’s network. Also, it works to provide critical off-chain data feeds to complex smart contracts running on blockchains.

Chainlink can seamlessly integrate real-world data feeds into on-chain smart contracts. In addition, Chainlink currently secures over $70 billion from top decentralized protocols like Aave, Celsius, Compound, among others. 

In 2021, LINK capitalized on the bullish trend by attaining an ATH of $53.00 by mid-year. after it traded around $13.00 during the start of the year. Although the crypto market has been shaky in 2022, LINK has found stability. At the time of writing this article, LINK trades at $25.45 and its marketcap is $11,8 billion.

2. Universal Market Access (UMA)

UMA is the second most valuable decentralized oracle project based on marketcap. The project stands for Universal Market Access. Furthermore, UMA helps users to create different synthetic assets on Ethereum’s blockchain.

In addition, the primary focus of Universal Market Access is on the financial derivatives market. The protocol aims to bring decentralization to the space and eliminate barriers that prevent average investors from participating in the space.

UMA does this by exposing them to real-world assets on Ethereum’s blockchain. Nowadays, UMA is performing well in the market. It currently trades at $8.41. Furthermore, it has a 24-hour trading volume of $12.8 million and a markercap of $547 million

3. WINklink (WIN)

WINkLink is the first complete oracle built on TRON’s ecosystem. This decentralized oracle network ensures the security of smart contract execution. It accomplishes this by linking the real world with the blockchain space.

In addition, WINLink aims to be able to relay reliable and verifiable data feeds. It achieves this by using its native token, $WIN. Furthermore, WINLink pays network node operators with its native token.

On the other hand, $WIN trades at $0.000457 and has a 24-hour trading volume of $218 million and a marketcap of $440 million.

4. Band Protocol (Band)

Band Protocol is a cross-chain decentralized oracle that works to link real-life data and APIs to smart contracts on blockchains. It does this securely and easily which rewards validators. It compensates users who help decentralized apps verify real-world data.

Furthermore, it ensures the accurate execution of smart contracts by offering developers a range of new use cases to explore. Nowadays, the Band Protocol has a marketcap of $237 million. Furthermore, it trades at $5.73 with a 24-hour trading volume of $13.8 million.

5. iExec Cloud Platform (RLC)

The last of the Top 5 Blockchain Oracles is the iExec cloud. This is a top decentralized platform for cloud resources that close the gap between resource users and providers. Therefore, it enables users to monetize or rent computing power and data via a distributed infrastructure.

The native ERC-20 token for the iExec cloud platform is RLC. Nowadays, it’s trading at $2.75with a marketcap of $195.8 million. Furthermore, it has a circulating and a total supply of 71.3 and 87 million tokens respectively. 

We hope you’ve learned more about the Top 5 Blockchain Oracles.

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