Oracle tokens turn bullish as blockchain projects focus on interoperability

Oracle tokens turn bullish as blockchain projects focus on interoperability


2022 looks to be a transformative year for the cryptocurrency ecosystem as the focus on interoperability between siloed blockchain networks comes to the forefront and a multitude of projects announce plans to interconnect their platforms with other protocols. 

One sector of the crypto ecosystem that will play a vital role in ensuring smooth communication and interaction between networks is oracles projects like Chainlink (LINK) and Band Protocol (BAND).

Top 8 oracle projects by market capitalization. Source: Messari

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Oracles relay data in a consistent, secure and decentralized manner and this is key to providing price feeds for the DeFi sector and centralized exchanges. 

The number of partners for the top oracle projects. Source: Twitter

As shown in the graphic above, Chainlink is by far the most widely adopted oracle in

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