Is Chainlink’s crown under threat?

Band Protocol

Bridge Oracle

One of the pioneers in the field of decentralized oracles, Chainlink has been largely instrumental in the growth of DeFi apps and the DeFi ecosystem in general.

Here is a brief on Chainlink’s top competitors that speaks of steady growth in recent times.

Band is reportedly the strongest competitor of Chainlink as of now. It’s a decentralized cross-chain oracle system and hence compatible with various blockchains.

A chief reason behind Band’s rise is the oracle’s partnerships with multiple leading blockchains, including TRON, Binance Smart Chain, Fantom, dForce, Elrond and more.

Tellor also poses serious competition, especially after its recent upgrade.

Tellor (TRB) is a decentralized Ethereum-based oracle system which operates on the Proof-of-Work (POW) consensus protocol.

In the initial version, Tellor had shown poor cooperation with blockchain but the recent upgrade has done much to bolster its performance big time.

One of the latest names in the scene of decentralized oracles, Bridge (BRG) has been commanding a great deal of attention ever since the announcement of its launch.

Bridge allows access to real-world data using varied APIs and parsing helpers; the oracle also permits to incorporate various additional data sources.

With DeFi on rise, it’s only natural that the blockchain world will witness the launch and growth of an increasing number of oracles today.