Major Chainlink (LINK) Competitor Altcoins at Deep Discounts

Chainlink is the leader in an important category of protocols in crypto. Oracles. Oracles are worth $10 billion with most of that value in Chainlink.

But oracles will play a huge role in the next few years, especially as the RWA sector grows in importance. So today, 3 biggest competitors of Chainlink (LINK) and opportunities for you to make money in oracles.

1) Pyth

First, we have Pyth. It’s the 2nd biggest oracle after Chainlink and the project is worth $1.2 billion. Pyth is an oracle that runs on Solana. This is one of its key benefits as more new coins are launching on SOL than on any other network.

Source: X

That’s a big edge. And while Solana is not known as a big RWA chain yet, it is becoming the home of retail crypto. And retail will invest in RWA. And when they do on Solana, many of the RWA platforms will use Pyth.

Something else that we like is all their data feeds are direct. Some of Chainlink’s feeds are 3rd party or not direct with the source. That means slower update times and a greater potential for errors like a price discrepancy.

Pyth has made a couple of moves recently that we like including availability on Coinbase Prime. Coinbase Prime is the institutional, non-custodial platform CB runs for firms like the ETFs. And now they can use it to buy PYTH’s $PYTH token.

Source: X

$PYTH has recovered from Black Monday, too. From Friday to Monday, $PYTH dropped from 28c to 22.5c or ~25%. That’s painful, yet far better than most did. And they’ve recovered from a Monday low of 22.5c up to 28c again regaining all those losses. This is a sign of good health for the project and positive sentiment for it that is greater than the sentiment for the overall market.

The market likes Pyth, and so do we. Do you like investing in oracles and other infrastructure projects? Which ones do you like? Let us know in the comments below.

2) API3

Next, we have API3. API3 is both an oracle and an automation platform. Since APIs are how software programs talk to each other, API3’s advanced APIs let you automate many blockchain and smart contract-related tasks. API3’s data feeds are more decentralized than Chainlink’s. This is one big advantage.

They are also more private. API3 uses random number generators to keep your info private as the requester of the data. Imagine you don’t want to just say your blockchain game is fair, you want to prove it. Random number generators are one way. A casino game like roulette or blackjack becomes truly random, which users like.

Source: X

In the financial area, you can’t research to see what your competitors’ data requests are from certain financial market feeds. Yes, you might like the idea of being able to see what they like and want to invest in. But guess what? If you can see theirs, then they can see yours too.

With RNGs, your decentralized feed searches are private. No one can see what you are looking up and from where. As a more direct access to data than Chainlink which uses a consensus from different providers, API3’s data is more accurate and faster. All that while being decentralized, too.  All things we like.

Source: X

API3 spent last weekend dropping from $1.41 down to $1.16 or a drop of ~18%. This is better than most did during Black Monday. They have also gained almost all of it back to get to a price of $1.38, currently. Again, another quality project is seeing volatile prices due to market conditions, not because anything has changed about the project itself.

3) Band Protocol

And last for today is a project we have not talked about in a long time. Band Protocol. One difference right off the top is that Band supports Cosmos IBC chains. That’s something most other oracles don’t yet support. Band is focusing away from DeFi to things like sports, politics, weather, and other fact-based areas that interact with blockchains.

And that means the big potential here is prediction markets. We’ve seen Polymarket crush it out of nowhere on political bets from the US Presidential race. And maybe the sector can continue to grow past November with Polymarket in the current lead. If so, they will need Band’s decentralized oracles for all types of weird, odd events.

Source: X

Multichain platforms can use Band easily, too. Chainlink is almost exclusively EVM. But if you have EVM chains and Cosmos or CosmWasm chains, you can access every chain or protocol in the top 2 VMs. Band, unlike the other oracles we’ve studied, has not had a good last 12 months. It’s down 14%. But the Black Monday effect wasn’t terrible either.

The drop was from $1.12 down to 91c, or a drop of just over 20%. Since $BAND gained most of it back to its current price of $1.12. This is the lowest-valued oracle of the 3 by market value and it could be a good entry point at this price. Note that while the total supply is currently 149 million, its potential maximum supply is infinite. Make sure you understand those risks before you invest.

Disclaimer

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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