Oracles projects in the crypto world are one of the most underrated projects. Yet, multiple projects deliver oracle-oriented services, even though they don’t invariably get the required credit. This article is all about the top oracle projects to invest in for 2022. Let’s take a look at it.
What is an Oracle?
Oracles are centralized or decentralized blockchain protocols of the on-chain and off-chain world. They accomplish this by rescuing, and confirming off-chain data. Also, these platforms deliver the data feed to complicated smart contracts of decentralized applications.
Top Oracle Projects: Universal Market Access (UMA)
1/ UMA's Optimistic Oracle (OO) was originally theorized by @VitalikButerin in his 2014 paper "SchellingCoin: A Minimal-Trust Universal Data Feed"
It is live and secures hundreds of millions of dollars.
The OO gives DeFi the power to offer "generalized contracting."
UMA is one of the best-decentralized oracle projects based on the marketcap. UMA allows users to build various synthetic assets on Ethereum’s blockchain. Besides this, the main principle of Universal Market Access is in the economic derivatives market. The protocol strives to get decentralization to the world and eradicate obstacles that stop average investors from partaking in the space.
UMA accomplishes this by disclosing them to real-world assets on Ethereum’s blockchain. At the time of writing this, the UMA price is sitting at $2.62. Likewise, it has a 24-hour trading volume of $20,068,955 and a markercap of $175,398,766.
Top Oracle Projects: DOS Network (DOS)
The DOS Network is a layer 2 chain decentralized data oracles network, which can sustain numerous mainstream blockchain protocols. It also delivers real-time data feeds, attaching DApps and smart contracts with trustworthy data sources and heightened computation power. The DOS Network is incredibly quick, finishing the off-chain process in less than 1 second. Yet, DOS is usually restricted by the implementation of the base layer 1 protocol. At the time of writing this, the DOS price is sitting at $0.001043. Likewise, it has a 24-hour trading volume of $16,269 and a markercap of $141,820.
The project’s main goal is to improve the across-the-board usability of blockchain technology by using real-world data and computation power. With permission for multiple heterogeneous blockchains, DOS Network is a competitor to bridge the real world and smart contracts.
Top Oracle Projects: Aeternity (AE)
Aeternity is a smart contracts blockchain protocol with the integration of oracles. It is a Turing comprehensive, extremely scalable, and sharding-friendly blockchain. Aeternity enables off-chain contract implementations. This decentralized data oracle help is particularly significant and attractive because it eradicates the requirement to trust any other source. No other mainstream blockchain protocol presently has this functionality. At the time of writing this, the AE price is sitting at $0.07606. Likewise, it has a 24-hour trading volume of $724,587 and a markercap of $27,175,384.
Top Oracle Projects: Band Protocol (BAND)
The nearest rival to Chainlink and the second most beneficial decentralized data oracle project is Band Protocol. BAND is also a cross-chain (consistent with numerous blockchains) data oracle project that delivers and handles real-world data to smart contracts. It allows the requirement of fast and trustworthy feeds, which are tamper-resistant and don’t have a single point of failure. At the time of writing this, the BAND price is sitting at $1.45. Likewise, it has a 24-hour trading volume of $16,739,057 and a markercap of $51,232,059.
Top Oracle Projects: Chainlink (LINK)
#Chainlink Price Feeds provide developers with the high-quality and secure market data needed to scale the #DeFi ecosystem.
Integrate the OP/USD Price Feed on @optimismFND to build secure #DeFi markets around its native token.https://t.co/tkieuzzo5N
The ultimate decentralized data oracles network by far is Chainlink. This crypto project combines smart contracts to off-chain real-world events data. The oracles are safe, immune to manipulation, and thus dependable. The Chainlink project is at the fore of decentralized data oracle invention and always presents new data pairs/services to promote the field. Its value accrual reserves the node operators, as it must spend in LINK and most crypto-based benefits require reliable/secure data for their smart contracts, for robust and long-lasting operation.
A vital element of Decentralized Finance (DeFi), it has collaborations with 200+major companies and units. The Chainlink data oracles combine with almost all Ethereum-based DeFi projects and have benefited from the DeFi boom. The platform’s native LINK token has functioned admirably, year to date, despite the financial crisis and the static prices of most top crypto-assets. At the time of writing this, the LINK price is sitting at $6.79. Likewise, it has a 24-hour trading volume of $811,717,068 and a markercap of $3,168,117,105.
