Nonfungible tokens (NFTs) have been the talk of the town for the past few months, but as the start of the second quarter gets underway for the global financial markets, traders may be looking for opportunities in other parts of the crypto market. .
Oracle projects are a sub-sector that has taken steps in recent weeks as some traders shift their focus from NFTs.
As shown above, Band Protocol (BAND), API3 and DIA are three oracle projects that have come up sharply in the past week.
BAND / USDT
Band Protocol is a cross-chain data oracle platform that works on the Cosmos network (ATOM). The protocol collects real-world data and APIs and delivers the data to on-chain applications and smart contracts to facilitate the exchange of information between on-chain and off-chain data sources.
Between January 1 and February 13, the BAND price rose nearly 300% and in March the token traded in a sideways range between $ 11 and $ 15.30.
Activity for the protocol began to resume on March 26 disclosed that the team played an important role in moving from VeChain (VET) to Linear Finance (LINA). The developers also announced that they would continue to help bring new assets to the LINA ecosystem.
The following revelation that BAND had partnered with SCB 10X, one of the largest financial institutions in Thailand, further accelerated the token, pushing it to a high of $ 17.78 on April 1, up from 60% last week .
API3 / USDT
API3 is a DAO-driven oracle project focused on creating fully decentralized, blockchain-native APIs (dAPI) that collect data from first-party oracles.
The price action for the token started to soar on March 1 and continued to grow throughout the month as the protocol announced multiple new partnerships, including collaborations with Option room Generous Finance (ROYA), MobiFi and Bridge mutual (BMI).
Since it hit a swing low at $ 3.28 on February 28, the price of API3 has risen 220% to hit a new high of $ 10.50 on April 1.
DIA / USDT
DIA is an open-source data and oracle platform for the DeFi ecosystem that enables market participants to search, deliver and share trusted data. Essentially, the protocol provides a reliable and verifiable bridge between off-chain data from various sources and on-chain smart contracts that can be used to build a variety of financial DApps.
The platform brings together data analysts, data providers and data users to create a space for open financial information in a smart contract ecosystem similar to the Wikipedia of financial data.
After falling to a low of $ 1.87 on Feb. 28, DIA unveiled multiple partnerships in March, including a integration with the Polkadot (DOT) parachain Moonbeam. This resulted in the price of DIA rising 150% to a high of $ 4.79 on April 1.
Another potential catalyst for the current rally came shortly after the launch of the DIA Univesity Student network on March 12.
We are pleased to announce the launch of the DIA University Student Network, a global network of elite universities to promote knowledge exchange between academia and DeFi and joint research into #DeFi and #oracleshttps://t.co/tjsg4nB5Wyhttps://t.co/YJFoIKWq2G
– DIA | Open-source data and Oracles for #DeFi (@DIAdata_org) March 12, 2021
In total, DIA announced partnerships with eight different blockchain projects and companies during the month of March, indicating that the team is serious about its goal of creating a cross-network oracle system that delivers reliable data for the cryptocurrency ecosystem.
Oracles now appear poised to continue the uptrend that started in January as blockchain technology and cryptocurrencies receive extra attention from investors and the corporate world.
With the hype behind NFTs beginning to wane, oracle tokens could be the next group to entice investors and hit new all-time highs.
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