Non-fungible tokens (NFTs) have been on everyone’s lips for the past few months, but as the start of the second quarter kicks in for global financial markets, traders may start looking for opportunities elsewhere in the cryptocurrency market.
The oracle projects are a subsector that has been making moves in the last few weeks as some traders shift their focus away from NFTs.
As shown in the chart, Band Protocol (BAND), API3 and DIA are three oracle projects that entered major rallies over the past week.
BAND / USDT
Band Protocol is a cross-chain data oracle platform operating on the Cosmos network (ATOM). The protocol aggregates API and real-world data and supplies the data to on-chain smart contracts and applications to facilitate information exchange between on-chain and off-chain data sources.
Between January 1 and February 13, the price of BAND rose almost 300%, and in March the token traded in a lateral range between $ 11 and $ 15.30.
Protocol activity began to recover on March 26 after the reveal that the team was instrumental in bringing VeChain (VET) to Linear Finance (LINA). The developers also announced that they would continue to help bring new assets to the LINA ecosystem.
The posterior revelation that BAND had partnered with SCB 10X, one of Thailand’s largest financial institutions, brought more momentum to the token and took it to a high of $ 17.78 on April 1, a 60% increase in the last week.
API3 / USDT
API3 is a DAO-governed oracle project focused on creating fully decentralized, blockchain-native APIs (dAPIs) that add data from first-part oracles.
The token’s price action began to rally on March 1 and continued to rise throughout the month, when the protocol announced multiple new partnerships, including collaborations with Option Room, Royale Finance (RUST), MobiFi and Bridge Mutual (BMI).
Since hitting a low of $ 3.28 on February 28, API3 price has risen 220% to a new high of $ 10.50 on April 1.
DAY / USDT
DAY is a Open source oracles and data platform for the DeFi ecosystem that enables market participants to obtain, supply 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, providers and users to create an open financial information space in an ecosystem of smart contracts that it’s like Wikipedia for financial data.
After falling to a low of $ 1.87 on February 28, DIA revealed multiple associations in March, including a integration with the Polkadot Moonbeam (DOT) parachain. This sent DIA’s price up 150% to a high of $ 4.79 on April 1.
Another possible catalyst for the current rally came shortly after the launch of the DIA Univesity Student Network on March 12.
We are delighted to announce the launch of the DIA University Student Network, a global network of elite universities to foster knowledge exchange between academia and DeFi and collaborative research into #DeFi and #oracles.https: //t.co/tjsg4nB5W andhttps: //t.co/YJFoIKWq2G
– DAY | Open-Source Data and Oracles for #DeFi (@DIAdata_org) March 12, 2021
We are delighted to announce the launch of the DIA University Student Network, a global network of elite universities to foster knowledge sharing between academia and DeFi and collaborative research towards DeFi and the oracles.
Total, DAY advertisement partnerships with eight different blockchain projects and companies during the month of March, indicating that the team is serious about its goal of create a cross-network oracle system that provides trusted data for the cryptocurrency ecosystem.
The oracles seem now prepared to continue the uptrend that started in january, as blockchain technology and cryptocurrencies gain more attention from investors and the business sector.
With the craze for NFTs starting to wane, oracle tokens could be the next group to attract investors and hit new all-time highs.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and operation involves a risk. You should do your own research when making a decision.
Don’t stop reading: