Blockchain Oracles have become increasingly popular in recent months. Here are the top five in terms of market capitalisation.

The blockchain ecosystem is divided into several sections. These sectors contribute to the overall efficiency of the space. As a result, Oracles are a significant trending category that plays a critical role in the efficient operation of DEXs.

This article will teach you about the Top 5 Blockchain Oracles who are gaining popularity. But first, define an oracle.

What exactly is an Oracle?

Oracles are centralised or decentralised protocols that connect the on-chain and off-chain worlds. They accomplish this by retrieving and validating real-world data (off-chain data). Furthermore, these platforms provide data feeds to complex smart contracts used in decentralised applications. One of the most well-known blockchain oracles is Chainlink.

As a result, the lack of access to real-world data of decentralised protocols makes oracles important. As a result, smart contracts require this data in order to make accurate decisions. By market capitalisation, the following Oracles are the most popular and promising:

1. Chainlink (LINK)

Chainlink is the most valuable blockchain oracle because it is extremely secure and flexible, and it is built on the Ethereum network. It also works to provide critical off-chain data feeds to complex blockchain smart contracts.

Chainlink can integrate real-world data feeds into on-chain smart contracts with ease. Furthermore, Chainlink currently secures over $70 billion in funding from top decentralised protocols such as Aave, Celsius, and Compound, among others.

LINK capitalised on the bullish trend in 2021, reaching an ATH of $53.00 by mid-year after trading around $13.00 at the start of the year. LINK has found stability despite the fact that the crypto market has been volatile in 2022. At the time of press, LINK was trading at $25.45 with a market cap of $11.8 billion.

2. Universal Market Access (UMA)

Based on market capitalisation, UMA is the second most valuable decentralised oracle project. The project's name is an abbreviation for Universal Market Access. Furthermore, UMA enables users to create various synthetic assets on the Ethereum blockchain.

Furthermore, the financial derivatives market is the primary focus of Universal Market Access. The protocol aims to decentralise the space and remove barriers that prevent average investors from participating in it.

This is accomplished by exposing them to real-world assets on Ethereum's blockchain. UMA is currently performing well in the market. It is currently worth $8.41. It also has a 24-hour trading volume of $12.8 million and a market capitalisation of $547 million.

3. WINklink (WIN)

WINkLink is the first full-fledged oracle built on the TRON ecosystem. The security of smart contract execution is ensured by this decentralised oracle network. It achieves this by connecting the real world to the blockchain space.

Furthermore, WINLink aspires to be able to relay dependable and verifiable data feeds. It accomplishes this by utilising its native token, $WIN. WINLink also pays network node operators with its native token.

$WIN, on the other hand, trades at $0.000457 and has a 24-hour trading volume of $218 million as well as a market capitalisation of $440 million.

4. Band Protocol (Band)

Band Protocol is a cross-chain decentralised oracle that connects real-world data and APIs to blockchain smart contracts. It accomplishes this in a secure and simple manner, which rewards validators. It rewards users who assist decentralised apps in verifying real-world data.

Furthermore, it ensures the correct execution of smart contracts by providing developers with a variety of new use cases to investigate. The Band Protocol now has a market capitalisation of $237 million. Furthermore, it is currently trading at $5.73 and has a 24-hour trading volume of $13.8 million. 

5. iExec Cloud Platform (RLC)

The iExec cloud is the final of the Top 5 Blockchain Oracles. This is a top decentralised cloud resource platform that bridges the gap between resource users and providers. As a result, users can monetise or rent computing power and data through a distributed infrastructure.

RLC is the iExec cloud platform's native ERC-20 token. It is currently trading at $2.75 with a market capitalisation of $195.8 million. Furthermore, it has a total supply of 87 million tokens and a circulating supply of 71.3 million tokens.

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