While the cryptocurrency economy has given up significant value, losing more than $2 trillion since the spikes recorded at the end of 2021, a significant amount of value has been wiped out from smart contract platform tokens and decentralized finance protocols. One sector of the benchmark ecosystem that has posted huge losses this year is the oracles blockchain space, with a large number of oracles securing far less value than they were seven months ago. While there are more than twenty oracles today and there were only 17 at the beginning of the year, the total value guaranteed by oracles has fallen 61.74% since mid-February.
Today there are a lot of Blockchain tools but less value is guaranteed by all of them since mid February
The Oracle blockchain has seen significant growth since these protocols were launched but in 2022, the protocols were securing much less value than they were seven months ago. Oracle Blockchain is an intermediary program that connects the blockchain network to external systems via smart contracts, and the intermediary provides data sources that can be verified and shared in a decentralized manner.
data From defillama.com states that Chainlink is the largest blockchain oracle by total value secured by all oracles, and Chainlink oracle secures 206 protocols. chain link Orders of approximately 45% of the $25.612 billion are guaranteed by Oracle 31 today. Oracle tracks projects such as MakerdaoAnd the winlinkAnd the bethAnd the Squad.
Maker is worth $7.66 billion, Winklink secures $4.42 billion, and Pyth secures $584.03 million. The fifth largest oracle as measured by defillama.com is the Band, securing about 1.55% of the total $25.61 billion, or about $396 million. While $25 billion is a large amount of funds secured by Oracle’s decentralized blockchain, it is 61.74% less than funds secured by Oracle. February 12 2022.
At that time, more than seven months ago, Chainlink’s total value was greater than the total value secured by 31 oracles today. On February 12, Chainlink raised $42.44 billion and Makerdao raised $17.14 billion that day. 17 oracles were monitored by defillama.com at the time and collectively earned $66.946 billion in value.
Seven months ago, the top five oracles were Chainlink, Makerdao, Band, TWAP, and Pyth. Moreover, while Chainlink secures 206 protocols today, at the time it only secured 133 protocols. Four of the top five oracles today have native tokens as well, and token values have fallen a lot since their all-time highs (ATH).
Chainlink (LINK) is down 85% since ATH was registered on May 10, 2021, and Makerdao (MAKER) is down 84% from ATH on May 3, 2021. Winklink (WIN) is down 96% since April 5, 2021, and band protocol (BAND) is down ) has increased by 94.7% since the ATH coin was registered over a year ago on April 15, 2021. Despite the loss in value, the original tokens are more valuable than they were initially.
LINK, for example, has risen 5,053.1% over the past five years against the US dollar since November 29, 2017. BAND is up 496% since its inception, WIN is up 168.4% in the past two years, and MAKER has gained 449.1% in two years as well.
Moreover, the total value guaranteed by Oracles is much greater than it was three years ago. Blockchain oracle proponents believe that the technology will be able to disrupt a number of industries as they grow, as today’s legacy oracles provide questionable data at best.
What do you think of the total value secured by blockchain oracles losing 61.74% since mid-February? Tell us what you think about it in the comments section below.
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