Crypto influencer and investor Lark Davis is naming several crypto assets that he says have the potential to rise 100x and challenge Chainlink’s (LINK) dominance in the fast-growing oracle space.
The first decentralized oracle challenger on the list is Band Protocol (BAND), which Davis says has upside potential after being subjected to a brutal pullback this month.
Davis believes BAND’s market cap of $150 million puts the crypto asset in position for a parabolic rise that would see the asset catch up to Chainlink’s previous highs.
“The Cosmos-based data chain oracle has a big focus on DeFi (decentralized finance) as well as uses cases beyond the blockchain world…Of the three oracles we’ll mention today, BAND is without a doubt the biggest competitor right now to Chainlink.
It has partnered up with just loads and loads of different cryptos including some very famous ones. We have TRON (TRX), Fantom (FTM), Nervos (CKB), Binance Smart Chain, dForce (DF), ICON (ICX), Elrond (EGLD), Gravity, Waves (WAVES) – just loads of others.”
Number two on the list is Tellor (TRB), which is an Ethereum-based oracle that uses the proof-of-work network. According to Davis, the different approach allows miners to compile data before transferring them on-chain and power smart contracts. The crypto influencer also says that Tellor’s has made a major change as of late.
With a market cap of $33 million, Davis notes that Tellor needs to grow over 100x to reach Chainlink’s current market value.
“The Tellor v2 upgrade has actually just launched and it is bringing about a big performance upgrade in terms of speed of settling data on-chain. More data points per block are also being added. We have better security parameters being brought in as well as token fee burning, which is pretty gosh darn big for the long term price appreciation for Tellor.”
The last oracle on the crypto investor’s list is DIA (decentralized information asset).
“DIA is an open-source oracle platform that enables market actors to source and supply and share trustable data or advertise themselves like the Wikipedia of oracles. This was built specifically for the DeFi ecosystem. DIA token holders internally manage, obtain, and validate data through crypto-economic incentives and staking governance tokens.”
Davis explains that DIA can also provide APIs for traditional finance and connect real-world data to the world of blockchain. At a market cap of $37 million, Davis points out that the crypto asset must make a 100x ascend to move side by side with Chainlink’s $3.8 billion market capitalization.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shuttertstock/GrandeDuc
