2022 looks to be a transformative year for the cryptocurrency ecosystem as the focus on interoperability between siloed blockchain networks comes to the forefront and a multitude of projects announce plans to interconnect their platforms with other protocols.
One sector of the crypto ecosystem that will play a vital role in ensuring smooth communication and interaction between networks are oracles projects like Chainlink (LINK) and Band Protocol (BAND).
Chainlink secures new partnerships
A scroll through the Chainlink Twitter feed shows why LINK has started off 2022 as the top oracle provider by announcing multiple partnerships with DeFi and NFT projects.
The project has also benefited from its focus on developing the Cross-Chain Interoperability Protocol (CCIP) which helps facilitate the ongoing growth of the multi-chain ecosystem.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LINK on Dec. 10, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
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Band Protocol launches on Celo
Band Protocol is a cross-chain data platform designed to help developers integrate real-world data into their decentralized applications including sports, weather, random numbers and price feed data.
The project recently announced that it had launched on Celo’s (CELO) mobile-first DeFi platform which focuses on bringing decentralized finance to more than “6 billion smartphones in circulation.”
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BAND on Dec. 29, prior to the recent price rise.
With the major themes of interoperability and cross-chain integrations shaping up to be a primary focus of the cryptocurrency ecosystem in 2022, oracles are one sector of the market that could continue to see positive inflows thanks to their ability to transfer data and assets seamlessly and securely between supported blockchain networks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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