Chainlink has become famous in the crypto market as the leading project in the oracle trend - an indispensable area for DeFi and RWA. Chainlink's development did not slow down during the crypto winter, in fact, we can consider the crypto winter as the time when Chainlink is best developed, with more partners and more useful solutions for the crypto market. Many investors consider Chainlink to be the 3rd most valuable project in the crypto market, after only Bitcoin and Ethereum.
In terms of development, Chainlink's developer community leads in activity. Over the past month, Chainlink boasted an average of 451.23 GitHub events, encompassing activities like code updates, issue raising, and improvement suggestions. This focus on development is a positive sign, indicating Chainlink's commitment to long-term growth
[1].
In addition to oracle solutions, Chainlink is experimenting with the Cross-Chain Interoperability Protocol (CCIP) and promises to become a major competitor to other cross-chain solutions currently available
[2]. I don't really understand the potential of CCIP, but I think Cosmos and Polkadot need to be careful because their Hub and Parachains solutions may not really be superior to CCIP.
However, I am not really interested in the development of Chainlink, I am waiting for a competitor that can compete fiercely with Chainlink this season. In the previous season, Chainlink led the oracle trend and no project could compete, other oracle projects such as Band, DIA, API3 did not have as many customers as Chainlink did
[3]. A few months ago, Tellor was noticed thanks to the price increase of TRB token, but the pump-dump did not bring value to Tellor. For now, I am looking forward to Pyth, a new oracle that already has many customers and provides quite efficient oracle services
[4]. Similarly, I hope that Cosmos, Polkadot, LayerZero and ZetaChain can compete with Chainlink in the cross-chain field
[5].
Competition will create pressure for the development of all projects in the same field, resulting in users and the market receiving the best, safest, most effective, and lowest cost solutions. I don't like monopolies in any field, I support Chainlink but I also want Chainlink to continuously compete and develop.
I want to know your opinion about Chainlink:
- Will Chainlink continue to be a giant in the crypto market during this uptrend?
- Which project can compete with Chainlink in the oracle field?
- Which project can compete with Chainlink in the cross-chain field?
References:[1]
Chainlink Dominates Crypto Landscape with Unparalleled Development Activity[2]
Cross-chain by Chainlink[3]
Decentralized Oracles[4]
Pyth: Smarter Data for Smarter Contracts[5]
Research: Cross-Chain Interoperability
Note:- My opinion has been presented in a topic, on BitcoinTalk forum.
- This topic on AltcoinsTalks forum has included a minor change in the way my opinion is presented.
- This statement is to avoid accusations of plagiarism.