Which project will become a worthy competitor of Chainlink?

[KryptoBull]

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.

[MrSpasybo]

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?

I also missed the opportunity with LINK in the 2020 cycle, it was quite a pity because this is one of the projects with a product that is really useful for the crypto market, and the LINK token price also increased extremely strongly, bringing great profits to LINK investors since 2018. This time I think LINK will also come back and create a new ATH but it is difficult to have an impressive price increase performance as in the 2020 cycle. I hope that new projects in the oracle sector will have the opportunity to rise up and attract more customers, helping the oracle market to be more decentralized.

1. I believe that Chainlink will continue to be a giant in this cycle thanks to its oracle-related products for DeFi + RWA and CCIP in the cross-chain sector.

2. In the oracle sector, I also hope that Pyth and Tellor can compete with Chainlink, they both have good solutions and strong communities.

3. In the cross-chain sector, I have high expectations for Cosmos and Polkadot with technology that has been developed and verified in the 2020 cycle. New projects also have quite a lot of potential but do not have a large ecosystem yet.

[Trongduy]

I also missed the opportunity with LINK in the 2020 cycle, it was quite a pity because this is one of the projects with a product that is really useful for the crypto market, and the LINK token price also increased extremely strongly, bringing great profits to LINK investors since 2018. This time I think LINK will also come back and create a new ATH but it is difficult to have an impressive price increase performance as in the 2020 cycle. I hope that new projects in the oracle sector will have the opportunity to rise up and attract more customers, helping the oracle market to be more decentralized.

I also didn't invest in LINK in 2020 even though Chainlink was introduced and analyzed very carefully by many KOLs throughout the crypto winter of 2018-2019. It was unbelievable that LINK price recovered quickly and reached such a high price in the 2021 uptrend. Although it did not have a new high in November 2021 like many other tokens, the profit that LINK brought to holders was already too great. Currently, LINK has also brought 3-4x profit to those who bought LINK in 2023.

[Trongduy]

• 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?

1. Chainlink is too big and important for the crypto market already. It will continue to lead major trends like oracle and cross-chain this season. I don't think other projects can surpass Chainlink.

2. I'm also following Pyth, but other oracles like Tellor can also outperform Chainlink in terms of price performance. TRB has already reached a new ATH while LINK has not yet been able to do so.

3. I think ChainLink is just a new project in the cross-chain field. It cannot be compared to cross-chain focused projects like Cosmos and Polkadot.

[KryptoBull]

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?

I also missed the opportunity with LINK in the 2020 cycle, it was quite a pity because this is one of the projects with a product that is really useful for the crypto market, and the LINK token price also increased extremely strongly, bringing great profits to LINK investors since 2018. This time I think LINK will also come back and create a new ATH but it is difficult to have an impressive price increase performance as in the 2020 cycle. I hope that new projects in the oracle sector will have the opportunity to rise up and attract more customers, helping the oracle market to be more decentralized.

The potential of LINK is undeniable. Although the revenue from oracle is not significant compared to LINK's market capitalization, it is still an indispensable part of the market. New projects will also tend to choose Chainlink and other oracles, rather than ignoring Chainlink to trust other oracles with less decentralization and weaker tokenomics.

Currently, I just want to follow up and see if LINK can be as successful as ETH in the past. They are different in terms of goals, but the community is also really big and sees the project as a big religion: irreplaceable, no need to doubt, invest with a very long-term vision.

[erus]

~snip~
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?

~snip~

1. I can't guess if Chainlink will be able to increase in price because Chainlink doesn't seem to have any serious coin development, if I notice.
2. Chainlink's competitors seem to be Polkadot, Avalanche and Polygon because these three coins seem to be able to create smart contracts which ultimately create tokens on their chains.
3. Cross-chain I don't seem to understand this kind of thing but if I want to answer according to my knowledge maybe Avalanche will be the cross-chain competitor of Chainlink. Cmiiw

[KryptoBull]

1. I can't guess if Chainlink will be able to increase in price because Chainlink doesn't seem to have any serious coin development, if I notice.
2. Chainlink's competitors seem to be Polkadot, Avalanche and Polygon because these three coins seem to be able to create smart contracts which ultimately create tokens on their chains.
3. Cross-chain I don't seem to understand this kind of thing but if I want to answer according to my knowledge maybe Avalanche will be the cross-chain competitor of Chainlink. Cmiiw

Chainlink is the behemoth in the oracle space, so I don't consider L1s like Dot, Avax, or Pol as direct competitors. In fact, they might be leveraging the oracles that Link provides to DeFi and RWA within their ecosystems.

I recall several oracle projects that gained traction during 2021 uptrend, such as Dia, Uma, and Api3, but none could truly challenge Link. Perhaps the most promising contender at the moment is Pyth on Sol. I hope it can mature and successfully compete for market share with Link.

[erus]

1. I can't guess if Chainlink will be able to increase in price because Chainlink doesn't seem to have any serious coin development, if I notice.
2. Chainlink's competitors seem to be Polkadot, Avalanche and Polygon because these three coins seem to be able to create smart contracts which ultimately create tokens on their chains.
3. Cross-chain I don't seem to understand this kind of thing but if I want to answer according to my knowledge maybe Avalanche will be the cross-chain competitor of Chainlink. Cmiiw

.....
I recall several oracle projects that gained traction during 2021 uptrend, such as Dia, Uma, and Api3, but none could truly challenge Link. Perhaps the most promising contender at the moment is Pyth on Sol. I hope it can mature and successfully compete for market share with Link.

Do you mean this $PYTH?  https://coinmarketcap.com/currencies/pyth-network/#About
I also saw on coinmarketcap that this $PYTH is ranked 62, if this Pyth has the same basic system as LINK, namely Oracle, it seems good and will be able to compete between the two.
Remembering the story of Dia, Uma, and Api3, hopefully this Pyth can compete with Link because I noticed that LINK seems to be silent and there is no movement or good news from every step, isn't that right?

[KryptoBull]

Do you mean this $PYTH?  https://coinmarketcap.com/currencies/pyth-network/#About
I also saw on coinmarketcap that this $PYTH is ranked 62, if this Pyth has the same basic system as LINK, namely Oracle, it seems good and will be able to compete between the two.
Remembering the story of Dia, Uma, and Api3, hopefully this Pyth can compete with Link because I noticed that LINK seems to be silent and there is no movement or good news from every step, isn't that right?

That's Pyth I want to mention. Link started from the Ether ecosystem, while Pyth started from the Sol ecosystem and has equivalent potential. Some oracles were quite successful in 2021 but unfortunately, they couldn't compete with Link in this market, possibly because they couldn't find their own unique path like Pyth focused on Sol, then sought opportunities to support other ecosystems in the market.

Link is still developing very strongly and continuously has updates on CCIP, DeFi, TradeFi, RWA. You can refer to their quarterly reports for the latest information. Link has truly become a huge force in this market, opportunities for other oracles still exist but are very few. I hope that Pyth can do something outstanding to increase the competitiveness of oracles.

• Chainlink Product Update: Q2 2024

[Report]

Do you mean this $PYTH?  https://coinmarketcap.com/currencies/pyth-network/#About
I also saw on coinmarketcap that this $PYTH is ranked 62, if this Pyth has the same basic system as LINK, namely Oracle, it seems good and will be able to compete between the two.
Remembering the story of Dia, Uma, and Api3, hopefully this Pyth can compete with Link because I noticed that LINK seems to be silent and there is no movement or good news from every step, isn't that right?

That's Pyth I want to mention. Link started from the Ether ecosystem, while Pyth started from the Sol ecosystem and has equivalent potential. Some oracles were quite successful in 2021 but unfortunately, they couldn't compete with Link in this market, possibly because they couldn't find their own unique path like Pyth focused on Sol, then sought opportunities to support other ecosystems in the market.

Link is still developing very strongly and continuously has updates on CCIP, DeFi, TradeFi, RWA. You can refer to their quarterly reports for the latest information. Link has truly become a huge force in this market, opportunities for other oracles still exist but are very few. I hope that Pyth can do something outstanding to increase the competitiveness of oracles.

• Chainlink Product Update: Q2 2024
  

I immediately checked it on Coingecko to prove that Chainlink and Pyth can compete and it turns out that both are very far apart.

https://www.coingecko.com/en/coins/chainlink
https://www.coingecko.com/en/coins/pyth-network

Chainlink is ranked 18th and Pyth is ranked 68th, in terms of Marketcap it is definitely too far and in terms of business development for Pyth it is also far. I am sure that Pyht is still too superior to compete with Chainlink.
In the next few years, Pyth will not be able to compete with Chainlink because of various factors that Chainlink has advantages over Pyth. This is just my opinion.

[KryptoBull]

I immediately checked it on Coingecko to prove that Chainlink and Pyth can compete and it turns out that both are very far apart.

https://www.coingecko.com/en/coins/chainlink
https://www.coingecko.com/en/coins/pyth-network

Chainlink is ranked 18th and Pyth is ranked 68th, in terms of Marketcap it is definitely too far and in terms of business development for Pyth it is also far. I am sure that Pyht is still too superior to compete with Chainlink.
In the next few years, Pyth will not be able to compete with Chainlink because of various factors that Chainlink has advantages over Pyth. This is just my opinion.

Just as you mentioned, PYTH's current market cap is still quite small compared to LINK. However, that means its growth potential is still enormous, especially since it could receive a massive influx of funds within the Solana ecosystem during an uptrend and is continuously expanding its partnerships. PYTH's price is also currently at a bottom, so a 1000% increase this season isn't impossible.

While other oracles in the market remain quiet and seem to be forgotten, Pyth continues to attract attention, making it the biggest contender to challenge Chainlink. Bittensor is also a potential contender, but it's focused on the AI market rather than DeFi like Pyth.

[Report]

I immediately checked it on Coingecko to prove that Chainlink and Pyth can compete and it turns out that both are very far apart.

https://www.coingecko.com/en/coins/chainlink
https://www.coingecko.com/en/coins/pyth-network

Chainlink is ranked 18th and Pyth is ranked 68th, in terms of Marketcap it is definitely too far and in terms of business development for Pyth it is also far. I am sure that Pyht is still too superior to compete with Chainlink.
In the next few years, Pyth will not be able to compete with Chainlink because of various factors that Chainlink has advantages over Pyth. This is just my opinion.

-
PYTH's price is also currently at a bottom, so a 1000% increase this season isn't impossible.

If I look at the current price of Pyth on Coingecko it is around 0.43 dollars, if it goes up to 1000% that means Pyth coins can reach 4.3 dollars, are you serious?

While other oracles in the market remain quiet and seem to be forgotten, Pyth continues to attract attention, making it the biggest contender to challenge Chainlink. Bittensor is also a potential contender, but it's focused on the AI market rather than DeFi like Pyth.

Oh, it turns out that Bittensor is also the same competitor for Chainlink and Pyth. Even though Bittensor, after I checked on Coingecko, is ranked 32nd and its market cap value is greater than Pyth. But back to the initial concept of Bittensor as you said, Bittensor is more focused on AI.

[MrSpasybo]

If I look at the current price of Pyth on Coingecko it is around 0.43 dollars, if it goes up to 1000% that means Pyth coins can reach 4.3 dollars, are you serious?

Oh, it turns out that Bittensor is also the same competitor for Chainlink and Pyth. Even though Bittensor, after I checked on Coingecko, is ranked 32nd and its market cap value is greater than Pyth. But back to the initial concept of Bittensor as you said, Bittensor is more focused on AI.

I don’t think it’s impossible for PYTH to 10x from its current price. In fact, I think it could do even better if it manages to secure a key position in the market. Just look at the price charts of LINK, API3, BAND, and TRB in 2020-2021! It was crazy, especially in the oracle space.

There are other promising oracles like Tellor, but I personally don’t see them as direct competitors to Chainlink. Of course, that’s just my opinion. I’m not going to turn down an investment that could make me a profit!

[KryptoBull]

If I look at the current price of Pyth on Coingecko it is around 0.43 dollars, if it goes up to 1000% that means Pyth coins can reach 4.3 dollars, are you serious?

Oh, it turns out that Bittensor is also the same competitor for Chainlink and Pyth. Even though Bittensor, after I checked on Coingecko, is ranked 32nd and its market cap value is greater than Pyth. But back to the initial concept of Bittensor as you said, Bittensor is more focused on AI.

Smaller market caps often mean bigger growth potential, and many crypto oracles could become super successful and directly compete with Link to decentralize oracle services in this market.

I believe decentralization is key to maintaining transparency and fairness, especially for DeFi and RWA now and in the future. Link has brought many useful solutions to ensure data accuracy but it's not enough for us to rely on in many situations. The involvement of more oracles is necessary and I don't think we should overlook their potential.

[Report]

If I look at the current price of Pyth on Coingecko it is around 0.43 dollars, if it goes up to 1000% that means Pyth coins can reach 4.3 dollars, are you serious?

Oh, it turns out that Bittensor is also the same competitor for Chainlink and Pyth. Even though Bittensor, after I checked on Coingecko, is ranked 32nd and its market cap value is greater than Pyth. But back to the initial concept of Bittensor as you said, Bittensor is more focused on AI.

Smaller market caps often mean bigger growth potential, and many crypto oracles could become super successful and directly compete with Link to decentralize oracle services in this market.

It seems yes if seen from the perspective of economic experts because a small market cap can increase the coin's market for several percent. Pyth may still have a small market cap at the moment and later when its market cap is large, Pyth could be on par with the Chainlink coin.

I believe decentralization is key to maintaining transparency and fairness, especially for DeFi and RWA now and in the future. Link has brought many useful solutions to ensure data accuracy but it's not enough for us to rely on in many situations. The involvement of more oracles is necessary and I don't think we should overlook their potential.

As far as I know, Chainlink has collaborated with Google. Chainlink X Google.
And we all know that Google is a very trusted company all over the world. The effect of this kind of collaboration should be that Chainlink's value will increase even more in the future, and maybe it can continue to move away from Pyth and Bittensor.