Oracles and their importance in the DeFi Revolution

By KhangsingC | Crypto Information | 20 Aug 2020


If you have been following crypto at all the past couple months you know about Chainlink and it's meteoric rise from 4 USD to a new all time high of 20 USD. The massive rise of Chainlink is definitely linked to the huge success of DeFi because without Chainlink and in turn other oracle networks DeFi and blockchains don't have access to any information that is not on their chain. The internet is purely information and without oracles we would not be able to transfer all of the important information into our blockchains. If the DeFi craze continues and goes even more parabolic (Which I fully believe it will continue to rise as it is reminiscent of the ICO era but with an actual use case along with the hype, current global economic situation and general distrust that has been growing in the systems put in place.) Chainlink will continue its absolutely massive run and I have no plans on selling any of my Chainlink holdings until the price per token is 100+ USD. Not only will Chainlink continue but I believe other oracles will come out of the woodworks and surprise many investors. The chances of Chainlink being decrowned are almost negligible at this point in time but that does not mean massive rises are not possible for other oracles as well. DIA has a tiny marketcap of 36 million USD as of this day (August 20th, 2020) that means a 10X on any investments if you decided to purchase at the current marketcap if it just hits a marketcap of 360 million USD which is still almost 20 times smaller than Chainlinks current marketcap of 5.8 billion and wouldn't even put the coin into the top 40 coins. If this DeFi backed bullrun continues I believe that oracles will be where alot of the smart money goes. Thanks for reading I try to keep my posts short and to the point and if you would like some short and simple coverage of the crypto space I try to post atleast once a week and spend hours everyday researching to try and find the up and coming coins. As always be careful with your capital and remember that you can lose anything you put into the market.

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KhangsingC
KhangsingC

Cryptocurrency Investor and Researcher. I am a 20 year old Tibetan-American that belives the digital age is not going to slow down just ramp up. I love to travel and have been to more countries that I can count on my hands.


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