LINK & BAND Tokens News – Bitcoin is king and he’s sitting pretty at the throne with no challengers. Not even a well-organized army can dethrone Bitcoin, let alone a group of rag-tag rebels. We’re speaking of the ever growing list of altcoins. juggling for positions. At least, not in the near future.
However, every one a while, a project comes alone and take a swipe at king BTC. Some of us who have been involved in the crypto market for a while remember when Ethereum released its supposedly bitcoin killer, ETH.
When that didn’t happen, investors looking for the next big thing turned to Monero (XMR). Oh, who can forget NEO, the Chinese version of Bitcoin that was supposed to destroy bitcoin for good. Even Decred (DCR), with all its hype upon release took a swipe at BTC.
Chainlink / Band tokens the new bitcoin killers?
As many so-called Bitcoin killers come an go, developers have not giving up hope in dethroning the first cryptocurrency coin. Here comes DeFi; with its growing list of Decentralized Finance tokens, DeFi is creating FOMO throughout the crypto industry.
With Chainlink (LINK) leading the way, the token gained 8941.9% over a 2-year period for investors. LINK was trading at a little over $0.14 on November 29, 2017. Today’s LINK’s price is $12.852. It reached its high of $14.35 on August 9th.
LINK’s success has shot Decentralized Finance (DeFi) tokens to the top of the list of hottest cryptos to invest in. The publicity is paying off. Band Protocol (BAND), defines itself as a “cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts” is presently making a lot of noise.
Released on DeFi only in August of this year, Band Protocol (BAND) surged from $3.9 to $17.78 in a matter of days.
Why DeFi tokens surging?
DeFi has created a new sector in the crypto industry. The firm allows businesses and users alike to perform a number of financial activities on the DeFi platforms & applications. Activities such as interest rate calculations, crypto lending, loans, trading etc.
The platforms connect to a number of external applications on the blockchain in order to fetch accurate market data. In essence, DeFi creates many orcacles; a traditional financial concept, but new to the crypto market.
Can demands for DeFi-based tokens and oracles sustain?
According to Kelvin Koh, co-founder of Spartan Black, a venture capital firm based in Asia, thinks if Band Protocol (BAND) and Chainlink (LINK) can sustain their surges over the short-long term, the next 12 months the tokens should experience enormous growth.
“Despite BAND’s significant re-rating YTD, it is worth noting that its circulating market cap is still only 5% of LINK’s while FD market cap is 10%. This is fair currently given BAND’s nascent stage but I expect the valuation gap will continue to close in the next 12 months as BAND scales.”
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.