Value Held by Blockchain Oracles Slides 61% in 7 Months, Chainlink Dominates by 45%

Although blockchain oracles have experienced significant growth since their inception, they are now worth less than they were seven months ago. The blockchain oracle acts as middleware, connecting a blockchain network with external systems through smart contracts. It provides data sources that can be verified and shared in a decentralized manner.

Data shows that Chainlink is the biggest blockchain oracle by total value. The Chainlink oracle also secures 206 protocols. Chainlink holds approximately 45% of the $25.612 million secured by 31 oracles currently. Projects such as Makerdao and Winklink follow the Chainlink oracle.

Maker is valued at $7.66 billion. Winklink has $4.42 billion, and Pyth has $584.03 million. Band is the fifth largest oracle, accounting for 1.55% of total $25.61 trillion, or approximately $396 million. Although $25 billion is a lot of money secured by decentralized Blockchain oracles, it’s still 61.74% less than those funds oracles that were secured on 02/12/2022.

Chainlink’s total worth was greater than 31 oracles today seven months ago. Chainlink had $42.44 billion in cash and Makerdao had $17.14 billion. Defillama.com monitored 17 oracles at the time, and they collectively accounted for $66.946 trillion in value.

The top five oracles in the world seven months ago were Chainlink and Makerdao, Band TWAP and Pyth. Chainlink now has 206 protocols, but it had 133 back in 2007. The token values have fallen a lot since their highs (ATH) and four of the top five oracles today also have native tokens.

Chainlink (LINK), has fallen 85% since May 10, 2021’s ATH. Makerdao (MAKER), is down 84% since its ATH of May 3, 2021. Winklink (WIN), has lost 96% since April 5th, 2021. Band protocol (BAND), is down 94.7% from its ATH on April 15th, 2021. Native tokens have a higher value than ever since their inception, despite the decrease in value.

LINK has risen 5,053.1% against the U.S. Dollar in the past five years. This is a comparison to November 29, 2017, when LINK was 5.053.1% lower. BAND has increased 496% since its inception. WIN has increased 168.4% over the past two years and MAKER has gained 449.1% over the same period.

The total value of oracles has increased by a lot since three years ago. Proponents of blockchain oracle believe that the technology can disrupt many industries as they grow. Legacy oracles provide data that is at best questionable.