First Mover: Chainlink’s Soaring Token Shows Lucrative ‘Oracle’ Role in Fast-Growing DeFi
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But now Chainlink’s early lead as the dominant DeFi oracle is starting to attract competitors, and cryptocurrency investors are wondering if the niche industry might be due for a shakeup. Under Chainlink’s protocol, data is aggregated from third parties and then batched into oracle feeds that are streamed out to DeFi systems.
“If you don’t have data on-chain, you can’t build a contract for a certain market,” Sergey Nazarov, co-founder of Chainlink, told First Mover in a phone interview. DeFi projects including 0x, Gnosis and Kyber Network are using MakerDAO’s oracle feeds as well as contributing to them as third-party data sources, according to Kunkel.
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