One major Chainlink competitor, the Sequoia Capital oracle project Band Protocol, has just announced a new partnership with the ICON network, as we found out in one of the best cryptocurrency news sites- DC Forecasts.
Over the past few weeks, crypto investors were mostly focusing on a select set of market players including Cardano (ADA) and Chainlink (LINK). These two altcoins, as per the Cardano ADA news, were reaching the top of the leaderboard and gained hundreds of percent in just a few months. But there were other projects that were quite successful as well. The major Chainlink competitor Band protocol (BAND), gained about 400% in the past month alone and its token is now trading at $5.00. BAND is a direct competitor to Chainlink since both projects are striving for a similar goal of connecting the internet to the decentralized web.
In the best cryptocurrency news sites reports, it seems that the BAND benefited from multiple partnerships with startups in and out of this industry as the latest one was announced one day ago. Band Protocol, the oracle project backed by Sequoia Capital has just partnered with the ICON network according to the press release that was shared with Medium. BAND’s Kevin Lu said:
“ICON Network, one of the largest decentralized blockchain networks, has strategically partnered and chosen Band Protocol to provide secure and verified data oracles for its rapidly growing decentralized application ecosystem.”
The partnership between these two aims to bring decentralized applications in the decentralized finance market as well as RNG/VRF market segments and sports. The founder of ICON, Min Kim shared the excitement:
“The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project. Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real-world uses.”
0/ The first phase of $BAND’s re-rating culminated in its mainnet launch lifting its circ. market cap to $40M (FD $200M).
The next phase of $BAND’s re-rating has started and will focus primarily on partnership announcements in the coming 6-12 months. https://t.co/7h2TeZIppL
— SpartanBlack (@SpartanBlack_1) July 13, 2020
Some analysts say that BAND has a lot of room to grow as more partnerships will be rolled out. Kevin Koh, a partner at the Spartan Group explained his opinion saying that the crypto asset is undergoing a “re-rating” phase thanks to the partnerships and its mainnet launch:
“The next phase of $BAND’s re-rating has started and will focus primarily on partnership announcements in the coming 6-12 months… [Partnerships] will drive the next phase of re-rating. Even assuming its market cap doubles from here to $100M (FD mkt cap ~$0.5B), its valuation will only be at 4-6% of Chainlink’s current valuation, implying room for significant upside.”
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