Chainlink Faces Growing Oracle Market Competition, Market Share Dips
CryptoNewsTerminal Staff11 Sep, 2024
Chainlink Faces Growing Oracle Market Competition, Market Share Dips
Chainlink remains the leader in the decentralized oracle market, but its dominance is waning amid intensifying competition. According to Cointelegraph, Chainlink's market share has declined despite its significant $20.13 billion total value secured (TVS) and data feeds to 404 chains. Pyth Network, a burgeoning oracle project, has made significant strides, increasing its TVS by an impressive 46x year-to-date to $4.67 billion. Pyth now provides real-time data on 211 chains, challenging Chainlink's market dominance. The once near-monopoly held by Chainlink is rapidly evolving into a competitive landscape. As the decentralized oracle market matures, new players are emerging, offering innovative solutions and vying for market share.
