BAND Protocol: Can latest tech devs help BAND break Chainlink, Maker oracle domination?
15:46, 3 November 2022
A new upgrade for the Band Protocol (BAND) has been proposed, which, if voted by the community, should improve the developer experience.
BAND, the native token for the blockchain oracle, has soared, as token holders vote on whether to pass this upgrade.
Band Protocol’s total value secured (TVS) has also rocketed. But it is still far from its rivals Chainlink (LINK) and Maker (MKR).
BAND’s new upgrade
Band Protocol, which provides services to Injective, Loopring, CREAM Finance, and others, unveiled its mainnet upgrade plans on 3 November. It is set to improve the throughput for the oracle, along with other developer upgrades.
The community will have until 17 November to vote for Band Protocol’s version 2.4 upgrade.
There is so far a positive response from token holders, as 100% of voters are in favour of the protocol, as of 3 November. But there has only been a 5% turnout from BAND holders, at the time of writing.
If voted for, the estimated date that the upgrade will be implemented on the oracle is 21 November.
The voting activity has led to some bullish price movements for BAND. After closing on 2 November at $1.13, it rwas trading at $1.72 at the time of writing. It was up 50% on the previous 24 hours, as of 3 November.
Chainlink’s dominance
But Band Protocol still has a long journey ahead before it challenges titans in the blockchain oracle market.
At the time of writing, Chainlink is dominating the market, with its $12.bn TVS, accounting for 46% of all oracles, according to DeFi Llama. In comparison , Band Protocol held only 1.7%.
But Chainlink’s TVS has been losing influence throughout 2022, while other competitors, such as Maker and WINkLink, have gained.
Similarly, Bond Protocol’s TVS has increased slightly in recent weeks. It climbed from $358m on 21 October to $451m on 3 November, a surge of 25%.
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