More than the earlier several months, crypto investors have largely targeted their efforts and consideration on a select established of players. These involve Cardano and Chainlink — two altcoins in the vicinity of the major of the leaderboards that have acquired hundreds of percent in mere months.
But there are other assignments that have rallied. Band Protocol, whose indigenous token is BAND, has gained somewhere around 400% in the previous thirty day period by itself, with its token now buying and selling at $5.00. It is a competitor to Chainlink, as the two initiatives intend on carrying out a very similar intention of connecting the world-wide-web to the decentralized web.
The cryptocurrency is benefiting from a collection of partnerships with startups in and exterior of this industry — the hottest of which was declared on Wednesday.
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Sequoia-Backed Crypto Oracle Job Secures Partnership With ICON
Band Protocol, an oracle undertaking backed by Sequoia Money and some of crypto’s noteworthy money, declared a partnership with ICON on Wednesday. In a push release shared to the project’s Medium, Band’s Kevin Lu wrote:
“ICON Network, a person of the major decentralized blockchain networks, has strategically partnered and picked out Band Protocol to supply protected and verified facts oracles for its swiftly growing decentralized software ecosystem.”
The duo intends to concentrate on ICON’s decentralized applications in the decentralized finance, prediction market place, sports/esports betting, and RNG/VRF current market segments.
The founder of ICON, Min Kim, shared the enjoyment expressed by the Band team:
“The strategic partnership and integration with Band Protocol to the ICON Community will convey increased security and scalability to all the decentralized programs crafted on South Korea’s premier blockchain challenge. Band Protocol’s oracle will concurrently strengthen the present network and allow expansion to new real-environment uses.”
There Is Area to Rally for BAND
Analysts say that BAND has place to enjoy more as more partnerships are rolled out.
Kelvin Koh, a associate at the Spartan Team and a former Goldman Sachs spouse, discussed his views on this in a Twitter thread revealed final week. (The thread was notably released when BAND was 60% lessen than it is trading at now.)
/ The initially section of $BAND’s re-score culminated in its mainnet start lifting its circ. market place cap to $40M (FD $200M).
The up coming phase of $BAND’s re-score has began and will concentrate largely on partnership announcements in the coming 6-12 months. https://t.co/7h2TeZIppL
— SpartanBlack (@SpartanBlack_1) July 13, 2020
Koh described in that thread that the crypto asset is at the moment undergoing a “re-rating” section spurred by partnerships and its mainnet launch:
“The upcoming stage of $BAND’s re-score has started out and will concentrate generally on partnership bulletins in the coming 6-12 months… [Partnerships] will travel the up coming stage of re-ranking. Even assuming its sector cap doubles from right here to $100M (FD mkt cap ~$.5B), its valuation will only be at 4-6% of Chainlink’s current valuation, implying place for substantial upside.”
The trader especially designed reference to two of Band Protocol’s earlier partnerships: a single with Math Wallet and 1 with Waves Protocol. Koh statements the previous is vital as Math Wallet “supports 40+ belongings and has a large userbase in China,” which means BAND is exposed to a wider viewers.
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Showcased Image from Shutterstock One particular of Chainlink's Competitors, Band Protocol, Secures Partnership With Best Crypto