Band Protocol - a decentralized oracle network - has recently become one of the hottest DeFi coins, with news of multiple integrations and a Coinbase Pro listing sending its price to fresh all-time highs earlier this week.
A comparison of the two assets market capitalizations shows that BAND still has massive room for growth.
Unlike Band Protocol Chainlink's network is operational at the moment, which is a key difference that investors must bear in mind.
Band Protocol maintains the bulk of recent gains despite market-wide weakness.
The Band Protocol token has been able to hold on to the majority of its recent gains, with investors still being excited about the recent Coinbase listing as well as news of integrations.
Band Protocol is currently trading up 32x from where it was when it started the year.
Chainlink is still 25x larger than BAND. Ryan Watkins - an analyst at Messari - recently observed that another factor driving BAND higher is that investors are using Chainlink as an anchor for the value of other oracle networks.
He does note that the key difference between the two networks is that Chainlink has a live product, while Band Protocol is still rolling out their mainnet.
"This key difference may explain the still large valuation gap between Chainlink and Band. Or it could suggest there's still room to go."
Although BAND being 1/25 the size of LINK in terms of market capitalization doesn't mean that the token's price will rise by this multiple, it does show that there is still serious room for growth.
This key comparison shows Band Protocol has massive room for growth
Published on Aug 8, 2020
by Cryptoslate | Published on Coinage
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