Over the previous few weeks, crypto buyers have largely centered their efforts and a spotlight on a choose set of gamers. These embrace Cardano and Chainlink — two altcoins close to the highest of the leaderboards which have gained lots of of % in mere months.
But there are different tasks which have rallied. Band Protocol, whose native token is BAND, has gained roughly 400% previously month alone, with its token now buying and selling at $5.00. It is a competitor to Chainlink, as each tasks intend on undertaking an analogous purpose of connecting the web to the decentralized net.
The cryptocurrency is benefiting from a sequence of partnerships with startups in and out of doors of this trade — the newest of which was introduced on Wednesday.
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Sequoia-Backed Crypto Oracle Project Secures Partnership With ICON
Band Protocol, an oracle undertaking backed by Sequoia Capital and a few of crypto’s notable funds, introduced a partnership with ICON on Wednesday. In a press launch shared to the undertaking’s Medium, Band’s Kevin Lu wrote:
“ICON Network, one of many largest decentralized blockchain networks, has strategically partnered and chosen Band Protocol to supply safe and verified information oracles for its quickly rising decentralized utility ecosystem.”
The duo intends to concentrate on ICON’s decentralized purposes within the decentralized finance, prediction market, sports activities/esports betting, and RNG/VRF market segments.
The founding father of ICON, Min Kim, shared the thrill expressed by the Band crew:
“The strategic partnership and integration with Band Protocol to the ICON Network will deliver elevated safety and scalability to all of the decentralized purposes constructed on South Korea’s largest blockchain undertaking. Band Protocol’s oracle will concurrently strengthen the present community and permit enlargement to new real-world makes use of.”
There Is Room to Rally for BAND
Analysts say that BAND has room to understand additional as extra partnerships are rolled out.
Kelvin Koh, a accomplice on the Spartan Group and a former Goldman Sachs accomplice, defined his opinions on this in a Twitter thread revealed final week. (The thread was notably revealed when BAND was 60% decrease than it’s buying and selling at now.)
0/ The first part of $BAND’s re-rating culminated in its mainnet launch lifting its circ. market cap to $40M (FD $200M).
The subsequent part of $BAND’s re-rating has began and can focus totally on partnership bulletins within the coming 6-12 months. https://t.co/7h2TeZIppL
— SpartanBlack (@SpartanBlack_1) July 13, 2020
Koh defined in that thread that the crypto asset is at present present process a “re-rating” part spurred by partnerships and its mainnet launch:
“The subsequent part of $BAND’s re-rating has began and can focus totally on partnership bulletins within the coming 6-12 months… [Partnerships] will drive the subsequent part of re-rating. Even assuming its market cap doubles from right here to $100M (FD mkt cap ~$0.5B), its valuation will solely be at 4-6% of Chainlink’s present valuation, implying room for important upside.”
The investor particularly made reference to 2 of Band Protocol’s earlier partnerships: one with Math Wallet and one with Waves Protocol. Koh claims the previous is vital as Math Wallet “helps 40+ belongings and has a big userbase in China,” that means BAND is uncovered to a wider viewers.
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One of Chainlink’s Competitors, Band Protocol, Secures Partnership With Top Crypto