Band Protocol surges 107% in a week and the Chainlink competitor collaborates with ICON

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Last Updated on 26 July 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Just like competitor Chainlink, the Band Protocol price is also rising, both cryptos are becoming increasingly important for blockchain networks worldwide as an Oracle provider. Chainlink has skyrocketed in recent months as the DeFi (Decentralized Finance) market becomes more and more important, and BAND is following along. While everyone had expected that only Ethereum would benefit from the DeFi hype, this also seems to be the case for the smaller coins such as LINK and BAND.

For example, South Korea’s leading blockchain network, ICON, has just announced a partnership with BAND. BAND has skyrocketed in price this year, with the most gains in the past month reflecting the DeFi hype and Chainlink’s subsequent record climb.

Band Protocol was launched last September through an IEO on the Binance Exchange. BAND itself has climbed by more than 2,170% from $ 0.22 since the beginning of the year to a record high of just over $ 5 in the last days. The past week the price surged with 107% and the past month with 272%. Just like the Chainlink price, BAND also achieves many records.

Today, both coins are doing very well, with LINK up 7% and BAND up a good 8% according to the latest stats from CoinMarketCap.

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South Korea

This is because, apart from Japan perhaps, there is no more important country to announce good crypto news than South Korea. About one in three millennials had invested in Bitcoin during the famous bull run of 2017.

Blockchain company ICON is also well known in South Korea and promotes itself as the leading blockchain developer even used by the government.

As ICON expands into the growing dApp and DeFi markets, ICON needs Oracles for its latest projects.

Min Kim, founder of the ICON Network, said:

The strategic partnership and integration with Band Protocol into the ICON network will enhance security and scalability for all decentralized applications built on South Korea’s largest blockchain project.