Post By: CryptosHeadlines.com
Despite its recent positive performance, TRB has encountered negative funding rates on futures markets, indicating the possibility of a turnaround in its upward trend.
In the last month, Tellor’s native token, TRB, has surged by over 150%, establishing itself as the altcoin with the most substantial price growth. CoinMarketCap now ranks TRB among the top 150 cryptocurrencies by market capitalization.
In the past three months, TRB’s price has surged by more than 750%, making it the most profitable cryptocurrency in this period. Currently, TRB is trading at $82.3 with a market capitalization of $202 million.
Santiment, a blockchain analytics company, reports that this price increase coincided with a surge in network activity for Tellor. The network saw over 50 unique daily transactions, totaling more than $100,000 in value. On October 23, TRB also recorded a milestone of 504 daily active addresses.
However, despite the extended rally, there are now signs that TRB might be overheating. Negative funding rates have emerged in TRB futures on exchanges like Binance, ByBit, Huobi, and OKX, with an average of -0.38. This suggests that traders are willing to pay to maintain their bearish positions. As a result, TRB’s price started to decline, dropping around 15% within an hour after reaching $98.
Tellor vs. Chainlink: Decentralized Oracles
Tellor and Chainlink are both decentralized oracles that enable decentralized applications to access off-chain data. However, they have distinct approaches to decentralization.
Tellor’s Decentralized Model: Tellor embraces decentralization by allowing anyone with 1,000 Tellor tokens to set up a node and contribute data to the oracle. This approach promotes a more open and inclusive network.
Chainlink’s Whitelisted Nodes: In contrast, Chainlink relies on a network of whitelisted nodes for data submission, which means only approved nodes can provide data. This model offers a higher level of control but can be seen as less open compared to Tellor’s approach.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
