At the end of 2023 and the beginning of 2024, the old project Tellor Tributes token TRB in the oracle track completed a "roller coaster" performance. TRB, whose logo resembles a "crescent scimitar", created the first "long and short explosion" script in the new year in the crypto asset market. Investors who were fooled by this "demon coin" no longer seem to care about it. TRB, which has been labeled as "controlling the market" and "shipping", has returned to the public eye again. In May, the performance of the decentralized oracle network Tellor (TRB) far exceeded expectations, with its market value doubling at the beginning of the month and a recent weekly increase of 105.6%.
About Tellor (TRB)
Tellor Tributes is a revolutionary decentralized oracle protocol that aims to break the information barriers of the Ethereum network. This protocol provides users with access to off-chain data beyond the Ethereum network, covering content such as API or Polygon chain transaction data, completely solving the problem of information isolation on the Ethereum network.
It has created an independent and efficient internal data system, to which users can make data requests through smart contracts. Once a request is received, Tellor will query and associate relevant data within the system to meet the user's needs.
What’s more exciting is that the protocol also allows users to submit data, and in return, the submitter will receive TRB tokens as a reward. However, this is not an easy task, as the submitter needs to pay gas fees and pledge TRB to ensure that the submitted data is accurate and reliable.
As the native currency of Tellor Tributes, TRB token plays a key role in its token model. Its supply has no fixed limit, but is linked to data submission rewards. At present, the total supply of TRB is growing relatively slowly, which lays a solid foundation for its future development.
Tellor (TRB) Reasons for this Rise
First, let’s look at the fundamentals to see if there are any major positive developments!
Tellor Tributes is not a newcomer, but an old project launched in 2019. It belongs to the oracle track. The leader of oracle is Link, but Link is more centralized, while TRB is more decentralized. Compared with its peers (Link, Band, etc.), it has no leading advantages, is mediocre in technology, and has nothing special in community or marketing model.
Youtube followers 1.31k, 233 videos, average views:
Business development is average. According to the official website, the currently deployed public chains or second layers are shown in the figure below, including op/arb/base and other recently popular L2s.
Overall, Tellor Tributes is in the stage of maintaining operations, with no major breakthroughs or progress in technology and business, and the project lacks competitive advantages.
Excessive leverage "casino" no one survives
Investors affected by the sharp rise and fall of TRB not only cursed the giant whales hiding in the dark to control the market, but also expressed dissatisfaction with the exchanges for allowing the giant whales to slaughter investors. Some users called on exchanges such as Binance, Coinbase, and OKX to remove this "stand-alone coin".
After the incident, Binance took temporary measures to suspend the withdrawal service of TRB. However, as of press time, no exchange has removed TRB from its listing.
The liquidation amount of more than 70 million has indeed caused heavy losses to many people, and the excessive leverage trading in the market has in fact contributed to the sharp rise and fall of TRB.
As early as last August, when the capital discovered that TRB had on-chain accumulation, it was also discovered that TRB's contract trading volume and open interest also rose at that time. On the morning of August 26 alone, TRB's 24-hour contract trading volume increased by 151%, and the contract open interest increased by 93%. "Large accounts are in a long position, and the account long-short ratio is 0.96, indicating that a large number of retail investors are shorting."
At that time, TRB's trading volume was still at $30.5 million, and its open interest was $12.8 million. On August 28, just two days later, TRB's contract trading volume and open interest increased rapidly!
August was the period when whales began to accumulate funds. The rise in TRB prices also began to attract futures contract traders to enter the market. The open interest in the TRB contract market also began in August.
How will TRB perform in May?
Market analysts have given different predictions for Tellor's performance in May. Some pessimistic voices believe that TRB may face a drop of up to 18.56%, which undoubtedly puts a lot of pressure on investors. However, just as flowers often bloom in May after April showers, such market fluctuations may also breed new buying opportunities. For long-term investors, this may be a signal worth paying attention to.
Wealth or fork? The future is foggy
In the world of cryptocurrency, predicting the future is like walking through a fog. Despite the coexistence of risks and opportunities, some analysts are still optimistic about Tellor's future. They predict that the price of TRB is expected to reach between $100 and $200 by the end of the year. However, whether this prediction can become a reality still needs market and time to verify.
Oracle's Awakening and Sleep
The key to Tellor's success lies in its ability to provide reliable data and drive wider adoption. If Tellor can fully realize its potential and become a leader in the market, the possibility of its price recovery will be greatly increased. On the other hand, if Tellor continues to sleep, the price drop in May may just be the beginning of a long dormant period. Therefore, investors need to pay close attention to Tellor's dynamics so as to make wise decisions at critical moments.
If you feel helpless, confused, or unclear about the direction of trading, you can click on my avatar or the link at the end of the article, and let's make progress together! 煮叶---
