Why is Tellor (TRB) Price Up?

Tellor (TRB) has come back to life over the last 24 hours, with its native token surging around 12% to above $138. The price action continues a robust 30-day rebound of nearly 30% as Tellor garners increased interest around its decentralized oracle technology, enabling crucial blockchain data feeds.

The Importance of Blockchain Oracles

As background, oracles serve the indispensable role of securely relaying external real-world data like weather information, sports scores, random numbers, etc. onto blockchains to inform reliable smart contract execution.

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Without dependable oracles delivering verified data that is not inherently accessible on-chain, a significant portion of DeFi and dApp innovations lose viability. Hence, as the adoption of applications like lending, trading, insurance, and more accelerates, so too does the necessity of production-grade oracles.

Source: CoinStats – Start using it today

With strong double- and triple-digit returns over the past month and year, TRB continues to advance as leaders recognize Tellor’s pivotal role in enabling the next generation of on-chain infrastructure, fueling web3 innovation. Its 11% breakout looks to have room to run amidst accelerating tailwinds.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency