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Flare Network: Can It Compete with Chainlink?
- Flare Network is an EVM Layer 1 blockchain. Using Flare’s validators as data providers, it offers decentralized time-series data through its Flare Time Series Oracle (FTSO).
- Pyth Network is an oracle provider that specializes in financial data and is heavily active in DeFi, focusing on speed and lower costs by using first-party data providers. Its price feeds update every 300ms, compared to Chainlink's update around every hour on Ethereum.
- Chainlink is a market leader with the longest-running oracle in the market, and covers a much broader range of areas, with recent announcements ranging from cross-border transfers with SWIFT to enabling safe cross-chain transfers with Solv Protocol. It has one of the most active ecosystems in the blockchain industry and provides an infrastructure for RWA projects.
- Hugo Philion, the co-founder of Flare Network, states that creating a blockchain version of Instagram is currently impossible due to high costs of storing data on Layer 1 chains.
- Flare's off-chain compute is a potential solution to the prohibitive costs of storage presented by the co-founder, while an over-collateralized bridge offers extra security for DOGE and Bitcoin traders.
- Pyth Network is faster and cheaper, using Solana for faster services than Ethereum-based oracles. It also runs on other chains and offers first-party data providers. It also has a new set-up for staking $PYTH and earning rewards with Oracle Integrity Staking (OIS).
- Chainlink's oracles are the longest-running in the market and provide a solution for developers working on RWA projects. Chainlink has partnered with SWIFT for cross-border transfers using crypto-payment rails and has a broad range of use-cases for a changing market.
- Chainlink is undervalued at $6.6 billion and offers a variety of benefits, including the movement of assets like BTC across chains using Chainlink's CCIP.
- This article has been sponsored by Flare Network.
- The information discussed is for educational, entertainment, and informational purposes only. It does not constitute financial advice, and any investments may carry an inherent risk.
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