Top 5 Oracle Networks by Total Value Secured in 2023

Decentralized protocols operate on hybrid smart contracts that require real-world data from sources like banking applications, exchange platforms, and IoT devices. This critical information is delivered to blockchain networks by specialized programs known as oracles, which also transmit blockchain data to external platforms.

As of December 2023, the DeFi market boasts 48 active oracle networks, serving over 700 decentralized protocols. Chainlink, with a commanding $17.09 billion (46.02% market share), leads the pack, supplying data to 343 protocols. Chainlink's versatility allows it to integrate with various blockchains, bridging smart contracts with real-world data streams. Prominent DeFi protocols such as Aave, Synthetix, Kyber Network, and more rely on Chainlink oracles.

Securing the second spot in total value secured is WINkLink, with $7.81 billion (21.05% market share) in December 2023. Built on the Tron blockchain, WINkLink operates centrally and supplies real-world data to smart contracts on JustLend and JustStables.

Chronicle takes third place in TVS, boasting a total value secured of $7.57 billion (20.4% market share). Chronicle's oracles are utilized in MakerDAO, Spark, and the KEEP Network. In the fall of 2023, Chronicle developers launched an autonomous protocol aimed at enhancing oracle transparency across different blockchains, blending blockchain technology, machine learning, and artificial intelligence.

The list of the top 5 oracle networks is completed by Pyth Network with $1.83 billion and TWAP with $1.17 billion in total value secured. This data underscores the increasing significance of oracle networks in the rapidly evolving DeFi landscape.

Remember, earlier on Crypto.ru, we published an infographic showcasing the most profitable and unprofitable tokens for November 2023.