Tellor has seen an impressive share price increase of 2040.67% this year. In the Tellor price forecast 2024 we reveal the factors behind this development and look at how TRB could develop next year. Don’t miss the Tellor price forecast 2024 now!
What is Tellor?
Tellor (TRB) is a decentralized Oracle protocol, which was launched in 2019. It aims to improve the process of Providing real data on the blockchain to decentralize and provide a completely immutable and permissionless system solution. Tellor enables everyone to Stake and report datawith reporters receiving TRB (Tellor Tributes) for their services.
The Tellor system works by Incentivizes data reporters to put valid data on the blockchain while discouraging bad reporting through disputes and penalties. Anyone can become a reporter without any verification processby simply creating an open source software called “Telliot” used. The special thing about Tellor is that data is transmitted in bytes, which is the Oracle flexible and robust for almost any blockchain application should do.
The TRB token play a central role in security and promoting the timeliness of data reporting. Reporters must stake TRBto participate in data transfers, and users can leverage TRB tokens to receive timely updates to the data their smart contracts require. As part of the Tellor system, reporters can dispute their data submission and be deprived of their missions if they provide incorrect data.
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How has Tellor performed in 2023?
Below you will find an overview of Tellor’s most important development steps in 2023:
Tellor integrations into projects and blockchains
Tellor was able to achieve some important integrations in 2023, which include various projects and blockchains:
Projects with Tellor integration:
- Raft: DeFi protocol and stablecoin creation with LSDs
- Ethos: DeFi lending and interest-free loans
- Reflexor: RAI project and stable Oracle solution
- DIVA: Derivative financial products and first Oracle integration
- Alternity: Credit protocol and CNY-pegged stablecoins
- Tai: Low interest loans and collateral valuation
Blockchains with Tellor integration:
- Gnosis Chain: Ethereum sidechain with low transaction costs
- Arbitrum: Layer-2 for Ethereum for scaling
- Optimism: Layer-2 for Ethereum with Rollup Protocol
- Filecoin FVM: Part of Filecoin for smart contract data
- Manta Pacific: Layer 2 with zero-knowledge applications
- Base: Coinbase Layer 2 as a bridge to the crypto economy
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Tellor Layer: A New Section in Oracle Technology
Started in September 2023 Tellor Layera standalone blockchain network developed using the Cosmos SDK and the CometBFT consensus mechanism. Tellor Layer represents a significant advancement in Oracle technology, with a focus on increased speed, improved security and excellent interoperability. As of the end of 2023, Tellor has already made remarkable progress and there are even more exciting developments in sight for 2024.
Improving Tellor’s tools in 2023
Tellor has significantly improved its tooling platform in 2023 to do both To make reporting and the use of Oracle data more efficient. The innovations include: Disputable Values Monitor (DVM) with a Auto-dispute functionalitycustom Open Zeppelin Defender for key notifications in a Discord server and a Car Tipper.
The specially developed tipper also improves the efficiency and readiness for Liquity-based protocols. Tellor also has a number of Instructions to use the Reporter CLI Telliot and related tools, making it easier to use and integrate Tellor in various projects.
Issues that should be considered in the Tellor forecast 2024
The Tellor team has identified trends that signal potential challenges to the existing structure of the Tellor Protocol in the coming years. These challenges include:
- The emergence of application-specific chains: Thousands of chains are expected to be created, each tailored for specific applications.
- No dominant native system: Many projects will operate as standalone L1s, others could use data planes like Ethereum or Celestia or use shared security zones as hubs.
- Advances in Trustless Bridging: With the advent of light-client bridges, the traditional hub-and-spoke model that many monolithic chains target is likely to be disrupted.
- Increasing requirements for speed, finality and security: As crypto usage increases, there will be continued demand for improved speed, finality and security in transactions.
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Looking into the future for the Tellor forecast 2024
The year 2024 marks an important development phase in which Tellor will focus on further expanding its position as a provider in the field of Oracle solutions. Tellor’s commitment, a to build a more secure, efficient and user-friendly Oracle network, will be further strengthened. In addition, that should Year 2024 will be characterized by growth, innovation and community be.
Tellor wants to preserve the core elements of his philosophy and therefore a special one Focus on preserving its decentralized nature and minimizing DAO or governance risks. A A key aspect of the Tellor strategy is interoperability. The protocol is designed to work on any blockchain without the need to bring the Tellor token there, increasing the versatility and accessibility of the Tellor Oracle.
It doesn’t just rely on API data sources, but also focuses on managed data sets and high data quality. Tellor strives to to act as a creator of data, not just as a providerand relies on a soft/social consensus.
In addition to these basic principles, Tellor pursues other goals:
- Handling large amounts of data: The protocol should be able to process large amounts of data, such as survey data or large input sets, both quickly and cost-effectively for on- and off-chain applications.
- Increased security: The system is intended to be infinitely secure, with custom protocols able to add additional security measures.
- Framework for Non-EVM Chains: Tellor is designed to support both EVM and non-EVM chains.
- Additive expansion: The addition of new chains or protocols should be complementary and not competitive.
- Containment of MEV: The current widespread practice of Miner Extractable Value (MEV) and front-running of reports by Tellor protocol reporters should be addressed in order to reduce these practices and improve the system.
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Tellor price prediction 2024
As of this writing, Tellor finds itself with one Market cap of $660.7 million on Place 95 of the largest cryptocurrencies CoinMarketCap. Of the total, only around 2.567 million TRB tokens are already there almost all in circulation, but more may be issued. The Inflation rate is according to information from Coincodex at a high 11.46%. However, such a low number of tokens encourages particularly high prices for the TRB token.
Tellor could rising by an impressive 2040.67% this year and thus Outperforming 98% of the largest cryptocurrencies by market cap. The daily has been just as impressive Trading volume developed, which went from around USD 4 million at the beginning of the year to over USD 271 million yesterday has risen 6,675%although today it is only at $158 million.
Due to the steep price increase, Tellor is currently, according to the RSIs overbought and what’s more, the Fibonacci expansion tested at $262.32, which would first have to be overcome for a further increase. The rising OBV indicates a continuationhowever corrections would now provide safer entry levels.
Should be due to the low token count and the increasing hypewhich can be seen from Google search queries, if the rally continues, the next price target is at the extended range of the sideways trend $324.49 (+22.59%) and at the next Fibonacci expansion $420.27 (+60.38%). More favorable additional buying opportunities are available at USD 202.13, 164.84, 130.90, 104.55 and USD 85.73.
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One comparable chance without current overheating could, however decentralized crypto mining revolution as highlighted by Jack Dorsey. The particularly innovative Bitcoin Minetrix wants to be with its Tokenization of mining and the Stake-to-earn method Embrace this mission to lead Bitcoin into a safer and more decentralized future.
However, investors do not only benefit from the special unique selling point. Because mining projects usually develop like one Leverage effect on Bitcoin and are the same Benefit from the security of the most established cryptocurrency. Other attractive factors are the high Staking returns of 93% per year and the Book profits through the gradual price increases.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de, P2E News.com, Ariva.de and News.de.