Tellor was started in 2019 by a U.S.-based team to address the oracle problem on the Ethereum (ETH) blockchain. Tellor is a decentralized, Ethereum-based, secure oracle for decentralized applications (DApps), decentralized finance (DeFi). For smart contracts, Tellor allows DeFi DApps to receive high-value data. To ensure the data feed's stability and reliability, staked miners participated in a proof-of-work (PoW) agreement.
Daxia, which is a paronymous protocol on Ethereum, was built by the team behind Tellor. Daxia generated tokens that served long or short sides of a trading pair, and an oracle was needed to perform these intelligent agreements. In conclusion, the team built Tellor, which is a purpose-built, decentralized oracle solution.
Tellor is hosted on the Ethereum network and represents an oracle network that feeds Ethereum-based smart contracts off-chain data. It acts as a medium between intelligent contracts on Ethereum by connecting them to off-chain data and creating trustless feeds for users on the network. That is how the use of oracles and decentralization removes the need for third parties.
Tellor relies on the network of interconnected staked miners who solve problems, i.e., mathematical equations, to confirm and validate information feeds for requested data types to provide trustless and secure information. The protocol underpinning this mechanism is the Proof of Work consensus. That is how Tellor prevents the potential manipulation of data sourced off-chain while the data feeds are refreshed by Tellor's smart contracts every 5 minutes. Miners are incentivized to upload accurate solutions to queries partly by the "tip" attached to the query and partly by the fact that they have to stake tokens to participate, which they can lose if they submit inaccurate information. This is how the network is made trustless, decentralized, and secure with stable price feeds.
TRB, also known as Tributes, is the utility token of the Tellor system, and it is an ERC-20 token based on Ethereum. TRB is used in the incentivization system, as miners stake it and reward them with "tips" for accurately answering queries.
Tellor price today is $55.23 with a 24-hour trading volume of $31,137,172. TRB price is up 4.6% in the last 24 hours. It has a circulating supply of 2 Million TRB coins and a total supply of 2.08 Million. At the time of writing this post (Oct 19, 2021), TRB's Return On Investment (ROI) over the past year was 127%, underperformed in 'Polygon Ecosystem, Business Services, Decentralized Finance (DeFi), Oracle' categories which had 395% growth over the past year. It's underperformed in the crypto market, which had 13464% growth over the past year.
Another critical factor in the success of any project is gaining public attention. Our data shows that TRB's Twitter account grew 17% over the last months in the number of followers, which is considerable. However, the Telegram channel users had a -10% growth over the last months; It seems that their digital marketing networks need to improve and work on these social media.
Over the last five months, TRB's Market Capitalization rank followed an overall declining trend, starting at the rank of 341-396 on July-Aug 2021, reaching 408 in Oct 2021. However, by the time of writing this post, TRB's market cap rank is about 428, and its value is $107,606,268 million. Moreover, its liquidity score is 53% above the market's average score, making it relatively easier to sell in bear markets.
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