Chainlink's competitor, BAND Protocol, is up 100% in the past week

Chainlink has been on an absolute tear over the past few weeks and months.

As CryptoSlate has covered extensively, the popular cryptocurrency set a new all-time high just this past weekend, passing $8 for the first time ever as CryptoSlate data shows.

Unbeknownst to many, one of Chainlink's main competitors in the oracle space, Band Protocol, has also been rallying.

Chainlink's competitor in the oracle space, Band, is up 100% as LINK has surged.

Chainlink and Band offer what are known as "Oracles" to the crypto and blockchain space.

In the past week, the price of Band Protocol's BAND token is up by approximately 100 percent.

BAND, which is backed by Silicon Valley giant Sequoia, may also be benefiting from its offering of staking.

He explained that since launching its own mainnet, the Band Protocol has announced two key partnerships.

The partnerships are with Math Wallet, a crypto wallet with a "Large userbase in China" and with Waves Protocol.

The investor concluded that with DeFi going mainstream, oracle services, whether they're offered through Chainlink, Band, or another platform, have an opportunity set that "Couldn't be more promising."