According to Dune Analytics, Oracle tokens had modest returns of 9% over the past six months, with an average trading volume of $20M. This trend might change as memes and other DeFi narratives have previously overshadowed oracle tokens. With the rise of real-world assets (RWA), the Oracle narrative index has increased, as oracles are often used in the tokenization of these assets.

In May, oracle tokens began to outperform Bitcoin (BTC). For most of the year, Bitcoin's narrative overshadowed oracles, but this shifted in the last four weeks. Following this shift, niche oracles saw significant gains, while LINK grew more steadily. The Oracle space might continue this trend as LINK attempts to break above $20.

Chainlink aims to connect numerous projects, serving many DeFi startups and linking traditional finance. Top-performing oracles include Tellor (TRB), API3, and UMA. Pyth (PYTH) aimed to be a prominent oracle but missed the expansion in May and faced a network outage, affecting its pricing services.

Chainlink supports 390 projects across 17 blockchains, valued at $26.4B. However, it isn't dominant in every aspect, as other specialized oracles hold influence in various areas. Pyth, securing 194 projects on 55 blockchains, focuses on multiple platforms beyond Ethereum. Redstone matches Pyth in blockchain reach but serves fewer projects. UMA secures eight projects with a focus on scalable DeFi chains like Polygon, Optimism, and Arbitrum.

Only the most liquid and high-profile oracle tokens are benefiting from the current trend. Unlike meme assets, oracle tokens need to demonstrate real usage. New tokens must prove their importance in DeFi or other tasks, as hype alone isn't enough. The market cap of oracle tokens has grown to over $17B recently, with notable expansion. LINK continues to lead, with API3 and Band Protocol (BAND) also making progress. The growth of oracles is now rapidly evolving, with significant changes occurring daily.