Band claims Chainlink charges $450 per use! Two major oracle projects clash in the air

One of Chainlink's main competitors in the oracle field, Band Protocol, CEO Soravis Srinawakoon, pointed out in a recent interview that the cost of using Chainlink's service could be nearly $450 per call, sparking a heated debate between the two major oracle projects.

Chainlink Service Fees are Expensive

CEO Soravis Srinawakoon stated in an interview:

"If you've been watching Chainlink, you'll see that making a data request can now cost almost $450. Suppose a user submits a data request, there are 20 data providers who need to receive the request, and these 20 providers each need to initiate transactions to respond, which are then calculated by the aggregation contract and submitted to the user, all of which require a significant amount of Gas."

Soravis Srinawakoon also provided a link to the Ethereum (ETH) smart contract of Chainlink to prove his point, showing that due to multiple transactions being submitted, the accumulated transaction fees amounted to 0.929 ETH (approximately $443.39).

However, a spokesperson for Chainlink responded to this incident by stating:

"The link is not a single user requesting data from Chainlink's contract interaction. The high-cost contract interaction shown in the link is multiple Oracle nodes updating external data, which is shared by many users. Additionally, we are currently in an atypical period of extremely high Gas Prices, which has led to such high costs."

The Chainlink spokesperson added that, on a positive note, this case demonstrates that Chainlink is able to function normally even during congested networks and high Gas Price peaks. Furthermore, Chainlink's long-researched "threshold signatures" will be implemented shortly, with the spokesperson stating that this solution can reduce costs under secure conditions and operate the Oracle network at a speed 1500 times faster than the current rate.

Back-and-Forth

Nevertheless, Soravis Srinawakoon further stated that low cost is just one of Band's advantages over its main competitors, with another advantage being higher interoperability (Band's Oracle services are already available on Wave, TRON, and ICON).

Soravis Srinawakoon acknowledged that Chainlink has been dominating the Ethereum ecosystem so far, but he believes this situation will eventually change:

"If you've been following Band, you'll see that our position in the Ethereum ecosystem is still weak because Chainlink has been dominant in that field. I think now is the time for us to truly expand the Ethereum ecosystem, and we have started collaborating with many major DeFi projects on Ethereum."

Regarding Band's lack of similar success on the Ethereum network, the Chainlink spokesperson explained:

"Band's price feed implementation on Ethereum has not been updated for up to 5 days, meaning the data may not be synchronized with reality. This is one of the reasons why no user relying on price data in the Ethereum network is willing to associate its security with Band's Oracle."