Against the backdrop of the overall market growth, the volume of funds in decentralized protocols has reached $52.32 billion, marking the first increase in 8 months. There is an influx of new participants looking for income through staking and lending. The total value locked (TVL) has also increased, representing the cumulative TVL across all platforms dependent on oracle network operations.

Decentralized protocols use hybrid smart contracts, obtaining information from external sources such as banking and exchange applications, as well as IoT devices, and using it in blockchain networks. Special programs called oracles are used to transmit data. They also provide data from blockchains to other external platforms.

As of December 2023, there are 48 oracles operating in the DeFi market, serving over 700 decentralized protocols.

The largest amount of funds is concentrated in the Chainlink network - $17.09 billion (46.02% of the market). Chainlink oracles provide data for 343 protocols.

The Chainlink network has the ability to integrate with various blockchains and connect smart contracts to a variety of real-world data sources. It is a reliable foundation for leading DeFi protocols such as Aave, Synthetix, Kyber Network, and others.

Second in terms of locked value is the WINkLink network, with a total value of $7.81 billion (21.05% of the market). WINkLink is built on the Tron blockchain and operates in a centralized manner. In December 2023, WINkLink oracles provide real data to JustLend and JustStables smart contracts.

Third in terms of TVL is the Chronicle project, with a total locked value of $7.57 billion (20.4% of the market). Chronicle oracles are used in three protocols: MakerDAO, Spark, and KEEP Network.

In the fall of 2023, Chronicle developers launched an autonomous protocol aimed at ensuring transparency in the operation of oracles for different blockchains. This system combines blockchain technology, machine learning, and artificial intelligence.

Also in the top 5 largest oracle networks are Pyth Network with a volume of $1.83 billion and TWAP with a volume of $1.17 billion.