The oracle track has been quite a hot topic of discussion over the past two years, but Chainlink's situation is indeed a bit awkward. As a leading project in the oracle space, it has already established strategic partnerships with top institutions including Google and JPMorgan, and its technical position is unquestionable. Strangely, these highly valuable collaborations haven't been reflected in the token price, and the market's reaction has been quite lukewarm.

There are a few points worth discussing behind this phenomenon. First, although oracles are essential infrastructure for DeFi, users' perception of their value transmission isn't very high—simply put, it's like paying water and electricity bills; people need them but don't get excited about it. Second, technical pressures are also mounting, with development progress slowing down and gas cost issues not fully resolved, all of which can impact the ecosystem's expansion speed.

Another realistic factor is that the market has favored projects with strong narratives over the past two years, and protocols like Chainlink, which are more tool-oriented, lack in "storytelling." But on the other hand, as a fundamental infrastructure of blockchain, oracles may require more time to mature before their true value is realized. For investors, the key is to understand what stage this project is in and where the risks and opportunities lie.