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So I have a VictoriaMetrics (i.e. Prometheus) setup that I am happy with, but haven't touched OpenTelemetry; why should I care about it? Is it a serious solution for log aggregation, but do I need a separate database for logs?

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You shouldn't unless you want to use the new open source standard for telemetry. You won't benefit from simplicity or performance improvements. It would be quite the opposite. You can check what is the actual cost of open telemetry adoption here [0]

But if you ever decide to go this path - VictoriaMetrics supports OpenTelemetry protocol for metrics [1]

[0] https://github.com/VictoriaMetrics/VictoriaMetrics/pull/2570

[1] https://docs.victoriametrics.com/Single-server-VictoriaMetri...

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