Pyth Network shows strong rise momentum in Q2 2024

Pyth Network performed brilliantly in the second quarter of 2024, achieving significant progress in both technology and applications, and its market performance was also outstanding. On July 26, the project ranked second on a certain data platform's daily growth list, with a 24-hour rise of 12.7%.

As an innovative oracle network, Pyth Network is dedicated to providing accurate price data for cryptocurrencies, stocks, forex pairs, ETFs, and commodities. Its uniqueness lies in the adoption of the pull oracle model, which enhances data update efficiency while reducing network costs. In the second quarter, Pyth Network further consolidated its leading position in the blockchain field through a series of important developments and strategic adjustments.

Data performance is impressive, and market demand continues to rise.

In the second quarter of 2024, the demand-side activities of Pyth Network rose by 17%, completing 246 million price updates across 70 blockchains. This rise is largely attributed to its shift to a pull oracle model, which was first implemented on Solana. Pull oracles effectively lower network costs and improve data update efficiency by updating price data on demand.

Pyth Entropy, as an important innovation of the Pyth Network, has processed 265,000 requests since its launch at the end of the first quarter, generating $19,000 in revenue during the second quarter. Additionally, the Pyth protocol has added 45 new price sources, expanded to 14 new blockchains, and successfully integrated into 51 new applications, significantly enhancing its influence in the DeFi space.

The publisher network of Pyth Network is also showing a continuous rise. In the second quarter, the number of publishers increased from 100 to 107, an increase of 7%. This indicates that more and more data providers are optimistic about the technology and market prospects of Pyth Network. By continuously expanding and optimizing the publisher network, Pyth Network can provide more accurate and timely data, laying a solid foundation for blockchain applications.

Product and technological innovation advance together, promising future development.

In the second quarter, Pyth Network launched several important products and technology updates. Among them, Express Relay is a significant innovation; it is an offline-first auction network designed to eliminate the maximum extractable value (MEV) that is harmful to DeFi protocols and participants. Through the priority auction mechanism, searchers can bid on valuable transactions, thereby maximizing the returns of DeFi protocols and ultimately running on-chain. The launch of Express Relay not only enhances the security of DeFi protocols but also optimizes the profitability of searchers.

In addition, the Pyth Network has launched a pull oracle model on Solana, addressing the reliability issues of traditional push oracles during peak times and high volatility. Pull oracles update price data only when needed, avoiding competition with other users for trading, which increases the reliability of data updates. This allows the Pyth Network to scale price sources across all supported blockchains simultaneously, without the need to build new price sources for each chain.

Pyth DAO passed several improvement proposals (PIPs) in the second quarter, including performance optimizations and the introduction of new validators. These improvements ensure that the Pyth Network remains technically advanced, laying a solid foundation for future development.

Recent Developments and Future Outlook

Pyth Network recently partnered with Swiss crypto bank Amina to implement real-time pricing services, providing users with more accurate market data while opening up new revenue streams for Amina Bank. The launch of Express Relay technology significantly improved DeFi settlement efficiency by reducing MEV issues, optimizing capital utilization and trade execution efficiency, and enhancing the fairness and sustainability of the DeFi ecosystem.

In terms of finance, the total value of collateral (TVS) for Pyth Network as of June is approximately $8.1 billion, with the Ethereum Virtual Machine (EVM) chains dominating. This reflects Pyth's extensive application and influence in supporting global developers and various blockchain ecosystems.

Despite facing market volatility and technical challenges, Pyth Network is expected to further solidify its leadership position in the blockchain oracle space by expanding its data provision network and launching innovative technologies. These efforts not only showcase Pyth Network's strength and innovative capabilities but also lay a solid foundation for its long-term rise in the global crypto market.