Pyth Network has proven to be a prominent player in the DeFi market by securing over $7 billion in value. This milestone marks a significant recovery from a previous drop to under $400 million in 2023. The network has become a go-to spot for real-time price data for blockchain developers on over 50 blockchain platforms, attracting notable players such as Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
Between March 2023 and March 2024, the Pyth Network exhibited remarkable growth across various aspects. The number of active users surged from 111 to 330, indicating a substantial 197% increase. Furthermore, the network expanded its blockchain support from 17 to 56, demonstrating a remarkable 230% growth. The volume of transactions secured by the network also witnessed a significant leap, jumping from $4.8 billion to $87.1 billion, showcasing a staggering 1700% growth.
Pyth Network not only experienced growth in its user base and transaction volume but also expanded its data provider base and the number of price feeds it offers. Over the same period, the count of data providers increased from 76 to 100, marking an approximate 132% growth. Additionally, the number of price feeds available through Pyth grew from 232 to 506, indicating a notable 118% increase.
In its efforts to enhance data coverage, Pyth Network welcomed Portofino Technologies to its community of data providers. Portofino Technologies, a Swiss crypto-native technology startup specializing in market making, token services, and Web3 investments, further diversifies and strengthens the network’s data offerings.
The reported growth metrics underscore the health of Pyth Network as a DeFi oracle service. The network’s sustained expansion in users, supported blockchains, and volume secured solidifies its position in the rapidly growing DeFi sector. Despite facing competition from established oracle networks like Chainlink and Band Protocol, Pyth distinguishes itself by providing low-latency market data crucial for the operation of smart contracts and DeFi applications.
The impressive growth and milestones achieved by Pyth Network showcase its resilience and competitiveness in the dynamic DeFi market. With a growing user base, expanded blockchain support, and increasing transaction volume, Pyth Network continues to establish itself as a reliable and efficient provider of real-time market data for blockchain developers and DeFi applications.