Pyth Network shows strong rise momentum in Q2 2024

Pyth Network exhibited a remarkable rise in the second quarter of 2024, achieving significant progress not only in technology and application but also delivering impressive results in market performance. On July 26, the project ranked second on a daily increase chart of a certain value ranking, 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 a pull oracle model, which not only enhances data update efficiency but also effectively reduces network costs. In the second quarter, Pyth Network further solidified its leading position in the blockchain space through a series of significant developments and strategic adjustments.

Data performance is impressive, market attention continues to rise

In the second quarter of 2024, Pyth Network's market performance was outstanding, with demand-side activities rising by 17%. This increase is reflected in 246 million price updates covering 70 blockchains. Its success is largely attributed to the shift to a pull oracle model, which was implemented for the first time on a certain public chain. Pull oracles significantly reduce network costs and improve data update efficiency by updating price data on demand.

Pyth Entropy is one of the key innovations of Pyth Network. Since its launch at the end of the first quarter, it has processed 265,000 requests and generated $19,000 in revenue in the second quarter. The Pyth protocol added 45 new price sources this quarter and expanded to 14 new blockchains. These new blockchains and price sources greatly enhance the coverage and data provision capability of Pyth Network. In addition, Pyth has been integrated into 51 new applications, further expanding its influence in the DeFi space.

The number of publishers in the Pyth Network is also continuously rising. In the second quarter, the number of publishers increased from 100 to 107, a rise of 7%. This growth indicates that more and more data providers are confident in the technology and market prospects of the Pyth Network.

Multiple product and technology updates are being carried out simultaneously

Pyth Network launched several important products and technology updates in the second quarter. Among them, Express Relay is a significant innovation. It is an offline-first auction network designed to eliminate the maximum extractable value (MEV) harmful to DeFi protocols and participants. This network allows seekers to bid on valuable transactions through a priority auction mechanism, thereby maximizing the profits of DeFi protocols and ultimately operating on-chain.

In addition, Pyth Network has launched a pull oracle model on a certain public blockchain. This model addresses the unreliability 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 transactions and improving the reliability of data updates.

The technological innovations of Pyth Network are also reflected in the continuous improvement of its protocol. For example, Pyth DAO passed multiple improvement proposals (PIPs) in the second quarter, including performance optimization and the introduction of new validators. These improvements ensure that Pyth Network remains technically advanced and lay a solid foundation for its future development.

Recent Developments and Outlook of Pyth Network

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.

In terms of technological innovation, the launch of Express Relay technology has significantly improved the clearing efficiency of DeFi. By reducing the MEV issue, this technology optimizes capital utilization and transaction execution efficiency, enhancing the fairness and sustainability of the entire DeFi ecosystem.

In terms of finance, Pyth Network disclosed that its Total Value Secured (TVS) as of June was approximately $8.1 billion, with 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 fluctuations and technical challenges, Pyth Network is expected to further consolidate its leadership in the blockchain oracle space by expanding its data provisioning network and launching innovative technologies. Future challenges and opportunities will continue to shape Pyth's development path, allowing it to maintain its leading position in the ever-changing cryptocurrency market and guide the direction of industry development.

These efforts not only demonstrate the strength and innovation of the Pyth Network but also lay a solid foundation for its long-term rise in the global crypto market.