129,265 Terminal users, 86% ARR growth, PYTH buy-backs 📈
What stands out to me is not another RWA headline, it is the fact that $PYTH is turning product exploration into paid demand, which is exactly the kind of infrastructure signal $ONDO investors should care about when tokenized markets need reliable data behind them.
September was a strong signal.
Pyth Terminal reached 129,265 monthly active users, up 44.1% month over month, while Pyth ended Q3 with $11.49M in active ARR, up 86% from Q2.
The part I think people will underprice is the self-serve side.
Nearly half of the revenue added in September came from touchless signups, which means users are not just reading a dashboard. They are searching feeds, comparing data, checking publisher details, generating API keys and moving toward paid usage inside the product.
That is a very different signal from a crypto project posting engagement numbers.
It looks more like a market-data product learning how to sell itself.
Now add the token side: the DAO approved a rule where 100% of the funds it receives from Pyth products goes into PYTH bought on the open market.
My read is that Terminal growth matters because it can widen the top of the funnel for future product receipts.
More users exploring the catalog can mean more paid accounts.
More product receipts under the new DAO rule can mean more open-market PYTH buying.
That is why this update feels bigger than a monthly report.
#Altcoin Season# #Trading
What stands out to me is not another RWA headline, it is the fact that $PYTH is turning product exploration into paid demand, which is exactly the kind of infrastructure signal $ONDO investors should care about when tokenized markets need reliable data behind them.
September was a strong signal.
Pyth Terminal reached 129,265 monthly active users, up 44.1% month over month, while Pyth ended Q3 with $11.49M in active ARR, up 86% from Q2.
The part I think people will underprice is the self-serve side.
Nearly half of the revenue added in September came from touchless signups, which means users are not just reading a dashboard. They are searching feeds, comparing data, checking publisher details, generating API keys and moving toward paid usage inside the product.
That is a very different signal from a crypto project posting engagement numbers.
It looks more like a market-data product learning how to sell itself.
Now add the token side: the DAO approved a rule where 100% of the funds it receives from Pyth products goes into PYTH bought on the open market.
My read is that Terminal growth matters because it can widen the top of the funnel for future product receipts.
More users exploring the catalog can mean more paid accounts.
More product receipts under the new DAO rule can mean more open-market PYTH buying.
That is why this update feels bigger than a monthly report.
#Altcoin Season# #Trading