$PYTH Hit $13.67M ARR. Kalshi Trusts Its Data đ
The $QNT institutional finance narrative has always been interesting to me, but Pyth's latest progress provides something even more tangible to examine: commercial growth alongside financial institutions naming the network in formal documentation.
$13.67M ARR, up from just $6.16M at the end of Q2.
That's more than 2x the annualized subscription run-rate in four months.
And the number of paying accounts grew from 276 at September's close to 332 in October.
Now add what happened with Kalshi.
The CFTC-regulated exchange named Pyth as the Source Agency for its KPOW Midterms Index, making Pyth's published calculations the settlement reference for the associated contracts.
This follows Kalshi naming Pyth in filings for gold and silver perpetuals, Coinbase referencing Pyth in its filing for single-name equity perpetuals, and Nasdaq approving Pyth as an external distributor of Nasdaq Basic.
I pay attention to these developments because institutional adoption becomes much more meaningful when a firm incorporates your data into the workings of its financial products.
The market-data business is also expanding well beyond its original crypto focus. Pyth now has 3,927 catalog symbols, 77 stable index feeds, and $2.88M in annualized Indices subscriptions.
And the token economics have become considerably more interesting.
Under the 100% Rule, all funds the DAO receives from Pyth products are committed to PYTH Reserve accumulation. That gives investors a defined mechanism to track alongside actual business expansion.
My strongest conviction here is in the commercial opportunity. More financial products need dependable reference data, and Pyth is already demonstrating its ability to serve that demand through paying customers and regulated-market integrations.
#Altcoin Season# #RWA
The $QNT institutional finance narrative has always been interesting to me, but Pyth's latest progress provides something even more tangible to examine: commercial growth alongside financial institutions naming the network in formal documentation.
$13.67M ARR, up from just $6.16M at the end of Q2.
That's more than 2x the annualized subscription run-rate in four months.
And the number of paying accounts grew from 276 at September's close to 332 in October.
Now add what happened with Kalshi.
The CFTC-regulated exchange named Pyth as the Source Agency for its KPOW Midterms Index, making Pyth's published calculations the settlement reference for the associated contracts.
This follows Kalshi naming Pyth in filings for gold and silver perpetuals, Coinbase referencing Pyth in its filing for single-name equity perpetuals, and Nasdaq approving Pyth as an external distributor of Nasdaq Basic.
I pay attention to these developments because institutional adoption becomes much more meaningful when a firm incorporates your data into the workings of its financial products.
The market-data business is also expanding well beyond its original crypto focus. Pyth now has 3,927 catalog symbols, 77 stable index feeds, and $2.88M in annualized Indices subscriptions.
And the token economics have become considerably more interesting.
Under the 100% Rule, all funds the DAO receives from Pyth products are committed to PYTH Reserve accumulation. That gives investors a defined mechanism to track alongside actual business expansion.
My strongest conviction here is in the commercial opportunity. More financial products need dependable reference data, and Pyth is already demonstrating its ability to serve that demand through paying customers and regulated-market integrations.
#Altcoin Season# #RWA
