In the second quarter of 2024, Pyth Network showed strong growth momentum. Its performance not only achieved significant improvements in technology and applications, but also achieved excellent results in the market. On July 26, Pyth Network ranked among the top five in sosovalue’s daily increase list, ranking second, with a 24-hour increase of 12.7%.
Pyth Network is an innovative oracle network designed to provide accurate price data for cryptocurrencies, stocks, foreign exchange pairs, ETFs, and commodities. It is unique in that it uses a pull oracle model, which not only improves the efficiency of data updates but also reduces network costs. In the second quarter, Pyth Network continued to consolidate its leading position in the blockchain field through a series of important developments and strategic adjustments.
Next, let’s take a detailed look at Pyth Network’s key developments and achievements in the second quarter of 2024.
The data performance is impressive, and Pyth Network's recent momentum has attracted widespread attention from the market
In the second quarter of 2024, Pyth Network performed well in the market, with demand-side activity growing by 17%. This growth was reflected in 246 million price updates, which covered 70 blockchains. Pyth Network's success is partly due to its shift to a pull oracle model, which was first implemented on Solana. Pull oracles reduce network costs and improve the efficiency of data updates by updating price data only when needed.
Pyth Entropy is one of the key innovations of Pyth Network. Since its launch at the end of Q1, it has processed 265,000 requests and brought in $19,000 in revenue in Q2. The Pyth protocol added 45 new price sources this quarter and expanded to 14 new blockchains. These new blockchains and price sources have greatly improved the coverage and data provision capabilities of the Pyth Network. In addition, Pyth has been integrated into 51 new applications, further expanding its influence in the DeFi field.
In addition to the expansion of technology and applications, Pyth Network's publisher network is also growing continuously. In the second quarter, the number of publishers on Pyth Network increased from 100 to 107, an increase of 7%. This growth shows that more and more data providers are confident in Pyth Network's technology and market prospects. By continuously expanding and optimizing its publisher network, Pyth Network is able to provide more accurate and timely data, providing a solid foundation for blockchain applications.
Multiple product and technology updates are being carried out simultaneously, and the dividends may burst out in the future?
Pyth Network launched several important product and technology updates in the second quarter. Among them, Express Relay is a significant innovation. Express Relay is an offline-first auction network designed to eliminate maximum extractable value (MEV) that is harmful to DeFi protocols and participants. This network uses a priority auction mechanism to allow searchers to bid for valuable transactions, thereby maximizing the revenue of the DeFi protocol and ultimately running on the chain. The launch of Express Relay not only improves the security of DeFi protocols but also optimizes searcher profitability.
In addition, Pyth Network launched the pull oracle mode on Solana. This mode solves the unreliability of traditional push oracles during peak periods and high volatility. Pull oracles only update price data when needed, avoiding competition with other users' transactions and improving the reliability of data updates. In this way, Pyth Network is able to simultaneously expand price sources on all supported blockchains without having to build new price sources for each chain separately.
Pyth Network's technological innovation is not only reflected in its products, but also in the continuous improvement of its protocols. For example, Pyth DAO passed a number of improvement proposals (PIPs) in the second quarter, including performance optimization and the introduction of new validators. These improvements ensure that Pyth Network remains technologically advanced and lays a solid foundation for its future development.
Pyth Network recent developments and prospects: still under pressure, but with greater hope
Pyth Network has made significant progress recently, further solidifying its leadership position in the global crypto market. The most notable is the partnership with Swiss crypto bank Amina, which enables real-time price feed 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 Pyth Network’s Express Relay technology has brought significant improvements to DeFi clearing efficiency. By reducing the maximum extractable value (MEV) problem, this technology optimizes capital utilization and the efficiency of transaction execution, enhancing fairness and sustainability of the entire DeFi ecosystem.
In terms of finance, Pyth Network disclosed that its total guaranteed value (TVS) as of June was approximately $8.1 billion, with the Ethereum Virtual Machine (EVM) chain dominating. This reflects the wide application and influence of Pyth in supporting global developers and different blockchain ecosystems.
Despite market volatility and technical challenges, Pyth Network is expected to further consolidate its leadership in the blockchain oracle field by expanding its data provider network and launching innovative technologies in the future. Future challenges and opportunities will continue to shape Pyth's development path, enabling it to maintain its leading position in the ever-changing cryptocurrency market and lead the direction of industry development.
These efforts not only demonstrate Pyth Network's strength and innovation capabilities, but also lay a solid foundation for its long-term growth in the global crypto market.
