After Pyth Network (PYTH) has established a foothold in the DeFi sector, its second phase development strategy clearly points to the 'institutional-grade data subscription product'. This move is seen by the industry as a key step for Pyth Network to penetrate the traditional financial market from the Web3 infrastructure, not only bringing stable revenue sources to the project but also promoting the PYTH ecosystem from 'decentralized data services' to 'institutional-grade solutions'.
Why has the 'institutional-grade data subscription product' become the core of the second phase? From the market demand perspective, global crypto asset management is expected to exceed $1.2 trillion in 2024, and more and more traditional financial institutions (such as Goldman Sachs, Morgan Stanley, Fidelity) are beginning to launch crypto-related products. These institutions have a demand for market data that far exceeds that of individual users: they need cross-asset data covering cryptocurrencies, stocks, and commodities, require a long historical backtracking period (at least 5 years), an update latency of less than 100 milliseconds, and complete compliance qualifications, while also needing customized data analysis tools. However, current market solutions have obvious shortcomings: traditional data service providers (such as Bloomberg) have insufficient coverage of crypto data and are expensive; crypto data service providers (such as CoinGecko) lack traditional financial data qualifications and cannot meet institutional compliance requirements. Pyth Network's institutional-grade subscription product specifically targets this market gap of 'supply-demand mismatch'.