$PYTH has a fresh industry-specific catalyst today following the shutdown of one of its competitors.
On September 19, Switchboard Technology Labs announced that it is winding down its remaining operations, with support scheduled to end on September 25.
The important detail is what Switchboard told developers to do next.
Projects using its oracle infrastructure were explicitly encouraged to migrate to alternative providers such as Pyth or RedStone.
Pyth is a decentralized oracle network that supplies external financial data to blockchain applications, including prices for crypto assets, equities, FX, commodities and futures.
The network has also been expanding beyond traditional crypto price feeds. This week, Pyth introduced six additional commodity futures indices, increasing its exposure to real-world financial market data.
$PYTH is trading around $0.059 today, up roughly 4% over the last 24 hours.
However, the shutdown of a competitor does not automatically mean its users will migrate to Pyth.
That still needs to be measured.
Confirmed: Switchboard is winding down operations and specifically recommended Pyth as one migration alternative.
Not yet confirmed: how many developers, applications or data requests will actually move to Pyth.
For $PYTH , the useful metrics from here are new integrations, price-feed usage, protocol revenue, data-request volume and whether Switchboard’s shutdown results in measurable market-share gains.
On September 19, Switchboard Technology Labs announced that it is winding down its remaining operations, with support scheduled to end on September 25.
The important detail is what Switchboard told developers to do next.
Projects using its oracle infrastructure were explicitly encouraged to migrate to alternative providers such as Pyth or RedStone.
Pyth is a decentralized oracle network that supplies external financial data to blockchain applications, including prices for crypto assets, equities, FX, commodities and futures.
The network has also been expanding beyond traditional crypto price feeds. This week, Pyth introduced six additional commodity futures indices, increasing its exposure to real-world financial market data.
$PYTH is trading around $0.059 today, up roughly 4% over the last 24 hours.
However, the shutdown of a competitor does not automatically mean its users will migrate to Pyth.
That still needs to be measured.
Confirmed: Switchboard is winding down operations and specifically recommended Pyth as one migration alternative.
Not yet confirmed: how many developers, applications or data requests will actually move to Pyth.
For $PYTH , the useful metrics from here are new integrations, price-feed usage, protocol revenue, data-request volume and whether Switchboard’s shutdown results in measurable market-share gains.