Pyth Network has emerged as the top choice for perpetual futures trading across various blockchain networks, including Solana, Avalanche, Sui, Aptos, Fantom, Injective, and Ton. The Oracle solution has achieved a commanding market share, even controlling 100% of the perpetual futures trading volume on some networks.
Marc Tillement, director of the Pyth Data Association, attributes Pyth’s success to its permissionless and easy implementation model.
He stated, “Our catalog of over 500 price feeds is available everywhere. So you launch a new chain on day one, and you can have over 100 crypto markets… They can do the update themselves. So it’s a mix of on-demand plus permissionless.”
$600 Billion Milestone and Future Growth
In a significant milestone, Pyth Network surpassed $600 billion in cumulative trading volume. A notable contributor to this achievement was the Ethereum layer-2 (L2) network Blast, which has been generating around $1 billion in daily volume. The anticipation of the Blast (BLAST) token debut in June, which airdropped $2 billion worth of tokens to early users, also fueled this growth.
Pyth traded volume by chains. Source: Pyth Network
Tillement emphasized that most of Pyth’s growth has been organically market-generated, suggesting that the Oracle solution could see its trading volume increase tenfold with the onset of a bull market. “The growth is mostly market-generated. We could be the same protocol as today, but if the bull market happens, I won’t be shocked if our volume is going to 10x,” he explained.
The Role of Blockchain Oracles in DeFi
Blockchain oracles play a crucial role in connecting blockchains to external data, enabling smart contracts to interact with real-world data sources. According to DefiLlama data, blockchain oracles are currently securing over $51 billion worth of digital assets across all blockchains.
Pyth cumulative trading volume. Source: Pyth Network
Chainlink remains the largest Oracle solution, with over $25.4 billion in total value secured (TVS) across 399 protocols, controlling more than 49% of cumulative Oracle TVS. Pyth Network, however, is steadily climbing the ranks, currently, the fourth largest oracle with over $4.9 billion in TVS across 201 blockchain protocols, controlling 9.49% of the overall oracle TVS.
Total value secured, all oracles, Source: DeFiLlama
As Pyth Network continues to expand its influence in the perpetual futures trading market, its growth trajectory suggests that it will remain a significant player in the decentralized finance (DeFi) space.
