Pyth Network's strong rise in Q2 2024

In the second quarter of 2024, Pyth Network demonstrated significant rise momentum, achieving remarkable accomplishments in technology, application, and market performance. On July 26, Pyth Network ranked second on a certain data platform's daily rise list, with a 24-hour rise of 12.7%.

Pyth Network is an innovative oracle network that provides accurate price data for cryptocurrencies, stocks, forex pairs, ETFs, and commodities. Its uniqueness lies in the adoption of a pull oracle model, which not only enhances 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 space through a series of significant developments and strategic adjustments.

Data performance shines, market attention rises

In the second quarter of 2024, demand-side activity for Pyth Network rose by 17%, reflected in 246 million price updates, covering 70 blockchains. This success is partly attributed to its shift to a pull oracle model, which was first implemented on Solana.

Since its launch, Pyth Entropy has processed 265,000 requests and generated $19,000 in revenue in the second quarter. The Pyth protocol has added 45 new price sources and expanded to 14 new blockchains. Additionally, Pyth has integrated into 51 new applications, further expanding its influence in the DeFi space.

The number of publishers in the Pyth Network is also continuing to rise. In the second quarter, the number of publishers increased from 100 to 107, a rise of 7%. This indicates that more and more data providers are confident in the technology and market prospects of the Pyth Network.

Product and Technology Innovation

Pyth Network launched several important products and technology updates in the second quarter. Among them, Express Relay is a significant innovation; it is an offline-first auction network designed to eliminate the maximum extractable value (MEV) that is harmful to DeFi protocols and participants.

In addition, Pyth Network has launched a pull oracle model on Solana. This model addresses the reliability issues of traditional push oracles during peak times and high volatility, improving the reliability of data updates.

Pyth DAO passed several improvement proposals (PIPs) in the second quarter, including performance optimizations and the introduction of new validators. These improvements ensure that Pyth Network remains technologically advanced and lay a solid foundation for its future development.

Recent Trends and Outlook

Pyth Network recently partnered with a Swiss crypto bank to implement real-time price feed services, providing users with more accurate market data. The launch of Express Relay technology has also significantly improved DeFi liquidation efficiency, optimizing capital utilization and trade execution efficiency.

In terms of finance, the total value of collateral (TVS) of the Pyth Network as of June is approximately $8.1 billion, with the Ethereum Virtual Machine (EVM) chain dominating. This reflects Pyth's extensive application and influence in supporting global developers and various blockchain ecosystems.

Despite facing market fluctuations and technological challenges, Pyth Network is expected to further consolidate its leadership position in the blockchain oracle space in the future by expanding its data provisioning network and launching innovative technologies. These efforts not only demonstrate the strength and innovative capabilities of Pyth Network but also lay a solid foundation for its long-term rise in the global cryptocurrency market.