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The ranking system of DeFiLlama has a blind spot. Using TVL (Total Value Locked) as a measure is suitable for lending protocols, but it doesn't work well for derivatives DEXs.
What is the key metric in the derivatives market? Trading volume. That is the true indicator of activity.
Looking at the 30-day derivatives trading volume data of Oracle service providers makes this clear—
Stork performs the strongest, with a trading volume of $63.1 billion. Pyth follows closely behind, with a trading volume of $35.4 billion. Although Chainlink has a broad ecosystem, its derivatives trading volume is only $5.6 billion.
What does this gap indicate? There are significant differences in market suitability among different Oracles. Using traditional TVL metrics to evaluate the Oracle choices of derivatives protocols can easily underestimate platforms with high-frequency trading, low collateral lock-up, but explosive trading volumes. The evaluation logic for the derivatives market needs to be recalibrated.