Pyth Network Reaches New Milestone: $7 Billion in Total Value Secured
The Pyth Network, a leading provider of real-time market data to the DeFi sector, has reached an impressive milestone by securing over $7 billion in total value. This achievement underscores Pyth Network’s prominence as a vital source for real-time price data for blockchain developers across more than 50 blockchain platforms. This marks a significant recovery from a low of under $400 million in 2023.
The resurgence can be attributed to substantial inflows across networks safeguarded by Pyth, featuring key players like Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
From March 2023 to March 2024, Pyth Network experienced remarkable growth. The number of active users surged from 111 to 330, reflecting a staggering 197% increase. The network also expanded its blockchain support from 17 to 56, a 230% growth.
The volume of transactions secured by the network saw an extraordinary leap, growing 1700% from $4.8 billion to $87.1 billion in March 2024. Additionally, the cumulative volume secured over Pyth’s lifetime skyrocketed from 37.7 billion to 299.4 billion, translating to a 694% increase.
The network also reported growth in its data provider base and the number of price feeds it offers. From March 2023 to March 2024, the number of data providers increased from 76 to 100, a 132% growth, with the current count at 102. The number of price feeds available through Pyth rose from 232 to 506, an 118% increase.
Enhancing its data coverage, Pyth Network has recently welcomed Portofino Technologies, a Swiss crypto-native technology startup specializing in market making, token services, and Web3 investments, to its community of data providers.
These metrics highlight Pyth Network’s robust health as a DeFi oracle service. The network’s sustained growth in users, supported blockchains, and secured volume solidifies its position in the burgeoning DeFi sector.
Earlier in March, Pyth Network’s token surged to a record high as the Total Value Secured (TVS) within the ecosystem continued to rise. This surge pushed the token’s total market capitalization to over $1.2 billion, though it later stabilized at $1.2 billion as of the latest update.
Pyth Network’s growth is particularly noteworthy given its role as a competitor to established oracle networks like Chainlink and Band Protocol. Pyth distinguishes itself by providing low-latency market data crucial for the operation of smart contracts and DeFi applications. This continued expansion and adoption highlight Pyth Network’s significant potential in the evolving landscape of decentralized finance.
