Pyth Network, a leading provider of real-time market data in the DeFi market, has recently reached a significant milestone by securing over $7 billion in value. This achievement marks a remarkable recovery from a previous drop to under $400 million in 2023. The network has become a go-to source for real-time price data for blockchain developers on more than 50 blockchain platforms, attracting substantial inflows across networks such as Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
From March 2023 to March 2024, the Pyth Network witnessed impressive growth in various areas. The number of active users surged from 111 to 330, representing a significant 197% increase. Additionally, the network expanded its blockchain support from 17 to 56, reflecting a substantial growth rate of 230%. The volume of transactions secured by the network experienced a massive surge, skyrocketing by 1700% from $4.8 billion to $87.1 billion in March 2024. Moreover, the cumulative volume secured over Pyth’s lifetime also saw a substantial 694% increase from 37,723 million to 299,441 million.
Pyth Network reported a growth in its data provider base and the number of price feeds it offers. The count of data providers increased from 76 to 100, indicating a growth rate of approximately 132%, with the current count standing at 102. The number of price feeds available through Pyth also grew from 232 to 506, showcasing an increase of about 118%. Recently, the network welcomed Portofino Technologies, a Swiss crypto-native technology startup specializing in market making, token services, and Web3 investments, to enhance its data coverage.
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, positioning Pyth Network as a strong competitor to established oracle networks like Chainlink and Band Protocol. Pyth stands out by providing low-latency market data critical for the operation of smart contracts and DeFi applications.
The remarkable growth of Pyth Network in the DeFi market underscores its position as a reliable and valuable source of real-time market data. The network’s expansion, increase in users, supported blockchains, volume of transactions secured, and data provider base highlight its strong presence in the evolving DeFi sector. As Pyth continues to grow and innovate, it solidifies its role as a key player in providing essential market data for blockchain developers and DeFi applications.