Pyth Network shows strong rise in Q2 2024

Pyth Network performed excellently in the second quarter of 2024, achieving significant progress not only in technology and applications but also gaining outstanding results in the market. On July 26, Pyth Network ranked second on a daily increase chart of a certain value ranking, with a 24-hour rise of 12.7%.

As an innovative oracle network, Pyth Network is dedicated to providing accurate price data for cryptocurrencies, stocks, forex pairs, ETFs, and commodities. It is unique in that it uses a pull oracle pattern, which not only improves the efficiency of data updates, but also reduces network costs. In the second quarter, Pyth Network continued to solidify its leading position in the blockchain space through a series of important developments and strategic adjustments.

The data performance is outstanding, and the market attention has risen

In the second quarter of 2024, the demand-side activities of Pyth Network rose by 17%, reflected in 246 million price updates covering 70 blockchains. Its success is partly attributed to the shift to a pull oracle model, which was first implemented on Solana. Pull oracles reduce network costs and improve data update efficiency by only updating price data when needed.

Since its launch at the end of the first quarter, Pyth Entropy has processed 265,000 requests and brought in $19,000 in revenue in the second quarter. The Pyth protocol added 45 new price sources during the quarter and expanded to 14 new blockchains. In addition, Pyth has been integrated into 51 new applications, further expanding its presence in the DeFi space.

The publisher network has also continued to grow, increasing from 100 to 107 in the second quarter, an increase of 7%. This shows that more and more data providers are confident in Pyth Network's technology and market prospects.

Multiple Product and Technology Updates

Pyth Network launched several important product and technology updates in the second quarter. Among them, Express Relay is a notable innovation, which is an offline-first auction network that aims to eliminate the maximum extractable value (MEV) that is harmful to DeFi protocols and participants. Through the preferential auction mechanism, searchers can bid on valuable transactions, thereby maximizing the yield of the DeFi protocol.

In addition, Pyth Network has launched a pull oracle pattern on Solana, which solves the unreliability of traditional push oracles during peak periods and high volatility. The pull oracle updates the price data only when needed, avoiding competition with other users and improving the reliability of data updates.

The Pyth DAO passed several Improvement Proposals (PIPs) in Q2, including performance optimizations and the introduction of new validators, ensuring that Pyth Network remains ahead of the curve in technology.

Recent Developments and Outlook

Pyth Network recently partnered with a Swiss crypto bank to enable real-time price feeds, providing users with more accurate market data while opening up new revenue streams for the bank.

The introduction of Express Relay technology has significantly improved the clearing efficiency of DeFi, optimizing capital utilization and transaction execution efficiency by reducing MEV issues, thereby enhancing the fairness and sustainability of the entire DeFi ecosystem.

In terms of finance, Pyth Network disclosed that its total value at stake (TVS) was approximately $8.1 billion as of June, with the Ethereum Virtual Machine (EVM) chains dominating, reflecting Pyth's extensive application and influence in supporting global developers and various blockchain ecosystems.

Despite facing market volatility and technical challenges, Pyth Network is expected to further solidify its leadership position in the blockchain oracle space by expanding its data provisioning network and launching innovative technologies. These efforts not only showcase Pyth Network's strength and innovative capacity but also lay a solid foundation for its long-term rise in the global cryptocurrency market.