Pyth Network Q1 2024 Report

Pyth DAO has opened voting on three proposals, closing July 7 at 6:00 PM UTC. **Key Proposals:** - **CO-PIP-121**: Withdraws remaining PYTH tokens from the OIS reward pool back to the DAO Treasury - **OP-PIP-120**: Performs routine maintenance on Pythian Council Ops Multisig and Price Feed Council Multisig - **CO-PIP-122**: Addresses Douro Labs' acquisition of Express Relay **Voting Links:** - [Forum Discussion](https://forum.pyth.network/t/ongoing-co-pip-121-ois-reward-pool-withdrawal-to-dao-treasury/2619) - [Cast Vote](https://v2.realms.today/dao/PYTH/proposal/TF8Mu1UZJrAKjsvs1sLUnKuvoy7YYx236xsYh4S8CCE) DAO members can review each proposal and participate in governance decisions.

Douro Labs has submitted a proposal to acquire Pyth Express Relay, with all proceeds directed to the Pyth DAO Treasury. **Key Details:** - Proposal designated as CO-PIP-122 - 100% of acquisition proceeds will benefit the DAO Treasury - Community voting is currently active **Participate:** - Forum discussion: [Douro Labs proposes to acquire Express Relay](https://forum.pyth.network/t/douro-labs-proposes-to-acquire-express-relay/2617) - Cast your vote: [Realms voting portal](https://v2.realms.today/dao/4ct8XU5tKbMNRphWy4rePsS9kBqPhDdvZoGpmprPaug4/proposal/ECShGzofwmMRnAhQXeHxXqRq9dd93p99ucn1trwZpgp) This follows a previous proposal where Douro Labs was appointed as administrator for Pyth's off-chain data subscriptions.

A company's IPO has catalyzed the development of a complete trading infrastructure: - **Extended-hours trading** capabilities now available - **Continuous index** tracking established - **Leveraged products** (both long and short) launched This development reflects the broader market shift toward 24/7 trading environments. As trading windows disappear, the need for continuous price discovery becomes critical. The infrastructure supports always-on markets with real-time, institutional-grade price feeds that operate beyond traditional market hours. This marks a significant evolution in market structure, where any asset can be traded at any time, anywhere.

Real-world asset derivatives are gaining significant traction onchain. According to CoinDesk Markets, RWA perpetual contracts reached $210B in trading volume during May 2026. **Key figures:** - Pyth Network facilitated $110B of this activity - This represents more than 50% of the total RWA perpetual market - Growth from $173B total market in April (where Pyth held ~33% share) The expansion covers diverse asset classes including US equities, commodities, ETFs, and indices. As exchanges build out these onchain markets, reliable price data infrastructure becomes critical for scaling operations.

Pyth Network has introduced continuous pricing for oil markets with new indices tracking WTI and Brent crude. **Key Details:** - Live oil price feeds now available across both major benchmarks - Enables 24/7 pricing for markets that traditionally operate on limited schedules - Extends Pyth's oracle capabilities beyond crypto assets into traditional commodities The launch addresses a gap in traditional oil markets, which typically close overnight and on weekends, while DeFi protocols operate continuously.