Pyth

On April 18th, 2024, Pythmet, the largest first-party oracle network, announced its plans for governance. Details on the specific governance model were not provided in the brief statement.

According to recent data, the Pyth network has emerged as a leading oracle solution for securing decentralized finance (DeFi) protocols across multiple blockchain networks. The Total Value Secured (TVS) metric, which represents the total value locked in DeFi protocols secured by a particular oracle, shows that Pyth commands over 90% of the TVS on 10 different chains and over 50% on another 7 chains. This highlights Pyth's significant role in providing reliable and secure oracle services to the rapidly growing DeFi ecosystem.

Dourolabs CEO Michael Domcahill discussed the vision for Pyth, a decentralized financial data network, during an interview. He compared Pyth to Spotify, suggesting that it aims to become a platform where the world's data can flow seamlessly. Pyth is described as the largest first-party oracle network, potentially revolutionizing the way financial data is accessed and shared.

According to recent reports, the Pyth network accounts for 99% or more of the traded volume secured on 23 different blockchains. This highlights the growing importance of Pyth as a high-throughput decentralized finance (DeFi) solution. In March alone, Pyth facilitated $87.1 billion in trading volume, with 64% of that coming from chains other than Solana. The Pyth network currently powers over 55 blockchains and continues to expand its reach.

The Pythians, a prominent group in the blockchain industry, recently attended the Paris Blockchain Week conference. This event, held in the French capital, was deemed a success by the organization. The Pythians had previously announced their plans to participate in the conference, building anticipation among their community members.

Jayant Krishnamurthy, Chief Technology Officer of Douro Labs, discussed the Pyth Network's contribution to the significant growth of perpetual futures, which emerged as one of the major decentralized finance (DeFi) trends in the previous year. The Pyth Network, recognized as the largest first-party oracle network, played a pivotal role in facilitating the expansion of the perpetuals space.

The Pyth Network, a leading first-party oracle network, experienced significant growth and activity during the first quarter of 2024. The report highlights network expansion and the launch of new products within the Pyth ecosystem.

Orbofi, an AI-generated content platform for web3, games, and the metaverse, has integrated Pyth Entropy to introduce randomness in the minting process of AI-generated NFTs and blockchain assets. This approach ensures fairness and equity in the distribution of attributes among AI-generated collections, making the asset creation process transparent and unbiased. Orbofi allows users to quickly generate game and media assets using AI technology, tokenize them on the blockchain for secure ownership and trade, and monetize their creations through cryptocurrency.

The Pyth oracle network, providing over 500 price feeds, has been deployed on Gelato's Polygon testnet called Blackberry. This allows developers to integrate with the Pyth oracle and access its price feeds in a permissionless manner. Gelato is a Web3 cloud platform enabling developers to deploy custom Layer 2 chains with Web2-like user experience and scalability. Blackberry is a publicly available Polygon testnet with the necessary infrastructure for building decentralized finance applications on-chain. It leverages the Polygon CDK framework, Sepolia as the data availability layer, and Ethereum as the settlement layer.

As of April 12, 2024, 330 decentralized applications (dapps) have chosen to utilize the Pyth network as their oracle solution. Pyth is a first-party oracle network, meaning it sources data directly from exchanges and market makers without relying on intermediaries. This update highlights the growing adoption of Pyth among dapp developers seeking reliable and decentralized data feeds.