Cointelegraph
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Pyth leads perps trading on Solana, Sui, but $600B trading volume will 10x
Pyth Network is emerging as the top choice for perpetual futures trading on several leading blockchain networks.
The blockchain oracle solution achieved a leading perpetual futures trading market share on most of the blockchain networks on which it was deployed.
Moreover, Pyth controls 100% of the perpetual futures trading volume on some of the top blockchain networks, including Solana, Avalanche, Sui, Aptos, Fantom, Injective and Ton.
Pyth traded volume by chains. Source: Pyth Network
Pyth’s leading role in futures perps can be attributed to the oracle solution’s permissionless and easy implementation model, according to Marc Tillement, the director of the Pyth Data Association.
Tillement told Cointelegraph during an interview at EthCC:
“The best [feature] is that our catalog of over 500 price feeds is available everywhere. So you launch on a new chain on day one and you can have over 100 crypto markets… They can do the update themselves. So it's a mix of on-demand plus permissionless.
Blockchain oracles are third-party solutions connecting blockchains to external data. Blockchains are important in enabling smart contracts to interface with external data sources, due to the siloed nature of blockchain networks.
Pyth Data Association’s Marc Tillement (right) and Cointelegraph’s Zoltan Vardai (left)
Related: RedStone Oracles raises $15M led by Arrington Capital
“Market-generated” growth will help Pyth grow tenfold
Showcasing the oracle solution’s growth, Pyth Network surpassed $600 billion in cumulative trading volume, the company announced in a July 8 X post.
Pyth cumulative trading volume. Source: Pyth Network
A significant contributor to surpassing the $600 billion mark was the Ethereum layer-2 (L2) network Blast, Tillement explained:
“From six months ago blast is a major actor because futures perps on Blast are doing about $1 billion volume a day. So they're almost a third of the volume of the past month.”
Blast received significant interest in June in anticipation of the Blast (BLAST) token debut, which airdropped $2 billion worth of tokens to early users at the end of June.
However, most of Pyth’s growth was organically market-generated, which will help the oracle solution increase its trading volume by another tenfold, explained Tillement:
“The growth is mostly market-generated. We could be the same protocol as today, but if the bull market happens, I won’t be shocked if our volume is going to 10x.”
Related: Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
Blockchain oracles are securing over $50 billion in value
Blockchain oracles are becoming a significant element of the decentralized finance (DeFi) space.
Blockchain oracles are securing over $51 billion worth of digital assets across all blockchains, according to DefiLlama data.
Total value secured, all oracles, Source: DeFiLlama
Chainlink remains the largest oracle solution, with over $25.4 billion in total value secured (TVS) across 399 protocols, controlling over 49% of cumulative oracle TVS.
Pyth Network is currently the fourth largest oracle, with over $4.9 billion in TVS across 201 blockchain protocols — controlling 9.49% of the overall oracle TVS.
Magazine: Ether ETFs on the move, Messi promotes memecoin, and more: Hodler’s Digest, July 7-13
The blockchain oracle solution achieved a leading perpetual futures trading market share on most of the blockchain networks on which it was deployed.
Moreover, Pyth controls 100% of the perpetual futures trading volume on some of the top blockchain networks, including Solana, Avalanche, Sui, Aptos, Fantom, Injective and Ton.
Pyth traded volume by chains. Source: Pyth Network
Pyth’s leading role in futures perps can be attributed to the oracle solution’s permissionless and easy implementation model, according to Marc Tillement, the director of the Pyth Data Association.
Tillement told Cointelegraph during an interview at EthCC:
“The best [feature] is that our catalog of over 500 price feeds is available everywhere. So you launch on a new chain on day one and you can have over 100 crypto markets… They can do the update themselves. So it's a mix of on-demand plus permissionless.
Blockchain oracles are third-party solutions connecting blockchains to external data. Blockchains are important in enabling smart contracts to interface with external data sources, due to the siloed nature of blockchain networks.
Pyth Data Association’s Marc Tillement (right) and Cointelegraph’s Zoltan Vardai (left)
Related: RedStone Oracles raises $15M led by Arrington Capital
“Market-generated” growth will help Pyth grow tenfold
Showcasing the oracle solution’s growth, Pyth Network surpassed $600 billion in cumulative trading volume, the company announced in a July 8 X post.
Pyth cumulative trading volume. Source: Pyth Network
A significant contributor to surpassing the $600 billion mark was the Ethereum layer-2 (L2) network Blast, Tillement explained:
“From six months ago blast is a major actor because futures perps on Blast are doing about $1 billion volume a day. So they're almost a third of the volume of the past month.”
Blast received significant interest in June in anticipation of the Blast (BLAST) token debut, which airdropped $2 billion worth of tokens to early users at the end of June.
However, most of Pyth’s growth was organically market-generated, which will help the oracle solution increase its trading volume by another tenfold, explained Tillement:
“The growth is mostly market-generated. We could be the same protocol as today, but if the bull market happens, I won’t be shocked if our volume is going to 10x.”
Related: Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
Blockchain oracles are securing over $50 billion in value
Blockchain oracles are becoming a significant element of the decentralized finance (DeFi) space.
Blockchain oracles are securing over $51 billion worth of digital assets across all blockchains, according to DefiLlama data.
Total value secured, all oracles, Source: DeFiLlama
Chainlink remains the largest oracle solution, with over $25.4 billion in total value secured (TVS) across 399 protocols, controlling over 49% of cumulative oracle TVS.
Pyth Network is currently the fourth largest oracle, with over $4.9 billion in TVS across 201 blockchain protocols — controlling 9.49% of the overall oracle TVS.
Magazine: Ether ETFs on the move, Messi promotes memecoin, and more: Hodler’s Digest, July 7-13
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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