Pyth Network recently released a set of impressive data: in the past 30 days, the total contract trading volume of protocols based on Pyth in the Sui ecosystem has reached $1.15 billion (Perp Volume), becoming another growth indicator following TVL and user count.
This is not a single point breakthrough, but a mesh expansion facilitated by multiple protocols.
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🧠 What is Pyth? Why is it important?
Pyth Network is an oracle system designed specifically for high-frequency, low-latency financial markets, providing real-time price information for contracts on the blockchain. Its data comes from exchanges and institutions (off-chain), thus being closer to real-world prices.
For a high-performance, low-fee public chain like Sui, the price data provided by Pyth perfectly fills the last piece of the DeFi ecosystem puzzle—trusted real-time quotes.
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🚀 13 protocols compose a vast derivatives ecosystem
According to official Pyth data, the following 13 protocols together constitute the main force behind this wave of growth:
Suilend
Bluefin
NAVI Protocol
Scallop
Bucket Protocol
Sudo Finance
DoubleUp
Kai Finance
Typus Finance
OmniBTC
METASTABLE
ABEx Finance
These protocols span different types of applications: including perpetual contracts (Perp), stablecoin protocols, leveraged trading, asset aggregation, oracle-triggered lending, and decentralized asset management, indicating that Sui is no longer just a battleground for AMMs but has become the nurturing ground for advanced DeFi tools.
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📈 What does the data represent?
$1.15B contract volume (30 days): even amidst overall market volatility, the Sui ecosystem can still maintain high trading activity.
13 protocols fully integrated: demonstrating developers' dual trust in Pyth and Sui.
Pyth becomes the 'default' oracle: for developers, Pyth is the plug & play choice, accelerating integration and deployment speed.
$2B locked value (TVL): of which 50% is contributed by Pyth-driven protocols, indicating that not only trading volume but also funds are being settled and accumulated on-chain.
1 billion price updates: showing the frequency and stability of price transmission of Pyth on Sui, which is the cornerstone of the entire data network.
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🔍 Why is this important?
In the crypto market, the level of adoption of infrastructure like oracles often serves as a barometer for ecosystem maturity. Without a stable source of price information, derivatives protocols cannot operate safely, lending protocols cannot establish liquidation mechanisms, on-chain assets cannot be priced, and the entire ecosystem could stagnate.
And now, the protocols in the Sui ecosystem are 'growing quietly' and are no longer just relying on centralized price sources or niche oracles.
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🔭 Conclusion: The Sui ecosystem is building its own high-speed financial network
When we see a high level of integration and frequent operations in the Sui ecosystem, with different protocols sharing the same oracle system, we should realize: this is not just the individual success of protocols, but the entire blockchain-level infrastructure is taking shape.
Building a foundation in a bear market is a prerequisite for harvesting value in a bull market. This $1.15 billion may just be the beginning.