Pyth Network, a leading oracle network, is entering its second phase of development aimed at transforming the global financial data industry. After successfully building a decentralized data infrastructure for DeFi, Pyth is targeting to provide institutional-grade data for the traditional financial market (TradFi), a market worth $50 billion annually.
Phase 1: Establishing a solid foundation
In the first phase, #PYTH focused on building and expanding the infrastructure to provide reliable on-chain data. The network has integrated over 600 protocols across more than 100 blockchains and provides over 1,800 price feed sources, including data from leading trading firms. With over 60% market share in DeFi and total transaction volume processing up to $1.6 trillion, Pyth has proven the efficiency and scale of its product.
Phase 2: Attacking the TradFi market
Now, Pyth is ready to move to phase two, proposing to launch a subscription product to provide real-time financial data to organizations outside the blockchain environment. This product will address the limitations of traditional data providers like #Bloomberg and Refinitiv—entities with slow, expensive, and fragmented models. Pyth will offer faster, more comprehensive, and specialized data, capturing the most valuable price levels straight from the source. If it only captures 1% of the market share, Pyth could achieve $500 million in revenue annually. However, their ambition is larger, aiming to dominate the entire market and return value to those who contribute to the network.
Phase 3: Expanding to a global scale
With a sustainable business model, Pyth is moving towards phase three: expanding the network to become a global price data layer, providing tens of thousands of new data codes each year. The ultimate goal is to become the single, reliable source of information for the entire global financial industry. #anhbacong
