Can Pyth Network snatch the title of Dragon 2?

Currently, Chainlink has a market value of over 6 billion USD, almost occupying 70% of the entire oracle market. It is unrealistic for Pyth to challenge the leader, but to secure the title of 'Dragon 2', it already has a relative advantage.

Looking back at past competitors, Band Protocol was highly anticipated in 2020, but due to insufficient ecological expansion, its current market value is less than 100 million USD, and it has gradually become marginalized.

API3 enters through the 'Airnode' model, aiming to have data sources provide API services directly, but its growth rate is limited, with a market value lingering between 200 million and 300 million for a long time.

In contrast, Pyth adopts a 'first-party data' mechanism, with data sources directly contributed by exchanges such as Coinbase and Binance, making on-chain prices closer to actual transaction levels. In terms of price trends, $PYTH rose from an initial issuance of $0.3 to a peak of $0.7, then corrected along with the market, currently oscillating in the $0.35–0.4 range.

Although there is significant volatility, the trading activity is significantly higher than that of Band and API3. For investors, Pyth's growth potential lies in whether it can become a standard configuration in a multi-chain ecosystem. If it can further penetrate Ethereum DeFi blue chips (such as Aave, Compound), its valuation is expected to approach the 1.5-2 billion market capitalization range.

Pyth has become a core dependency for Solana, Sui, and Aptos, securing a large number of emerging user groups.

In terms of token economics, $$PYTH has over 15% circulating supply, with the remaining portion being unlocked in phases. There will be continuous selling pressure risk in the next two years, but if the ecosystem continues to expand, the token value can still be supported.

Market risks still exist:

On one hand, Pyth relies heavily on data supplied by leading exchanges, and potential centralization risks have yet to be resolved.

On the other hand, competitors like API3, RedStone, and Supra are accelerating their layouts.

If Pyth can break through a market capitalization of 1.5 billion USD by the end of 2025, it can basically secure the position of 'oracle track dragon 2', but whether it can form a 'dual oligopoly' with Chainlink still needs larger-scale ecosystem adoption to verify.

#PythNetwork @Pyth Network #pythroadmap $PYTH