Pyth Network's performance in Q2 2024 is impressive, the Oracle Machine industry is once again in the spotlight.

In the second quarter of 2024, Pyth Network demonstrated strong growth momentum, achieving significant progress in various aspects such as technology, applications, and market performance. On July 26, Pyth Network ranked second in a certain value ranking's daily increase list, with a 24-hour increase of 12.7%.

Pyth Network is an innovative Oracle Machine network that provides accurate price data for cryptocurrencies, stocks, forex pairs, ETFs, and commodities. Its uniqueness lies in its use of a pull oracle model, which enhances data update efficiency while reducing network costs. In the second quarter, Pyth Network further consolidated its leading position in the blockchain space through a series of significant developments and strategic adjustments.

Data performance is impressive, market attention is increasing

In the second quarter of 2024, the market performance of Pyth Network was remarkable. Demand-side activity grew by 17%, reflected in 246 million price updates covering 70 blockchains. This success is largely attributed to its shift to the pull Oracle Machine model, which was first implemented on Solana. The pull Oracle Machine reduces network costs and improves data update efficiency by updating price data on demand.

Pyth Entropy, as an important innovation of the Pyth Network, has processed 265,000 requests since its launch at the end of the first quarter, generating $19,000 in revenue in the second quarter. The Pyth protocol added 45 new price sources this quarter and expanded to 14 new blockchains. Additionally, Pyth has been integrated into 51 new applications, further enhancing its influence in the DeFi space.

The publisher network of Pyth Network is also continuously growing. In the second quarter, the number of publishers increased from 100 to 107, a growth rate of 7%. This indicates that more and more data providers are confident in the technology and market prospects of Pyth Network.

Product and technology updates are advancing together, and future potential is promising.

In the second quarter, Pyth Network launched several important products and technology updates. Among them, Express Relay is a significant innovation. It is an offline-first auction network designed to eliminate the Maximum Extractable Value (MEV) that is harmful to DeFi protocols and participants. Express Relay allows seekers to bid on valuable transactions through a prioritized auction mechanism, thereby maximizing the returns of DeFi protocols.

In addition, Pyth Network has launched a pull Oracle Machine model on Solana. This model addresses the reliability issues of traditional push Oracle Machines during peak times and high volatility. Pull Oracle Machines update price data only when needed, avoiding competition with other users for trading, thereby improving the reliability of data updates.

Pyth DAO passed several improvement proposals (PIPs) in the second quarter, including performance optimization and the introduction of new validators. These improvements ensure that the Pyth Network remains technically advanced and lays a solid foundation for its future development.

Recent Developments and Outlook: Opportunities and Challenges Coexist

Pyth Network recently partnered with a Swiss crypto bank to provide real-time price feeding services, offering users more accurate market data while creating a new revenue stream for the bank.

The introduction of Express Relay technology has significantly improved the clearing efficiency of DeFi. By reducing MEV issues, this technology optimizes capital utilization and transaction execution efficiency, enhancing the fairness and sustainability of the entire DeFi ecosystem.

In terms of finance, Pyth Network disclosed that its total value secured (TVS) as of June is approximately $8.1 billion, with the Ethereum Virtual Machine (EVM) chains dominating. This reflects Pyth's extensive application and influence in supporting global developers and various blockchain ecosystems.

Despite facing market fluctuations and technological challenges, Pyth Network is still expected to further consolidate its leadership position in the blockchain Oracle Machine field by expanding its data provisioning network and launching innovative technologies. Future challenges and opportunities will continue to shape Pyth's development path, enabling it to maintain its leading position in the ever-changing cryptocurrency market and guide the direction of the industry's development.