Pyth (Pyth) Network Performance Update: Q4 2024

Pyth (PYTH) is an oracle network that aims to offer accurate prices for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities.

Pyth (PYTH) is an oracle network that pulls prices for crypto, equities, forex, ETFs, and commodities. Oracle networks aggregate external data and make it available for onchain application use. Pyth is building a network of first-party (primary source and aggregator) data providers and coordinates a "pull" oracle model. This model scales price feeds across many chains and lowers network costs by offloading update fees to data consumers (applications and developers). Pyth offers four core products:

Pyth (PYTH) is an oracle network that pulls prices for crypto, equities, forex, ETFs, and commodities. Oracle networks aggregate external data and make it available for onchain application use. Pyth is building a network of first-party (primary source and aggregator) data providers and coordinates a "pull" oracle model. This model scales price feeds across many chains and lowers network costs by offloading update fees to data consumers (applications and developers). Pyth offers four core products:

The integrity of Pyth’s data is dependent on its contributing publisher network, which comprises over 110 data providers from global exchanges, trading firms, market makers, institutions, and DeFi. A few notable providers include Jane Street, Cboe Global Markets, Binance, Raydium, Osmosis, Galaxy, and 0x. Pyth is focused on making financial market data available to developers on an expanding list of blockchain networks (97+ chains as of writing). For a full primer on Pyth, refer to our Initiation of Coverage report.

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Total Transaction Value (TTV) provides a more precise measure of an oracle's activity by tracking the actual transaction volume it enables rather than just the value of secured assets. In contrast to Total Value Secured (TVS), which showcases the total crypto or fiat asset value locked in protocols that rely on an oracle for price feeds, TTV highlights the frequency and scale of transactions relying on an oracle's data—rendering it particularly relevant for high-frequency DeFi applications like DEXs and derivatives platforms. By integrating data from protocols that use Pyth, such as futures trading platforms, DEXs, and lending protocols, TTV offers a clearer picture of oracle demand, market share, and revenue potential in the evolving DeFi landscape.

Total Transaction Value (TTV) in Q4'24 reached $175.2 billion, reflecting a 5.2% increase from $166.5 billion in Q3'24. Year-over-year, TTV saw a 459.1% surge, rising from $31.3 billion in Q4'23. This continued expansion highlights the persistent growth and ongoing demand for Pyth's oracle services, especially for transactional use cases within DeFi protocols. As TTV remains a relatively new metric, we will continue to evaluate it to track long-term trends in oracle activity and market adoption.

With Q4'24 marking the second quarter of reporting Total Transaction Value (TTV), its role as a key metric in evaluating oracle activity is becoming clearer. At the same time, Total Value Secured (TVS) remains an important measure of the sector's overall stability.

With Q4'24 marking the second quarter of reporting Total Transaction Value (TTV), its role as a key metric in evaluating oracle activity is becoming clearer. At the same time, Total Value Secured (TVS) remains an important measure of the sector's overall stability.

Moving forward, we will continue to assess TTV and TVS on a quarterly basis, offering insights into both transaction volume and the value secured by top oracles. As TTV is increasingly adopted by the industry, TVS will still provide valuable context for tracking the broader oracle market.

Moving forward, we will continue to assess TTV and TVS on a quarterly basis, offering insights into both transaction volume and the value secured by top oracles. As TTV is increasingly adopted by the industry, TVS will still provide valuable context for tracking the broader oracle market.

Given Pyth's high-frequency transaction model, TTV remains particularly relevant in highlighting the real-time usage and network demand for Pyth's services.

Given Pyth's high-frequency transaction model, TTV remains particularly relevant in highlighting the real-time usage and network demand for Pyth's services.

In Q4'24, Pyth maintained its lead in TTV, growing 5.2% QoQ from $166.5 billion to $175.2 billion, securing 41.0% of the total market share despite a 6.7 percentage point decline from Q3. Stork followed in second place, experiencing a 46.8% increase in TTV from $75.0 billion to $110.1 billion, strengthening its market position.

In Q4'24, Pyth maintained its lead in TTV, growing 5.2% QoQ from $166.5 billion to $175.2 billion, securing 41.0% of the total market share despite a 6.7 percentage point decline from Q3. Stork followed in second place, experiencing a 46.8% increase in TTV from $75.0 billion to $110.1 billion, strengthening its market position.

Meanwhile, Edge recorded the largest quarterly TTV growth, surging 100.3% to $81.1 billion, overtaking Chainlink, which saw its TTV decline 8.5% from $66.4 billion to $60.8 billion. TWAP, a smaller oracle provider, faced the steepest drop, with TTV decreasing 91.5% QoQ from $757.9 million to $64.7 million.

While TTV highlights Pyth's dominance in transaction volume, shifting focus to TVS, Pyth saw a 41.2% increase in TVS compared to the previous quarter, rising to $7.3 billion, placing it among the top three oracles by secured asset value. In contrast, Chainlink saw the largest TVS growth, surging 40.2% to reach $36.7 billion in Q4'24. Additionally, Chronicle and RedStone experienced TVS increases of 29.2% and 49.5%, respectively. However, WinkLink's TVS dropped by 11.6%, marking the only major decrease among top oracles.

Overall, these shifts highlight diverging trends in the oracle space—T