Pyth (Pyth) Network

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

Key Highlights:

* Pyth Network, a leading decentralized oracle network providing accurate prices for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities, saw Total Transaction Value (TTV) decrease by 14.9% to $149.1 billion in Q1'25.

* Despite the quarter-over-quarter decline, TTV displayed a significant year-over-year increase of 376.6%, showcasing the growing demand for Pyth's services.

* Among major oracles, Pyth experienced the smallest decline in TTV and the smallest increase in TVS, indicating relative resilience in a period of broader market slowdowns.

* Pyth's market share in TTV dropped to 32.5%, down from 35.5% in the previous quarter, as Chainlink's TTV saw a larger pullback.

* In TVS, Pyth's market share rose from 10.7% to 12.8%, while Chainlink's TVS fell by 24%.

* Aptos remained the largest contributor to Pyth update volume but saw a sharp decline of 53.2% in updates and 38.6% in market share.

* Solana recorded a slight increase in updates and observed a rise in market share as other chains saw more significant pullbacks in activity.

* Berachain and Sonic were newly added to the Pyth network this quarter.

* Sponsored updates remained the largest category, with a 1.0% increase in transactions.

Non-sponsored updates saw a 17.7% rise in Q1'25.

* Atomic updates declined further, with only 2,967 such transactions recorded.

* Pyth Entropy continued its growth trajectory, processing 1.62 million requests and generating $32,785 in revenue.

* Gas costs declined across most EVM chains in Q1'25, with Arbitrum remaining the largest contributor.

* Kamino Swap integrated Express Relay in Q4'24 to enable decentralized limit orders on Solana with centralized exchange-level execution.

* In Q1'25, Kamino Swap processed $171 million in limit order volume and paid 590 SOL in searcher tips.

* Total PYTH staked in Oracle Integrity Staking (OIS) rose 176.4% to 638.7 million PYTH by the end of Q1'25.

Protocol Updates:

* Pyth Lazer, an ultra-low latency data service, was launched to provide speed-critical protocols with high-frequency price updates.

* Pyth Lazer offers update intervals as fast as 1 millisecond, in addition to 50ms, 200ms, and user-defined frequencies.

* It provides support for over 1,200 assets across 100+ chains and platforms like TradingView and OpenBB.

* New institutional publishers joined the Pyth Network this quarter, expanding the network's coverage of traditional and emerging markets.

* Early integrations of Pyth's low-latency price feeds with several DeFAI tools highlight the increasing demand for real-time data in decentralized applications.

* Pyth Network launched Insights Hub, a public analytics dashboard, to provide transparency and performance metrics on its price feeds and data publishers.

* The Hub offers a single point of access for traders, institutions, and developers to view and verify real-time market data.

Summary:

* Pyth Network, a leading decentralized oracle network, saw Total Transaction Value (TTV) decrease slightly in Q1'25 as broader market slowdowns impacted DeFi activity.

* However, TTV displayed a significant year-over-year increase, and Pyth experienced the smallest decline in TTV and the smallest increase in Total Value Secured (TVS) among major oracles.

* Pyth's market share in TTV dropped, while its share in TVS rose as Chainlink saw a larger pullback in TTV and broader declines in TVS.

* Aptos remained the largest contributor to Pyth update volume but saw a sharp pullback in updates and market share.

* Solana recorded a slight increase in updates and observed a rise in market share.

* Berachain and Sonic were newly added to the Pyth network this quarter.

* Sponsored updates remained the largest category, and Non-sponsored updates saw a rebound.

* Atomic updates declined further in Q1'25.

* Pyth Entropy continued its growth trajectory, processing over 1 million requests and generating $32,785 in revenue.

* Gas costs declined across most EVM chains in Q1'25.

* Kamino Swap, which integrated Express Relay in Q4'24, saw a substantial increase in limit order volume and searcher tips.