Pyth（Pyth）网络性能更新：Q4 2024

Pyth（Pyth）是一个甲骨文网络，旨在为加密货币，股票，外汇对，ETF和商品提供准确的价格。

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）是一个甲骨文网络，可提取加密，股票，外汇，ETF和商品的价格。 Oracle网络汇总了外部数据，并可以用于OnChain应用程序使用。 Pyth正在建立一个由第一方（主要来源和聚合器）数据提供商组成的网络，并协调“拉动”甲骨文模型。该型号通过将更新费用向数据消费者（应用程序和开发人员）卸载，从而缩放了许多连锁店的价格。 Pyth提供四个核心产品：

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.

Pyth数据的完整性取决于其贡献出版商网络，该网络包括来自全球交易所，贸易公司，做市商，机构和Defi的110多个数据提供商。一些著名的提供商包括简街，CBOE全球市场，binance，Raydium，渗透，银河系和0倍。 Pyth专注于使开发人员可在扩展的区块链网络列表（撰写97多个链条）上使用。有关Pyth的完整入门，请参阅我们的覆盖范围报告。

Website / X (Twitter) / Discord

网站 / X（Twitter） / Discord

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.

总交易值（TTV）通过跟踪其启用的实际交易量，而不仅仅是安全资产的值，从而提供了对甲骨文活动的更精确度量。与保证总价值（TVS）相反，该（TVS）展示了锁定在依赖Oracle的价格提要的协议中的总加密货币或FIAT资产价值，TTV突出了依赖于Oracle数据的交易的频率和规模，它与Dexs和Dexs和衍生品平台（如Dexs和衍生产品）特别相关。通过整合使用PYTH的协议的数据，例如期货交易平台，DEX和贷款协议，TTV可以更清楚地了解甲骨文需求，市场份额以及不断发展的Defi景观中的收入潜力。

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.

24 Q4'24的总交易价值（TTV）达到1752亿美元，反映了5.2％的增长，比3'24 Q3'24的1665亿美元增长。全年，TTV的增长幅度为459.1％，从第4季度的313亿美元上升。这种持续的扩展凸显了对Pyth Oracle服务的持续增长和持续的需求，尤其是对于Defi协议中的交易用例。由于TTV仍然是一个相对较新的指标，我们将继续评估它，以跟踪甲骨文活动和市场采用的长期趋势。

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.

随着Q4'24标记了报告总交易价值（TTV）的第二季度，其作为评估Oracle活动的关键指标的作用变得越来越清晰。同时，获得的总价值（TVS）仍然是该行业总体稳定性的重要衡量标准。

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.

向前迈进，我们将继续每季度评估TTV和TVS，从而提供对交易量和顶级甲板所确保的价值的见解。由于该行业越来越多地采用了TTV，因此电视仍将为追踪更广泛的甲骨文市场提供宝贵的背景。

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

鉴于Pyth的高频交易模型，TTV在强调Pyth服务的实时使用和网络需求方面仍然特别相关。

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.

在第4季度，Pyth在TTV中保持领先地位，QOQ从1665亿美元增长到1752亿美元，尽管从第三季度下降了6.7个百分点，但仍获得了总市场份额的41.0％。鹳紧随其后的是，TTV从750亿美元增加到1101亿美元，增强了其市场地位，将其增长了46.8％。

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.

同时，埃奇（Edge）记录了最大的季度TTV增长，超过了100.3％至811亿美元，超过了Chainlink，其TTV下降了8.5％，从664亿美元降至608亿美元。 Twap是一个较小的甲骨文提供商，面临最大的下降，TTV从7.579亿美元降低到6470万美元，QOQ的91.5％降低了91.5％。

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.

尽管TTV突出了Pyth在交易量的统治地位，将重点转移到电视上，但与上一季度相比，Pyth的电视增加了41.2％，并增加到73亿美元，将其置于有担保资产价值的前三名。相比之下，Chainlink的电视增长最大，在第4季度的40.2％上升了367亿美元。此外，编年史和红石经历了29.2％和49.5％的电视。但是，Winklink的电视下降了11.6％，标志着顶级甲板的唯一主要减少。

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

总体而言，这些变化突出了Oracle空间中的不同趋势