Pyth Network is emerging as the top choice for perpetual futures trading on several leading blockchain networks.
The blockchain oracle solution achieved a leading perpetual futures trading market share on most of the blockchain networks on which it was deployed.
Moreover, Pyth controls 100% of the perpetual futures trading volume on some of the top blockchain networks, including Solana, Avalanche, Sui, Aptos, Fantom, Injective and Ton.
Pyth’s leading role in futures perps can be attributed to the oracle solution’s permissionless and easy implementation model, according to Marc Tillement, the director of the Pyth Data Association.
Tillement told Cointelegraph during an interview at EthCC:
“The best [feature] is that our catalog of over 500 price feeds is available everywhere. So you launch on a new chain on day one and you can have over 100 crypto markets… They can do the update themselves. So it's a mix of on-demand plus permissionless.
Blockchain oracles are third-party solutions connecting blockchains to external data. Blockchains are important in enabling smart contracts to interface with external data sources, due to the siloed nature of blockchain networks.
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“Market-generated” growth will help Pyth grow tenfold
Showcasing the oracle solution’s growth, Pyth Network surpassed $600 billion in cumulative trading volume, the company announced in a July 8 X post.
A significant contributor to surpassing the $600 billion mark was the Ethereum layer-2 (L2) network Blast, Tillement explained:
“From six months ago blast is a major actor because futures perps on Blast are doing about $1 billion volume a day. So they're almost a third of the volume of the past month.”
Blast received significant interest in June in anticipation of the Blast (BLAST) token debut, which airdropped $2 billion worth of tokens to early users at the end of June.
However, most of Pyth’s growth was organically market-generated, which will help the oracle solution increase its trading volume by another tenfold, explained Tillement:
“The growth is mostly market-generated. We could be the same protocol as today, but if the bull market happens, I won’t be shocked if our volume is going to 10x.”
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Blockchain oracles are securing over $50 billion in value
Blockchain oracles are becoming a significant element of the decentralized finance (DeFi) space.
Blockchain oracles are securing over $51 billion worth of digital assets across all blockchains, according to DefiLlama data.
Chainlink remains the largest oracle solution, with over $25.4 billion in total value secured (TVS) across 399 protocols, controlling over 49% of cumulative oracle TVS.
Pyth Network is currently the fourth largest oracle, with over $4.9 billion in TVS across 201 blockchain protocols — controlling 9.49% of the overall oracle TVS.
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