Q2 multiple data indicators rise strongly, does Pyth Network bring Oracle Machine into alignment with industry vision?

In the second quarter of 2024, Pyth Network showed strong rise momentum, with significant improvements not only in technology and applications, but also outstanding performance in the market. On July 26, Pyth Network ranked second in the daily rise list of sosovalue, with a 24-hour rise of 12.7%.

Pyth Network is an innovative Oracle Machine network designed to provide accurate price data for Cryptocurrency, stocks, forex pairs, ETFs, and commodities. Its uniqueness lies in the use of a pull Oracle Machine model, which not only improves data update efficiency but also reduces network costs. In the second quarter, Pyth Network continues to consolidate its leading position in the blockchain field through a series of significant developments and strategic adjustments.

Next, let’s take a detailed look at the key developments and achievements of the Pyth Network in the second quarter of 2024.

The impressive performance of the data has sparked widespread follow-up in the market for Pyth Network’s recent momentum

In the second quarter of 2024, Pyth Network performed well in the market, with a rise of 17% in demand-side activities. This rise is reflected in 246 million price updates, covering 70 blockchains. The success of Pyth Network is partly attributed to its transition to a pull Oracle Machine model, which is implemented for the first time on Solana. The pull Oracle Machine reduces network costs and improves the efficiency of data updates by updating price data only when needed.

Pyth Entropy is one of the important innovations of the Pyth Network. Since its launch in Q1, it has processed 265,000 requests and generated $19,000 in revenue in Q2. Pyth protocol has added 45 price feeds in this quarter and expanded to 14 new blockchains. These new blockchains and price feeds greatly enhance the coverage and data provision capabilities of the Pyth Network. In addition, Pyth has been integrated into 51 new applications, further expanding its influence in the Decentralized Finance field.

In addition to the expansion of technology and applications, the publisher network of Pyth Network continues to rise. In the second quarter, the number of Pyth Network publishers increased from 100 to 107, a rise of 7%. This rise indicates that an increasing number of long data providers are confident in the technology and market prospects of Pyth Network. By continuously expanding and optimizing its publisher network, Pyth Network is able to provide more accurate and timely data, providing a solid foundation for blockchain applications.

The long-term product and technical updates are synchronized, and the dividends may concentrate and erupt in the future stages?

Pyth Network launched a significant long of important products and technical updates in the second quarter. Among them, Express Relay is a notable innovation. Express Relay is an offline-first auction network designed to eliminate the maximal extractable value (MEV) harmful to Decentralized Finance protocol and participants. Through a priority auction mechanism, this network enables searchers to bid on valuable transactions, maximizing the revenue of the Decentralized Finance protocol, and ultimately operating on-chain. The introduction of Express Relay not only enhances the security of the Decentralized Finance protocol but also optimizes the profitability of searchers.

In addition, Pyth Network has launched the Pull Oracle Machine mode on Solana. This mode solves the unreliability problem of traditional Push Oracle Machine during peak periods and high volatility. Pull Oracle Machine only updates price data when needed, avoiding competition with other users’ transactions and improving the reliability of data updates. In this way, Pyth Network can expand price sources on all supported Blockon-chains at the same time, without building new price sources separately for each chain.

Pyth Network’s technical innovation is reflected not only in its products, but also in the continuous improvement of its protocol. For example, in the second quarter, the Pyth DAO passed a long-term improvement proposal (PIP), including performance optimization and the introduction of new validators. These improvements ensure that Pyth Network maintains its technical leadership and lays a solid foundation for its future development.

Pyth Network recent developments and outlook: still under pressure, but with greater hope

Pyth Network has recently made significant progress, further consolidating its leadership position in the global encryption market. The most notable is its cooperation with Amina, the Swiss encryption bank, which makes real-time price-feeding services possible, providing users with more accurate market data while opening up new sources of revenue for Amina Bank.

In terms of technological innovation, Pyth Network’s Express Relay technology has significantly improved the clearing efficiency of Decentralized Finance. By reducing the maximal extractable value (MEV) problem, this technology optimizes capital utilization and transaction execution efficiency, enhancing the fairness and sustainability of the entire Decentralized Finance ecosystem.

On the financial side, Pyth Network disclosed a total locked value (TVL) of about $8.1 billion as of June, with the Ethereum Virtual Machine (EVM) chain dominating. This reflects Pyth’s widespread use and influence in supporting global developers and different blockchain ecosystems.

Despite facing market fluctuations and technical challenges, Pyth Network is expected to further consolidate its leadership position in the field of blockchain Oracle Machine by expanding its data delivery network and launching innovative technologies in the future. The future challenges and opportunities will continue to shape Pyth’s development path, enabling it to maintain a leading position in the ever-changing cryptocurrency market and lead the industry in its direction.

These efforts not only demonstrate the strength and innovation of Pyth Network, but also lay a solid foundation for its long-term rise in the global encryption market.