The upswing is linked to substantial inflows across networks protected by Pyth, featuring key players such as Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
From March 2023 to March 2024, the Pyth Network saw some impressive growth. The number of active users shot up from 111 to 330, a whopping 197% increase. The network also expanded its blockchain support from 17 to 56, reflecting a 230% growth.
The volume of transactions secured by the network also saw a massive leap with a 1700% growth, from $4.8 billion a year ago to $87.1 billion in March 2024. Moreover, the cumulative volume secured over Pyth’s lifetime increased from 37,723 million to 299,441 million, which translates to a 694% increase.
The network also reported growth in its data provider base and the number of price feeds it offers. From March 2023 to March 2024, the count of data providers grew from 76 to 100, an increase of roughly 132%, with the current count reaching 102. The number of price feeds available through Pyth increased from 232 to 506, indicating a growth of about 118%.
Enhancing its data coverage, Pyth Network has recently welcomed Portofino Technologies to its community of data providers. Portofino Technologies is Swiss crypto-native technology startup specializing in market making, token services, and Web3 investments
These metrics highlight Pyth Network’s health as a DeFi oracle service. The network’s sustained growth in users, supported blockchains, and volume secured cements its position in the burgeoning DeFi sector.
Earlier in March, Pyth Network’s token surged to a record high as the Total Value Secured (TVS) within the ecosystem continues to rise. This surge propelled the token’s total market capitalization to over $1.2 billion, though it later settled back to $1.2 billion as of the latest update.
The Pyth Network’s growth is particularly noteworthy, given the platform’s role as a competitor to established oracle networks like Chainlink and Band Protocol. Pyth distinguishes itself by providing low-latency market data crucial for the operation of smart contracts and DeFi applications.
Source: Cryptocurrency - investing.com
