Pyth Network Market Share Up 120% YTD, Closing Gap on Chainlink

With over $4.9B in Total Value Secured across 211 protocols, Pyth is gaining ground on Chainlink, the market leader.

Published: Aug 30, 2024 at 16:15
Edited: Nov 25, 2024 at 15:05

Pyth Network, a Solana-based oracle, has enjoyed consistent growth throughout 2024.

Relied upon by key Solana protocols like Jupiter, Kamino Finance, and Drift Protocol, Pyth has greatly benefitted from Solana’s growing DeFi ecosystem.

Pyth Market Share Climbs to 10.85%

Despite witnessing steady growth throughout the year, Pyth Network has been one of the Solana network’s unsung heroes. Over 200 blockchain applications now use Pyth Network to manage their applications and ensure accurate data.

Pyth TVS

Pyth Network opened the year with just over $1.73B in Total Value Secured (TVS). Since then, Pyth has continuously been integrated into more protocols, like Save Finance and Synthetix, steadily bringing Pyth TVS up to $4.97B, a 187% YTD increase based on DeFiLlama data.

pyth market share

During this time, Pyth Network has steadily gained market share on Chainlink, the sector leader. Since the beginning of 2024, Pyth Network market share in terms of TVS has increased by 120%, rising from 4.93% to currently sit at 10.85%.

In contrast, market leader Chainlink’s grip on the oracle market is slipping. Crypto’s biggest oracle’s TVS dominance has dropped from 48.64% to 45.75%

Pyth Network owes much of its TVS growth to the rise of Kamino Finance, Solana’s largest lending market. According to DefiLlama data, Kamino currently accounts for 27.06% of Pyth’s recorded TVS, with Jupiter’s perpetual markets coming in second at 13.7%.

Sony Chooses Pyth For Real-Time Price Data on New Blockchain

Sony Group, the household company behind some of the world’s biggest brands, recently announced a collaboration with Pyth Network. Sony opted to leverage Pyth’s price feeds to drive DeFi on Soneium, the Web2 giant’s new blockchain.

In a statement, Sony Group contended that Pyth will be Sonieum’s “key infrastructure provider”, believing the oracle’s “integration into Soneium will provide developers with the reliable, real-time data they need to build robust and efficient decentralized applications.”

By choosing Pyth Network as an infrastructure provider, Sony has boosted Pyth’s credibility and standing among Web2 companies. This may be significant development moving forward as other Web2 brands explore the possibility of bringing their business onchain.

Unfortunately for $PYTH holders, Sony’s announcement didn’t have a dramatic impact in the markets. Like much of the crypto market, $PYTH has been in a steady downtrend since its March high of $1.06. Based on Step Finance data, $PYTH is currently down 9.67% over the last seven days.

On top of declining prices, $PYTH is also facing a diminishing staking rate. Based on Dune Analytics data at press time, the amount of staked $PYTH in proportion to its circulating supply has dropped from 30.43% to 16.54% over the last three weeks.