Pyth Network hits $500 billion in traded volumes

The growth of the Pyth Network is particularly noteworthy, given its role as a competitor to established oracle networks like Chainlink and Band Protocol. Pyth sets itself apart by offering low-latency market data, which is crucial for the efficient operation of smart contracts and DeFi applications.

Earlier in March, Pyth Network reported that the number of active users nearly tripled from 111 to 330. The network’s blockchain support also expanded from 17 to 56. The cumulative volume secured over Pyth’s lifetime increased from 37,723 million to 299,441 million.

The network’s data provider base grew from 76 to 100, an increase of 132%, with the current count at 102. The number of price feeds increased from 232 to 506.

Expanding its data coverage, Pyth Network has recently welcomed Keyrock to its community of data providers. With this collaboration, Keyrock will contribute its proprietary market data for crypto, FX pairs, commodities, and US equities to the Pyth oracle. Pyth Network aggregates its price data with up to 63 other first-party data providers, catering to DeFi applications across the EVM, Cosmos, Move, Bitcoin, and Solana ecosystems.

Keyrock’s participation in the Pyth Network enables it to expand its on-chain involvement in the DeFi space with minimal cost and risk. Integrating with Pyth as a data provider allows Keyrock to earn revenue from the data generated during their daily operations.

In less than a year, the Pyth Network has accumulated over $7.0 billion in locked value and now offers more than 400 real-time price feeds across various asset classes, including commodities, stocks, FX, cryptocurrencies, and recently, ETFs.

Pyth Network addresses a critical need by providing high-frequency financial market data, meeting the demand for precise and timely information among DeFi applications. It bridges the gap between on-chain and off-chain events through smart contracts that can be applied across any blockchain platform.