Michael James, the top of the institutional business development at Douro Labs-DEN, which the Pyth High-Speed Blockchain Oracle Network developed to CoinTelegraph that Oracle networks akin to Pyth disturb the $ 50 billion finance database, which the exchanges, broker, trading corporations and other institutional Delivers critical price information.
In an interview with Consensus 2025, the managing director announced that Pyth Network's data pull model distinguishes it from conventional pricing, in order that customers pays data on Demand, which reduces the prices of institutions that depend on real-time market data.
Differences between pull and push models in Oracle systems. Source: Pyth Network
According to the chief, the financial data industry is currently monopolized by around eight large providers who arbitrarily increase prices for purchasers. James added:
“These data providers haven’t any competition in traditional financing and due to this fact have the whole low-cost power of the world. There is not any substitability; whether or not they are a banking or hedge fund and are kind of acting – they still should buy this data for reasons of conformity.”
The high costs for financial data suppress innovation and prohibit small to medium -sized corporations to participate in the worldwide financial services industry, which further concentrates the sector within the hands of some large actors and forestall latest applications.
Pyth has a big growth in 2024
The Pyth Oracle Network offers real-time market data and price regulations for cryptocurrencies, stocks, foreign currency markets (forex), raw materials and rates of interest.
In December 2024, Pyth announced the beginning of real-time oil price data in over 80 blockchain networks.
The real-time oil price feeds pursue data from West Texas Intermediate (WTI) and Brent Rohöl, aggregate the info from several sources and solved the trail for instruments for energy and energy trade for blockchain rails.
Throughout the yr 2024, the Pyth Network increased its total value (TVS), a metric that pursues 46 times the capital secured by an Oracle network.
According to Defillama data, Pyth currently has around 11.3% of the Blockchain -Oracle market, in comparison with the market share of around 10.8% reported in September 2024.
