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Investing.com – Pyth Network, a provider of real-time market data for the DeFi market, has reported an impressive milestone by securing over $7 billion in valuation, making it a go-to source for real-time price data for Blockchain makes developers on over 50 blockchain platforms. This represents a significant recovery from a decline to below $400 million in 2023.
The upswing comes with significant inflows across Pyth-protected networks, including major players such as Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix and Jupiter Perpetual.
From March 2023 to March 2024, the Pyth network experienced impressive growth. The number of active users increased from 111 to 330, a whopping 197% increase. The network also expanded its blockchain support from 17 to 56, representing a growth of 230%.
The volume of transactions secured by the network also saw a massive jump with a growth of 1700%, from $4.8 billion a year ago to $87.1 billion in March 2024. Furthermore, the cumulative volume increased, secured over the lifetime of Pyth, from 37,723 million to 299,441 million, an increase of 694%.
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 number of data providers increased from 76 to 100, an increase of approximately 132%, with the current number reaching 102. The number of price feeds available through Pyth increased from 232 to 506, representing growth of approximately 118%.
To expand its data coverage, Pyth Network recently added Portofino Technologies to its community of data providers. Portofino Technologies is a Swiss crypto native technology startup specializing in market making, token services and Web3 investments
These metrics highlight Pyth Network’s status as a DeFi oracle service. The network's continued growth in users, supported blockchains, and secured volume solidifies its position in the emerging DeFi sector.
In early March, the Pyth Network token rose to a record high as the Total Value Secured (TVS) within the ecosystem continues to rise. This increase pushed the token's total market cap to over $1.2 billion, but it settled back down to $1.2 billion after the last update.
The growth of the Pyth network is particularly notable as the platform represents competition to established oracle networks such as Chainlink and Band Protocol. Pyth excels at providing low-latency market data, which is critical to the operation of smart contracts and DeFi applications.
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