Pyth Network Collaborates with Revolut for Enhanced DeFi Data Sharing

Overview

Pyth Network, a blockchain oracle firm, has joined forces with the neobank Revolut to enhance the integration of digital banking data into decentralized finance (DeFi).

Key Points

Market Data: Revolut is set to supply Pyth with data spanning over 500 markets, covering foreign exchange, equities, and commodities.
Token Performance: The PYTH token saw a brief surge upon the announcement but has since dropped by 9%, mirroring broader market trends.

Market Context

Pyth competes in the oracle space primarily with ChainLink, striving to deliver precise price feeds for DeFi protocols. The native PYTH token was airdropped in 2023 and currently secures $7.5 billion in assets per data from DefiLlama.

The network also gathers data from notable crypto exchanges like Bitstamp, Bybit, and Binance, along with trading firms such as Jane Street and Cumberland DRW.

Market share dynamics indicate a decrease for ChainLink's influence in the oracle sector since Pyth's emergence, evolving from a 69% share in May 2021 to 52% recently, while Pyth's share grew from 0.08% to 11%.