back03 Aug 20234 min read
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Pythian’s Summer I Newsletter #44

This summer is starting to feel like a Pythian’s Summer. You may have noticed that it’s becoming more difficult to trade on-chain without using a #PoweredByPyth application. Intuition is one thing. In today’s newsletter, we’ll also dive into the hard numbers. The truth just might shock you.

Pyth Data on Linea and Evmos

Another summer month, another wave of blockchains integrating with Pyth oracles. Let’s take a closer look at our newest #PoweredByPyth members.

Linea is a zkEVM rollup network launched by Consensys offering groundbreaking user experience and scalability for Ethereum. Linea testnet was highly successful, boasting 5.4 million unique wallets supporting over 43 million transactions in just three months.

Evmos is an application-agnostic chain that is interoperable with Ethereum mainnet, EVM-compatible environments, and other BFT chains via IBC. Tashi Finance is a new decentralized money-market protocol on Evmos that now leverages Pyth prices.

The train won’t stop until all the world’s market data is flowing through Pyth and reaching every blockchain. This vision may sound far-fetched until you zoom out and view the ever-expanding ecosystem…

High-Fidelity Data for the Arbinauts

Since its founding, Pyth has been making waves across the DeFi ecosystem with a simple and profound goal: to liberate market data from its traditional walled garden for all blockchain developers. Pyth now provides over 300 permissionless, low-latency data feeds to more than 170 apps across 25+ chains.

Arbitrum, the leading Ethereum Layer 2 scaling solution, is one of those chains. Long-time followers may remember that Pyth’s pull oracles launched on Arbitrum on the day of its mainnet launch this January. You may recognize names like CAP Finance, Buffer Finance, Duet, Deri Protocol, and Vela Exchange—just some of the #PoweredByPyth dApps on Aribtrum.

The benefits speak for themselves. Since integration, CAP Finance added support for almost 30 additional markets and exceeded $2.5B in Trading Volume in less than six months.

#PoweredByPyth Applications

Every day, the #PoweredByPyth roster grows. Let’s recap our newest data users and updates from our long-time DeFi partners.

New dApps Using Pyth

  • Avantis, an upcoming decentralized exchange protocol on Optimism
  • ZeroLend, a premier decentralized lending protocol built on zkSync Era
  • FusionX, the community-built open-source DeFi ecosystem on Mantle
  • Lendle, innovative, non-custodial liquidity market on Mantle
  • Pinnako, a next-gen derivatives exchange on Mantle and zkSync Era
  • Magma Finance, an innovative AMM on Mantle using Pyth oracles to more efficiently price swaps
  • Tashi, a newly-launched borrow lending protocol on Evmos
  • Hover, a borrow/lending protocol, will be the first #PoweredByPyth dApp on Kava
  • Aether Protocol, an upcoming money market on Sei
  • Foxify, a decentralized trading platform offering peer-to-peer options and perpetual trading on Arbitrum

DeFi Partner Updates

Pythian Stats

A few editions ago, we published a newsletter called “It’s A Builder’s Market”. The title became a real-life case study.

In June 2022, Pyth secured $1.1B in value among DeFi and specifically the Solana ecosystem. The drop in total value towards the end of 2022 reflects the FTX-related crisis.

Despite this setback, Pyth’s contributors focused on supporting Solana as well as the wider DeFi ecosystem. Real-time data was critical for developers to build back stronger. Fast forward one year and the Pyth Network now secures over $1.1B in TVL—across more than 25 blockchains. This visual tells a tale of DeFi’s redemption and surging demand for Pyth data despite significant headwinds and systemic obstacles.

Concentration of Pyth data usage is another telling statistic. We’re pleased to see Pyth become the go-to, primary market data oracle for so many high throughput specialist blockchains. Even long-established chains such as BNB Chain and Optimism are embracing Pyth prices for TVL-focused services. While TVL is not the only indicator of on-chain activity, it is an important sign of adoption as it represents value-at-stake.

Another interesting visualization is the average daily price updates. Every price delivery by Pyth to a blockchain is specifically requested and paid for by an application or ecosystem participant. This metric serves as a great indicator of Pyth's adoption and potential fee-based revenue, depending on future governance decisions regarding fee structures for price updates. Readers can expect more announcements on governance and voting soon.

The Move ecosystem has been leading the pack in Pyth data consumption. The astute reader may recall the deployment of an automated price scheduler with chains like Aptos. The future is rife with opportunity. To quote one of the many prophetesses of Delphi: “It Will Happen”.

We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.

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