As the crypto ecosystem continues its evolution, oracle networks like Pyth are laying the groundwork for the next generation of decentralized finance.

Led by Mike Cahill, CEO of Douro Labs, Pyth Network has been at the forefront of innovation, championing real-time data feeds that power DeFi applications across over 85 blockchains. In an exclusive interview for Coinage’s Crypto Project of the Year series, Cahill shared insights into Pyth’s mission, its achievements in 2024, and its ambitious roadmap for the future.

“Pyth is all about providing one of the pillars to create DeFi onchain,” Cahill explained, adding that finance at its core has three components: a price, an exchange, and settlement. Pyth delivers the price component, ensuring the fastest and best financial data is available for financial applications. As the project has grown, it's continued to eat into Chainlink's dominance.

Unlike traditional oracles, which prioritize trust at the expense of speed, Pyth has optimized both, leveraging first-party data directly from leading exchanges and trading firms. This approach has not only enhanced latency but also expanded Pyth’s applicability beyond crypto prices, creating a foundation for a global financial market where equities, bonds, and commodities can trade seamlessly on-chain.

2024 has been a transformative year for Pyth, marked by a 1,362% year-over-year growth in Total Transaction Volume (TTV), a key metric that highlights the real-world demand for Pyth’s data feeds. “A lot of people ask us, ‘At what point will you flip Chainlink?’ That’s something we did long ago with regards to the volume secured,” Cahill noted.

By looking at things from a perspective of Total Value Secured (TVS) to TTV underscores Pyth’s commitment to high-frequency, transaction-driven applications. “This thesis around having a global unified DeFi market is being validated,” Cahill said. “The growth from 3% to 9% of the on-chain perpetual market share, relative to centralized exchanges, has been all powered by this.”

In addition to growing its influence in perpetual trading, Pyth is actively expanding its symbol list, aiming to add another 600 symbols by the end of 2024, evenly weighted between crypto assets and U.S. equities. “Our goal is to offer tens of thousands of symbols to provide a unified layer that everyone has equitable access to,” Cahill said. “That’s transformational.”

As Pyth scales, its mission to democratize finance is taking shape in regions where access to traditional markets is limited. Cahill cited Nigeria as an example, where residents have disproportionate exposure to Bitcoin due to regulatory restrictions on other assets. “You can provide any instrument as long as you have that price feed,” he said.