We’re looking at some interesting numbers this quarter, thanks to the folks at Messari who put together the “State of Pyth Q1 2025” report. Pyth, an oracle network that helps get real-world data onto blockchains, kept its spot as a top player in the first three months of 2025. It’s like that quiet kid in class who always aces the test, even when everyone else is struggling a bit.
- Pyth Network maintained its leading position in the oracle space in Q1 2025, demonstrating resilience despite slight dips in certain metrics. The network’s Total Transaction Value (TTV) remained significantly higher than the previous year, showcasing substantial growth.
- Pyth expanded its reach by integrating with new blockchains and introducing Pyth Lazer for ultra-fast data updates, catering to high-speed trading applications. The network also saw significant growth in Pyth Entropy, its random number generation service, indicating increasing demand for verifiable randomness on the blockchain.
- Pyth is increasingly bridging the gap between traditional finance and decentralized finance by offering a wider range of traditional asset feeds, including U.S. equities and Treasury rates. Furthermore, advancements like Pyth Express Relay are helping to mitigate MEV, benefiting users with reduced trading costs and increased transparency.
Think of an oracle network as a super-fast delivery service for information. It grabs prices for things like crypto, stocks, and even gold, then makes sure those numbers are available for decentralized applications (DeFi) to use. Pyth does this by working with a bunch of data providers, like exchanges and trading firms. They use a “pull” model, which means the applications themselves ask for the data when they need it, saving a bit on network fees. It’s a bit like ordering takeout only when you’re hungry, instead of having food delivered all day long.
Now, let’s talk about the big money numbers. Total Transaction Value (TTV) measures how much actual trading volume an oracle helps with. For Pyth, TTV hit $149.1 billion in Q1 2025. That was down a bit, about 14.9%, from the previous quarter. But get this: it was still a huge jump, 376.6% higher, than the same time last year. It’s like taking a small step back after a giant leap forward.
Pyth kept its lead in TTV, even with that dip. Its market share was 32.5%, down slightly. But here’s the kicker: Pyth did better than some of its main rivals. Chainlink, for example, saw a bigger drop, about 27.2%. So, while Pyth might have stumbled a little, others fell harder. It’s like a footrace where everyone slows down, but Pyth still crosses the line first.
Then there’s Total Value Secured (TVS), which is about how much value an oracle helps keep safe in different protocols. Pyth’s TVS went down just a tiny bit, 3.0%, to $7.15 billion. This was the smallest drop among the big oracle networks, and Pyth actually gained market share here. It’s like being in a tug-of-war and only losing an inch when everyone else is losing a foot. RedStone was the only major oracle that actually saw its TVS grow, which is pretty neat for them.
Pyth also expanded its reach, which is always a good sign. The network now supports over 100 different blockchains. They added new ones like Monad, HyperEVM, Sonic, TON, and Berachain. That’s a lot of new neighborhoods for Pyth to deliver its data to. More chains mean more places for developers to build cool stuff using Pyth’s information.
One of the big new things Pyth rolled out in Q1 was something called Pyth Lazer. This is for applications that need data updates super fast, like in milliseconds. Think of it as a special express lane for price feeds, perfect for things like perpetual futures trading or high-speed trading platforms. It helps reduce risks like front-running, which is when someone tries to jump ahead of your trade because they saw the market move a split second before you did. It’s like having a crystal ball, but for market prices, and it updates faster than you can blink.
Pyth Entropy, which helps developers get truly random numbers on the blockchain for things like NFT mints or games, also had a fantastic quarter. Requests for random numbers shot up by almost 480%, and the revenue from it jumped 140%. Who knew randomness could be so profitable? It just shows that people really need a fair roll of the dice in the digital world.
The network also got more serious about traditional assets, which is a big deal. Pyth now offers over 750 U.S. equity feeds, including a bunch of new ones from the Nasdaq and S&P 500. They even added U.S. Treasury Rate feeds, which is like bringing the bond market into the blockchain. And they’re looking at adding international stocks too, like the FTSE 100 and Hang Seng Index. It’s a clear sign that Pyth wants to bridge the gap between the old financial world and the new decentralized one.
On the user side, gas costs (the fees you pay to make transactions on a blockchain) generally went down across most EVM (Ethereum Virtual Machine) chains where Pyth operates. This is good news for users, as it means it’s cheaper to get Pyth updates. Arbitrum still had the highest total gas spending, but even there, costs fell quite a bit. It’s always nice when things get a little cheaper, isn’t it?
Pyth Express Relay, which helps reduce something called Maximal Extractable Value (MEV) in decentralized finance, also saw big growth. MEV is a bit like a hidden tax that can happen in crypto trading. Express Relay tries to fix this by letting “searchers” compete to execute orders, and they pay tips directly to users. On Kamino Finance, a Solana-based trading platform, this system processed $171 million in limit order volume, an 824% increase. Users got about $95,000 in tips, which is a pretty sweet deal. It’s like getting a rebate on your trading fees.
People are also getting more involved in securing Pyth’s data. Oracle Integrity Staking (OIS) lets people stake their PYTH tokens to support specific data publishers. This helps make sure the data is accurate. The amount of PYTH tokens staked in OIS shot up by 176.4% this quarter, reaching over 638 million PYTH. It shows a lot of trust in the system, which is always good to see.
Pyth also made some moves on the governance front. PYTH token holders can vote on important decisions for the network. They approved the deployment of Pyth Lazer on Solana and even created a new Community Council. They also approved a bunch of operational changes, including implementing Pyth update fees across eight different blockchains. It’s like a digital town hall meeting, but with real-world impact.
And for those who like to see what’s happening under the hood, Pyth launched its Insights Hub. This public dashboard gives real-time info on how well its price feeds and data publishers are doing. It’s all about transparency, letting anyone check on the accuracy, speed, and reliability of the data. It’s a good way to keep everyone honest and informed.
Pyth is even getting into the world of DeFAI, which mixes decentralized finance with artificial intelligence (AI). Pyth’s fast price feeds are being used in some early DeFAI tools. It’s still early days for this stuff, but it shows how Pyth is looking ahead to where finance and tech are going.
