Michael James, head of institutional commercial development at Douro Labs – the company that developed the Oracle Blockchain network at High Speed Pyth – told Cointelegraph that Oracle Networks as Pyth disrupted the financial data industry of 50 billion dollars which provides critical information to exchanges, brokerage, negotiation companies and other institutional entities.
In an interview with the 2025 consensus, the executive said that Pyth Network data traction model The distinctions of traditional pricing oracles, allowing customers to pay for data on demand, by reducing costs for institutions dependent on real -time market data.
According to the executive, the financial data industry is currently monopolized by approximately eight main suppliers who constantly increase the prices of customers. James added:
“These data suppliers have no competition in traditional finance, and they therefore have all the pricing power in the world. There is no substitutability; whether you are a banker or a coverage fund and you negotiate more or less – you must always buy this data for reasons of conformity.”
The high costs of financial data suffocate innovation and prohibit small and medium -sized enterprises to participate in the global financial services industry, to concentrate the sector more in the hands of a few major players and to prevent new cases of use from emerging.
In relation: The tokenization of assets should speed up capital flows, explains Nazarov de Chainlink
Pyth experienced significant growth in 2024
The Pyth Oracle network Provides real -time market data And price flows for cryptocurrencies, actions, currency exchange markets (Forex), basic products and rates.
In December 2024, Pyth announced the Launch of oil prices in real time On more than 80 blockchain networks.
Foods for real -time oil prices follow the data from West Texas Intermediate (WTI) and Brent Brut Oil, aggregating data from several sources and cleaning the path of energy derivatives and energy trading that takes place on blockchain rails.
Throughout 2024, Pyth Network has increased its secure total value (TVS), a metric which follows the quantity of capital secured by an Oracle network, 46 times.
According to data Defillama, Pyth is currently paying around 11.3% of the blockchain Oracle market, compared to around 10.8% of market share reported in September 2024.
Review: Ethereum destroys competition in the tradfi tokenization race of 16.1 t $