Pyth Network Partners With Revolut in DeFi Data Sharing Deal

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What to know:

  • Revolut will provide Pyth with data for more than 500 markets including foreign exchange, equities and commodities.
  • The PYTH token spiked momentarily on the news but has since receded in line with the wider market, now down by 9% over the past 24 hours.

In simpler terms, the blockchain oracle company called Pyth Network is collaborating with the modern online bank named Revolut. Their goal is to transfer financial data from digital banking into the decentralized finance sector.

Revolut offers data on over 500 markets, which encompasses foreign exchange, stocks, and commodities. Additionally, Revolut operates a cryptocurrency exchange, but it does not disclose trading volumes publicly.

Initially, the value of the PYTH token surged due to recent news updates, but it has since returned to normal levels, following the general trend in the broader market. Over the last day, its value has decreased by approximately 9%.

In simpler terms, Pyth is going head-to-head with ChainLink, focusing on delivering precise pricing data for Decentralized Finance (DeFi) applications. This competition saw the introduction of its own token, PYTH, in the year 2023. As per DefiLlama, the value secured on Pyth’s oracle is approximately $7.5 billion.

Apart from receiving data directly from cryptocurrency exchanges like Bitstamp, Bybit, and Binance, Pyth also gets information from multiple trading companies including Jane Street, Cumberland DRW, among others.

Since the arrival of Pyth, ChainLink’s dominance in the oracle market has noticeably decreased. In May 2021, ChainLink accounted for a significant 69% of price data feeds while Pyth had a minimal 0.08%. However, as of now, their market positions have shifted considerably, with ChainLink controlling approximately 52% and Pyth accounting for around 11%.

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2025-01-08 20:08