Michael James, head of institutional business development at Douro Labs-Firma, who developed a speedy blockchain Network Pyth, said CointeLgraph that Oracle networks, such as Pyth, disturb the financial data industry with a value of $ 50 billion, which provides critical price information to stock exchanges, intermediaries, commercial and other institutional entities.
In an interview with Conszensus 2025, the director said that the Pyth Network data download model distinguishes them from customary price oracles, enabling customers to pay data on demand, reducing the costs of institutions dependent on market data in real time.
According to the director, the financial data industry is currently monopolized by about eight main suppliers who are constantly raising the prices of customers arbitrarily. James added:
“These data providers do not have competition in traditional finances, so they have all the price power in the world. It is not possible to replace; regardless of whether you are a banker or a hedge fund and you trade more or less – you still need to buy this data for conformity.”
The high costs of financial data suppress innovations and prohibit compact and medium -sized companies participating in the global financial services industry, additionally concentrating the sector in the hands of several vast players and preventing the creation of modern cases of employ.
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Pyth has a significant raise in 2024.
Pyc Oracle Network provides market and price data in real time for cryptocurrencies, shares, foreign currency exchange markets (forex), goods and rates.
In December 2024, Pyth announced the introduction of price data in real time in over 80 blockchain networks.
Feeding oil prices in real time track data from West Texas Intermedate (WTI) and Brent oil, aggregating data from many sources and deleting the path of energy derivative instruments and energy trade on blockchain rails.
Throughout 2024, Pyth Network increased the total secured value (TVS), an indicator that tracks the amount of capital secured by the Oracle network, 46 times.
According to data The Pyth is currently commanded by around 11.3% of the Oracle Blockchain market, compared to about 10.8% of the market share in September 2024.
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