High-speed oracles disrupting $50B finance data industry — Web3 Exec
Michael James, head of institutional business development at Douro Labs, stated that oracle networks like Pyth are transforming the $50 billion financial data industry by providing critical price information to exchanges and trading firms. Pyth Network's data pull model allows customers to pay for data on demand, reducing costs for institutions needing real-time market data. The financial data industry is dominated by eight major providers, which limits competition and raises prices arbitrarily. High data costs hinder innovation and restrict small to medium-sized businesses from entering the financial services sector. In 2024, Pyth launched real-time oil pricing data on over 80 blockchain networks, tracking West Texas Intermediate and Brent Crude Oil prices. The network's total value secured increased 46-fold throughout 2024, capturing approximately 11.3% of the blockchain oracle market.
