Pyth Network surpasses Chainlink with groundbreaking real-time data solutions

Partnerships with TON and Sony, the record-breaking $36 billion transaction volume, innovative multi-chain strategies, and the transformative potential of Express Relay for DeFi protocols - Pyth Network's groundbreaking advancements in blockchain infrastructure took center stage during episode 22 of #LetsTalkCrypto AMA with Ande Zheng, Events Lead at Pyth Data Association.

Here are the takeaways from this epic AMA session.

John from LetsExchange: Pyth Network has recently surpassed Chainlink in 30-day transaction volume. What factors do you attribute to this achievement? How do you plan to maintain this momentum?

Ande Zheng: Pyth is built for high-frequency trading protocols, with prices updating every 400 milliseconds. This infrastructure supports activities that weren’t possible on-chain a few years ago. Our focus on high-frequency data feeds and expanding price feeds has been crucial. As the market grows, we plan to keep innovating and supporting DeFi protocols.

John from LetsExchange: Can you elaborate on the significance of VanEck launching a Pyth ETN in Europe and how it impacts Pyth Network's growth and adoption?

Ande Zheng: The ETN launch signals traditional finance's growing interest in DeFi. It brings more attention from mainstream investors and highlights the relevance of blockchain-based solutions. While Pyth didn’t directly issue the ETN, it shows how traditional finance and DeFi are converging, benefiting the ecosystem as a whole.

John from LetsExchange: Can you explain the significance of the newly launched Redemption Rate Feeds (RRF) and how they improve upon traditional price feeds in the DeFi ecosystem?

Ande Zheng: The RRFs provide exact valuations for liquid staking tokens and yield-bearing assets, unlike traditional price feeds offering estimated values. This is particularly critical for DeFi platforms, enabling precise valuations and reducing risks for builders and traders alike.

John from LetsExchange: What are the expected outcomes of Pyth Network's collaboration with TON to enhance real-time data feeds for gaming and DeFi sectors?

Ande Zheng: Integrating Pyth's oracle services into the TON blockchain gives developers access to high-fidelity, real-time data feeds. This integration is expected to enhance the development of decentralized applications (dApps) within the TON ecosystem, particularly in the gaming and DeFi sectors, by offering reliable and precise data essential for building advanced services.

Carl (community question): How does Pyth manage scaling across multiple blockchains so effectively?

Ande Zheng: Pyth uses PythNet, a Solana fork, to centralize price updates and aggregations. Prices are updated every 400 milliseconds and broadcasted to multiple blockchains like EVM, Cosmos, and Bitcoin ecosystems. This setup eliminates the need to manage updates on each chain, making scaling and expansion efficient and seamless, such as the recent Hyper-EVM integration.

Snake (community question): Can you share real-world applications where Pyth’s low-latency data has made a significant impact?

Ande Zheng: Pyth’s data powers perpetual trading protocols like Synthetix, lending platforms to avoid liquidations, and prediction markets like Polymarket. For example, during the US election, Polymarket relied on Pyth for real-time updates. Pyth also supports traditional assets like stocks and commodities, enabling diverse and innovative use cases.

These are just the main highlights of the AMA session. To learn more about Pyth, listen to the full AMA.