Pyth Network is pushing deeper into the more than $50 billion market for financial data, launching 24/7 index products across metals, oil, and U.S. equities as it positions its onchain price feeds against incumbents like Bloomberg.
Key Takeaways:
Pyth Network launched 24/7 indices for metals, oil, and U.S. equities, adopted by Coinbase and Kraken.Euronext, Fidelity, and Tradeweb now publish data via Pyth, challenging Bloomberg’s hold on a $50 billion market.Pyth Pro passed $1 million in annual recurring revenue, but converting institutions to paying clients remains the test.Early adopters include Coinbase, Kraken, Dydx, and Nado, Pyth said, with the products designed to give continuous reference prices for assets that historically traded only during set market hours. Mike Cahill, chief executive of Douro Labs, a key contributor to Pyth, said:
“Pyth Indices mark an inflection point in access to 24/7 markets, where ‘market close’ no longer means the end of trading.”
Challenging the TerminalThe network has also widened its coverage into areas that touch policy and macro trading, adding price feeds for major U.S. exchange-traded funds (ETFs), the United Kingdom’s top 100 public companies, Hong Kong and Chinese equities, and U.S. government economic data.
The institutional voices behind the indices echo the pitch. Boris Ilyevsky, head of derivatives at Coinbase, one of the venues adopting the new products, said “institutional-grade, 24/7 markets are becoming the standard” while John Palmer, Kraken’s global head of derivatives, said the indices “give us a continuous benchmark for assets where the underlying market doesn’t trade round the clock.”
Revenue and the PYTH TokenThe next test for Pyth is conversion and whether the institutions now publishing data and adopting its indices become paying customers at scale.
