Pyth’s total value secured (TVS) increased 15.6% QoQ from $5.31 billion at Q2-end to $6.14 billion at Q3-end, its second consecutive quarter of growth.
Average daily price updates increased 7.6% QoQ to 675,100 in Q3 from 627,400 in Q2. Cumulative price updates reached 822.0 million at the end of Q3, up 8.3% QoQ from 759.1 million.
In Q3, Entropy processed 4.22 million randomness requests across EVM chains, up 1.3% QoQ from 4.17 million, while Entropy revenue increased 5.7% from $32,000 to $33,800.
On Sept. 24, Pyth launched Pyth Pro, a data service for institutions that delivers 1ms updates across more than 2,200 price feeds, including crypto, equities, futures, and interest rates.
Pyth expanded its RWA coverage in Q3. In September, they partnered with Blue Ocean Technologies, an off-market hours U.S. equities trading platform, to publish overnight U.S. equity prices onchain, andthe U.S. Department of Commerce to publish GDP data onchain.
Primer
Pyth (PYTH) is an oracle network that provides price data on cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities to onchain applications by sourcing it from offchain venues such as exchanges and trading platforms. Pyth coordinates a network of first-party data providers, including primary sources and aggregators, and uses a pull oracle model, where user transactions trigger price updates on the destination blockchain, and users cover the associated update fees.
Pyth offers three core products: price feeds, Entropy, a random number generator service for onchain applications, and Express Relay, an offchain auction-based execution system. Price feeds have update frequencies up to 1ms in two versions: Pyth Core, its original public price feed, and Pyth Pro, a subscription-based price feed for institutions (previously known as Pyth Lazer). Pyth price feeds also include benchmarks, which provide historical price data. Pyth’s data integrity relies on over 127 data providers, including global exchanges, trading firms, and market makers. Notable data providers include Jane Street (trading firm), Cboe Global Markets (exchange), Binance (CEX), Raydium (DEX), Osmosis (DEX), Galaxy (asset manager), and 0x (infrastructure provider). Pyth delivers financial market data to over 112 blockchains. For a full primer on Pyth, refer to our Initiation of Coverage report.
Pyth total value secured (TVS) rose 15.6% QoQ ($831.3 million) from $5.31 billion at Q2-end to $6.14 billion at Q3-end. All major oracle networks recorded TVS growth during Q3, as Chainlink led with $66.3 billion at Q3-end, up 57.6% QoQ ($24.2 billion) from $42.1 billion. Chronicle followed with $8.6 billion at Q3-end, rising 31.0% ($2.0 billion) QoQ from $6.6 billion, while RedStone had $7.1 billion, a 38.8% ($2.0 billion) QoQ increase from $5.1 billion in the same time frame. Out of the top four oracles by TVS, Pyth held a 7.0% market share at Q3-end, down from 9.0% at Q2-end, which trailed Chainlink (75.2%), Chronicle (9.8%), and RedStone (8.1%). Pyth’s Aug. 16 partnership with Kinto to supply over 500 price feeds to its Arbitrum-based L2 ecosystem contributed to the TVS increase, alongside steady demand from existing integrations. Notably, WINkLink remains excluded from the comparison due to inconsistent reporting on DefiLlama and limited external coverage.
Price Updates
Pyth operates as a pull or push oracle, depending on a user’s required use case. The pull integration is the default choice for most applications and publishes price updates in response to application-level requests. When a user transaction calls a smart contract secured by Pyth, the network delivers the requested price update within the same transaction. This mechanism minimizes latency, allowing applications to retrieve fresh data without incurring ongoing publishing costs.
In Q3, Pyth processed an average of 675,100 daily price updates, a 7.6% QoQ increase from 627,400 in Q2. The steady rise in update frequency shows sustained onchain demand across integrated applications and Pyth’s position as a high-throughput oracle network.
Cumulative price updates reached 822.0 million, up 8.3% QoQ from 759.1 million. The continued increase reflects broader adoption at the application level and sustained activity across supported ecosystems.
The Pyth Data association operates the Pyth Scheduler, an offchain service that submits sponsored price updates at regular intervals. Applications that need consistent, time-based pricing typically use these sponsored updates.
Pyth data providers publish price data on Pythnet, an oracle program then combines the individual data providers' prices into a single aggregate price and confidence interval, which Pythnet validators submit to Wormhole. Wormhole guardians, a set of 19 distributed nodes that monitor the state on several blockchains, sign the Merkle root of the aggregated prices. Applications retrieve these signed price updates through Hermes, a web service that monitors Pythnet and Wormhole and delivers the updates through APIs.
When a user requires a price update in a transaction, the onchain contract verifies it by checking the Guardian signatures and Merkle proofs before storing the price. To verify the price update, the contract requires signatures from at least 13 of the 19 guardian nodes.
Non-sponsored updates are manually triggered and submitted directly by protocols without fixed scheduling. These transactions offer greater control for applications that prefer to request price data on demand, often in response to specific events or user activity.
Atomic updates use a reduced set of Guardian signatures, five or fewer, to support atomic execution paths that require a price update and the consuming transaction to occur together. They are less common and used in cases where latency or execution order matters more than complete verification.
In Q3, Pyth processed 6.6 million sponsored updates on Solana, down 25.2% from 8.8 million in Q2. Non-sponsored updates increased 18.9% QoQ to 6.3 million, up from 5.3 million, while atomic updates declined 30.4% QoQ from 39,600 to 27,600. The decline in scheduled, verified updates alongside growth in manual, on-demand requests shows that protocols are shifting toward non-sponsored transactions. September 2025 marked the first time since September 2024 that daily non-sponsored updates exceeded sponsored updates for four consecutive days, reflecting a rising demand for one-off, transaction-triggered price updates over predefined scheduled requests.
Entropy
Pyth Entropy provides developers with a way to generate secure, verifiable random numbers onchain, using a two-party randomness mechanism to support applications that require unpredictability, such as NFT mints or games.
In Entropy, randomness is generated offchain and returned onchain in two steps: a smart contract requests a random number and defines a callback function, then a second transaction delivers the random value and its cryptographic proof by executing the callback. On Aug. 1, Pyth launched Entropy V2, an upgrade to its onchain randomness protocol. Entropy V2 lets developers set custom gas limits for callbacks, supporting operations that require more computational resources. Pyth also announced the development of a new Entropy Explorer, expected in Q4 2025, that will report details about randomness requests, including success rates, gas usage, and failure reasons.
In Q3, Entropy processed 4.22 million requests on EVM chains (Optimism, Base, Arbitrum, Blast, and Mode), up 1.3% from 4.17 million in Q2. Revenue increased 5.7% QoQ from $32,000 to $33,800. The increase in usage and revenue indicates sustained adoption across EVM chains and expanding use of Pyth’s randomness service.
RWA and Crypto Price Feeds
Pyth publishes price feeds across several asset classes, including equities, crypto, foreign exchange, interest rates, metals, and redemption rate products that track the conversion value of tokens redeemable for underlying assets, such as stablecoins or wrapped tokens. While crypto remains a key category, traditional and real-world asset coverage has grown significantly.
As of Sept. 30, equities accounted for 64.3% of all active price feeds with 1,430 listings. Crypto followed at 26.5% with 589 feeds, while crypto redemption rate feeds ranked third at 5.8% with 128. The concentration of feeds in equities and redemption products suggests rising demand for traditional financial data and deeper integration with traditional markets.
Express Relay on Solana (Kamino Usage)
Express Relay is Pyth Network’s offchain auction-based system that mitigates Maximum Extractable Value (MEV) in DeFi by removing miners and validators from transaction ordering. Instead of competing for block space, searchers bid in isolated, protocol-controlled auctions for the right to execute specific transactions, such as liquidations or swaps. The highest bidder wins execution rights and pays a tip, which is redirected to users or the protocol to recapture value otherwise lost to MEV.
Express Relay combines offchain auctions with onchain settlement contracts to manage bids and verify results. It also provides new DeFi protocols with access to an existing network of integrated searchers, reducing the need to build proprietary liquidation or execution systems.
On Dec. 4, 2024, Kamino Finance integrated Express Relay for Kamino Swap, their Solana-based trading platform. The integration demonstrated how Express Relay can lower execution costs by returning searcher tips directly to users.
In Q3, Kamino Swap processed $173.9 million in volume, up 104.0% from $85.3 million in Q2, and executed 8,862 orders, a 66.3% increase from 5,329 in Q2. The protocol and users received $30,780 in SOL-denominated searcher tips, a 26.3% decline from $41,780 in Q2.
The increase in volume outpaced growth in order count, indicating users executed larger trades on average, which reflects either a rise in participation from high-value traders or more frequent execution of larger orders. Despite a decline in total tips paid out, Express Relay sustained high trade volume and average order size, underscoring its role in improving execution and returning value to users.
Oracle Integrity Staking (OIS)
On Sept. 21, 2024, Pyth introduced Oracle Integrity Staking (OIS) to strengthen data reliability through economic alignment. The mechanism allows participants to stake PYTH tokens toward specific data publishers, linking financial incentives directly to data accuracy. Publishers earn rewards for reliable price submissions and face penalties for deviations, creating an incentive-based system that secures Pyth’s price feeds through active market participation.
As of Sept. 30, the total PYTH staked in OIS reached 948.5 million, up 1.1% QoQ from 938.0 million at the end of Q2. The increase followed a 46.9% surge in Q2, when the May 19 token unlock released 2.1 billion PYTH into circulation and drove a sharp rise in staking activity. The slower growth in Q3 indicates that staking participation stabilized following the Q2 surge driven by the May token unlock.
Qualitative Analysis
Pyth Pro
On Sept. 24, Pyth launched Pyth Pro, formerly Pyth Lazer, a permissioned service providing low-latency proprietary financial data for institutions. Pyth now offers three service tiers:
Pyth Crypto, a free service providing 1s update frequency on crypto assets with monthly additions of new tickers.
Pyth Crypto+, a $5,000 per month service providing 1ms update frequency on crypto assets with weekly additions of new tickers.
Pyth Pro, a $10,000 per month service with 1ms update frequency on over 2,200 price feeds, including crypto assets, equities, futures, commodities, and interest rates, with weekly additions of new tickers.
In Q3, Pyth Pro had 28 active subscribers, up from eight in Q2, indicating early institutional adoption and initial signs of product-market fit. Each subscriber’s monthly payment contributes to a growing and predictable revenue stream for the protocol, and as more institutions prioritize direct access to high-fidelity market data, Pyth Pro could see continued adoption beyond its early base.
Early access partners include Jump Trading Group and Jane Street. With a latency of up to 1ms and accuracy within 1.4 basis points, Pyth Pro offers an alternative to traditional data vendors.
Blue Ocean Partnership
On Sept. 25, Pyth partnered with Blue Ocean Technologies, a regulated alternative trading system that operates from 8 p.m. to 4 a.m. ET, Sunday through Thursday, to bring overnight U.S. equity data onchain and close the coverage gap during hours when domestic markets are offline but global markets remain active.
Through the agreement, Blue Ocean will act as a data publisher to Pyth, and Pyth will serve as the exclusive distributor of overnight U.S. equities data into DeFi protocols through the end of 2026. This data includes low-latency pricing for National Market System (NMS) equities during Blue Ocean’s overnight trading session and is now available onchain for dapps and institutional tools that rely on Pyth. The partnership marks Pyth’s first step into overnight equity trading hours and shows its expanding role in delivering data beyond traditional market windows.
U.S. Department of Commerce Partnership
On Sept. 4, the U.S. Department of Commerce began working with Pyth Network to pilot the onchain distribution of federal economic data, starting with quarterly GDP releases from the Bureau of Economic Analysis. Pyth will verify and publish the data across more than 100 supported blockchains, allowing open access through its oracle network. The partnership marks the first collaboration between a federal agency and a decentralized oracle to distribute verified macroeconomic data onchain. The initial release includes five years of historical GDP data.
Pyth also plans to broaden its economic coverage to include data feeds for wage growth, the Producer Price Index (PPI), personal consumption expenditures (PCE), the current account balance, the Purchasing Managers' Index (PMI), the Consumer Price Index (CPI), and employment figures. The partnership shows that the U.S. government and institutions are exploring verified public data delivery onchain, with Pyth acting as a publishing layer for both legacy and blockchain-based systems.
Additional Partnerships and Integrations
Chain Expansion
On Sept. 29, Pyth deployed on Plasma, a payment-focused L1, enabling builders to access Pyth price feeds, including XPL, stablecoins such as USDT, USDe, and GHO, and real-world asset feeds contributed by Centrifuge.
Trading Integrations
On Sept. 11, Avantis, a perpetual futures protocol for synthetic assets such as metals and commodities on Base, launched trading for Coinbase stock ($COIN) with up to 25x leverage using prices verified with Pyth data. Avantis also plans to integrate Pyth Pro to support RWA feeds. Aster also uses Pyth as their primary oracle for their 1001x leverage product for futures trading.
Other Integrations
On Sept. 3, Ozak AI, a financial intelligence protocol, integrated Pyth price feeds to power its onchain prediction agents and streaming tools. On Sept. 8, Sonic SVM, a Solana-based L2, integrated Pyth to deliver low-latency oracle data for builders on Solana. On Aug. 30, Auro Finance, an Aptos-based staking protocol, integrated Pyth to provide low-latency pricing on crypto assets.
Governance
PYTH is an SPL token on Solana used for governance, where holders can stake and vote on Pyth Improvement Proposals (PIPs), which guide protocol development and treasury decisions. PIPs fall into two categories: Constitutional, which require 67% approval and cover structural changes to the Pyth DAO, and Operational, which pass with a simple majority and manage council elections, treasury spending, and protocol upgrades. Stakers can delegate voting to the Pythian Council or Price Feed Council, responsible for executing approved Operational PIPs.
In Q2, Pyth passed no Constitutional PIPs and four Operational PIPs, as governance activity continued on Solana. The relevant proposals are listed below.
OP-PIP-77: Passed on July 3, this proposal removed one inactive Pythnet validator to preserve an efficient and active validator set.
OP-PIP-78: Passed on July 7, this proposal removed a second inactive Pythnet validator under the same rationale.
OP-PIP-79 and OP-PIP-80: Passed on July 9 and July 15, these proposals deployed Entropy V2 to mainnet. The upgrade added configurable gas limits, improved error reporting, and a streamlined developer API. OP-PIP-79 covered the implementation, while OP-PIP-80 served as the abstract.
Closing Summary
In Q3 2025, Pyth Network grew across core infrastructure metrics and expanded its institutional footprint, as their TVS increased 15.6% QoQ from $5.31 billion at Q2-end to $6.14 billion at Q3-end. Average daily price updates increased 7.6% QoQ to 675,100 in Q3 from 627,400 in Q2. As of Sept. 30, the total PYTH staked in OIS reached 948.5 million, up 1.1% QoQ from 938.0 million at the end of Q2.
On Sept. 24, the protocol launched Pyth Pro, a permissioned data service offering 1ms update frequency across more than 2,200 price feeds, including crypto assets, equities, futures, commodities, and interest rates, with weekly ticker additions. On Sept. 25, Pyth partnered with Blue Ocean Technologies to distribute off-market hour (8 p.m. to 4 a.m. ET) U.S. equity data onchain. On Sept. 4, the U.S. Department of Commerce began piloting onchain publication of federal economic data through Pyth, starting with an initial release that includes five years of historical GDP data from the Bureau of Economic Analysis.
These developments marked Pyth’s transition from a DeFi-focused oracle to a multi-asset financial data infrastructure network. The protocol now delivers low-latency pricing for crypto, equities, and macroeconomic indicators, and its data products now support both institutional clients and onchain applications. As adoption expands across new user groups and markets, Pyth is poised to deepen its reach and solidify its role as a core data layer for both traditional and onchain markets.
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Austin is a Sr. Research Analyst for Messari’s Protocol Services team. He focuses on Prediction Markets, DeFi, & Interop. protocols. He previously worked on PwC's Digital Assets team.
Austin is a Sr. Research Analyst for Messari’s Protocol Services team. He focuses on Prediction Markets, DeFi, & Interop. protocols. He previously worked on PwC's Digital Assets team.
