by Coinstrooper Crypto Articles
Quick Take
  • Pyth TVS reached $5.31 billion in Q2'25, rising 4.8% QoQ as most other oracles posted losses or flattened.
  • Pyth was one of only two networks to see growth over Q2.
  • Price updates rose to 648,240 in Q2'25, a 10.8% increase from the previous quarter.
  • This brought the cumulative update count to 759.1 million, continuing the long-term trend of organic growth across chains.

What Happened

Introduction

WINkLink was removed from this quarter’s comparison due to inconsistent data from DeFiLlama and limited coverage from other sources. Depending on data availability, it may be reintroduced or replaced in future reports.

Market Context

Price updates rose to 648,240 in Q2'25, a 10.8% increase from the previous quarter. This brought the cumulative update count to 759.1 million, continuing the long-term trend of organic growth across chains.

Pyth continues to expand its RWA coverage through 540+ Equities (UK, HK and JP), emerging market FX and IPO-day listings.

Pyth (PYTH) is an oracle network that aims to offer accurate prices for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities. Oracle networks aggregate external data and make it available for onchain application use. Pyth fosters a network of first-party (primary source and aggregator) data providers and coordinates a “pull” oracle model. This model scales price feeds across many chains and lowers network costs by offloading update fees to data consumers (applications and developers). Pyth offers four core products:

Price Feeds (live updates for smart contracts)

Benchmarks (historical market data)

Pyth Lazer (low-latency market data solution for centralized and decentralized trading venues)

The integrity of Pyth’s data is dependent on its contributing publisher network, which comprises over 124+ data providers from global exchanges, trading firms, market makers, institutions, and DeFi. A few notable providers include Jane Street, Cboe Global Markets, Binance, Raydium, Osmosis, Galaxy, and 0x. Pyth is focused on making financial market data available to developers on an expanding list of blockchain networks (104+ chains as of writing). For a full primer on Pyth, refer to our Initiation of Coverage report.

Starting in Q2 2025, Total Transaction Volume (TTV) will no longer be included as a primary metric in Pyth Network reporting. While TTV provided a useful perspective on transaction-level oracle usage, it has seen limited adoption across the industry and has been removed from external aggregators such as DefiLlama. In its place, reporting will focus on Total Value Secured (TVS), which will benefit from updated data sourcing methodologies to ensure consistency across time periods. These methodological changes may result in minor QoQ shifts in reported figures but will support greater accuracy and comparability moving forward.

Price Updates

As a pull oracle, Pyth’s demand is reflected by the volume of price updates it provides. In Pyth-secured applications, DeFi users initiate smart contract calls that simultaneously request the latest Pyth price data within the same transaction. This means that each time a DeFi protocol requires updated price information, a call is made to Pyth, and the oracle publishes a real-time price update directly within the transaction.

To capture the scale and responsiveness of Pyth’s infrastructure, we report two key metrics:

Why It Matters

PYTH staked in Oracle Integrity Staking reached 938 million, up 46.9% QoQ. The increase came shortly after Pyth’s May unlock, suggesting newly circulating tokens flowed into the staking program.

Details

Key Insights

Pyth TVS reached $5.31 billion in Q2'25, rising 4.8% QoQ as most other oracles posted losses or flattened. Pyth was one of only two networks to see growth over Q2.

Entropy processed 2.89 million requests in Q2'25, a 78.1% increase QoQ and the fifth straight quarter of growth. Revenue slightly declined to $31,971, reflecting wider use across lower-fee applications.

Express Relay (priority auction to eliminate MEV)

Pyth Entropy (secure random number generator)

Website / X / Discord

Key Metrics

Performance Analysis

Total Value Secured (TVS)

In Q2'25, Pyth Network secured $5.3 billion in TVS, up 4.8% QoQ from $5.1 billion in Q1'25. Despite a smaller absolute value relative to larger players, Pyth was one of only two major oracles to post positive growth during the quarter. Chainlink led in total secured value at $42.1 billion, up 58.8% QoQ. Chronicle fell 19.3% QoQ to $9.6 billion, while RedStone declined 4.8% QoQ to $6.4 billion.