Oracle Blockchain company Pyth Network has partnered with neobank Revolut to move digital banking data to decentralized finance (DeFi).
Revolut will provide data on more than 500 markets, including foreign exchange, stocks and commodities. Revolut also runs a crypto exchange although volume data is not published.
The PYTH token rose momentarily following the news, but has since pulled back in line with the broader market. It is now down 9% over the last 24 hours.
Pyth competes with ChainLink and aims to provide accurate pricing information for DeFi protocols. It airdropped its native token (PYTH) in 2023 and has $7.5 billion in value secured on its oracle, according to DefiLlama.
Pyth also receives data from crypto exchanges Bitstamp, Bybit and Binance as well as several trading companies such as Jane Street and Cumberland DRW.
ChainLink’s market share for oracles has declined since the emergence of Pyth; as of May 2021, ChainLink controlled 69% of price data feeds, compared to 0.08% for Pyth. These figures have now stabilized at 52% and 11% respectively.
