Pyth Network partners with neobank Revolut to port digital banking data into DeFi

Neobank Revolut has partnered with blockchain oracle firm Pyth Network to integrate digital banking data into decentralized finance (DeFi).

As part of the collaboration, Revolut will contribute data to Pyth’s oracle network, covering over 500 markets including foreign exchange, equities, and commodities. This data will be used to generate highly accurate and reliable price feeds for DeFi protocols.

The integration of Revolut's data into DeFi is expected to enhance the efficiency and accessibility of financial services. Revolut, known for its digital banking services, also operates a crypto exchange, though the volume data for the exchange is not publicly available.

Upon the announcement of the partnership, the PYTH token experienced a brief spike, but it later receded in tandem with the broader market trend. At the time of writing, the token's price has declined by 9% over the past 24 hours.

Pyth Network, a competitor to ChainLink in the oracle market, aims to provide accurate and decentralized price feeds for DeFi protocols. The project airdropped its native token (PYTH) in 2023 and has reportedly secured $7.5 billion in value on its oracle, as indicated by DefiLlama.

In addition to Revolut, Pyth also receives data from several crypto exchanges including Bitstamp, Bybit, and Binance, as well as trading firms such as Jane Street and Cumberland DRW.

ChainLink's market share for oracles has seen a decline since the advent of Pyth. In May 2021, ChainLink dominated the price data feed market with a 69% share, while Pyth had only 0.08%. However, those figures have since shifted, with ChainLink now holding a 52% market share and Pyth having acquired 11%.