Pyth（Pyth）網絡性能更新：Q4 2024

Pyth（Pyth）是一個甲骨文網絡，旨在為加密貨幣，股票，外匯對，ETF和商品提供準確的價格。

Pyth (PYTH) is an oracle network that pulls prices for crypto, equities, forex, ETFs, and commodities. Oracle networks aggregate external data and make it available for onchain application use. Pyth is building 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:

Pyth（Pyth）是一個甲骨文網絡，可提取加密，股票，外匯，ETF和商品的價格。 Oracle網絡匯總了外部數據，並可以用於OnChain應用程序使用。 Pyth正在建立一個由第一方（主要來源和聚合器）數據提供商組成的網絡，並協調“拉動”甲骨文模型。該型號通過將更新費用向數據消費者（應用程序和開發人員）卸載，從而縮放了許多連鎖店的價格。 Pyth提供四個核心產品：

The integrity of Pyth’s data is dependent on its contributing publisher network, which comprises over 110 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 (97+ chains as of writing). For a full primer on Pyth, refer to our Initiation of Coverage report.

Pyth數據的完整性取決於其貢獻出版商網絡，該網絡包括來自全球交易所，貿易公司，做市商，機構和Defi的110多個數據提供商。一些著名的提供商包括簡街，CBOE全球市場，binance，Raydium，滲透，銀河系和0倍。 Pyth專注於使開發人員可在擴展的區塊鍊網絡列表（撰寫97多個鏈條）上使用。有關Pyth的完整入門，請參閱我們的覆蓋範圍報告。

Website / X (Twitter) / Discord

網站 / X（Twitter） / Discord

Total Transaction Value (TTV) provides a more precise measure of an oracle's activity by tracking the actual transaction volume it enables rather than just the value of secured assets. In contrast to Total Value Secured (TVS), which showcases the total crypto or fiat asset value locked in protocols that rely on an oracle for price feeds, TTV highlights the frequency and scale of transactions relying on an oracle's data—rendering it particularly relevant for high-frequency DeFi applications like DEXs and derivatives platforms. By integrating data from protocols that use Pyth, such as futures trading platforms, DEXs, and lending protocols, TTV offers a clearer picture of oracle demand, market share, and revenue potential in the evolving DeFi landscape.

總交易值（TTV）通過跟踪其啟用的實際交易量，而不僅僅是安全資產的值，從而提供了對甲骨文活動的更精確度量。與保證總價值（TVS）相反，該（TVS）展示了鎖定在依賴Oracle的價格提要的協議中的總加密貨幣或FIAT資產價值，TTV突出了依賴於Oracle數據的交易的頻率和規模，它與Dexs和Dexs和衍生品平台（如Dexs和衍生產品）特別相關。通過整合使用PYTH的協議的數據，例如期貨交易平台，DEX和貸款協議，TTV可以更清楚地了解甲骨文需求，市場份額以及不斷發展的Defi景觀中的收入潛力。

Total Transaction Value (TTV) in Q4'24 reached $175.2 billion, reflecting a 5.2% increase from $166.5 billion in Q3'24. Year-over-year, TTV saw a 459.1% surge, rising from $31.3 billion in Q4'23. This continued expansion highlights the persistent growth and ongoing demand for Pyth's oracle services, especially for transactional use cases within DeFi protocols. As TTV remains a relatively new metric, we will continue to evaluate it to track long-term trends in oracle activity and market adoption.

24 Q4'24的總交易價值（TTV）達到1752億美元，反映了5.2％的增長，比3'24 Q3'24的1665億美元增長。全年，TTV的增長幅度為459.1％，從第4季度的313億美元上升。這種持續的擴展凸顯了對Pyth Oracle服務的持續增長和持續的需求，尤其是對於Defi協議中的交易用例。由於TTV仍然是一個相對較新的指標，我們將繼續評估它，以跟踪甲骨文活動和市場採用的長期趨勢。

With Q4'24 marking the second quarter of reporting Total Transaction Value (TTV), its role as a key metric in evaluating oracle activity is becoming clearer. At the same time, Total Value Secured (TVS) remains an important measure of the sector's overall stability.

隨著Q4'24標記了報告總交易價值（TTV）的第二季度，其作為評估Oracle活動的關鍵指標的作用變得越來越清晰。同時，獲得的總價值（TVS）仍然是該行業總體穩定性的重要衡量標準。

Moving forward, we will continue to assess TTV and TVS on a quarterly basis, offering insights into both transaction volume and the value secured by top oracles. As TTV is increasingly adopted by the industry, TVS will still provide valuable context for tracking the broader oracle market.

向前邁進，我們將繼續每季度評估TTV和TVS，從而提供對交易量和頂級甲板所確保的價值的見解。由於該行業越來越多地採用了TTV，因此電視仍將為追踪更廣泛的甲骨文市場提供寶貴的背景。

Given Pyth's high-frequency transaction model, TTV remains particularly relevant in highlighting the real-time usage and network demand for Pyth's services.

鑑於Pyth的高頻交易模型，TTV在強調Pyth服務的實時使用和網絡需求方面仍然特別相關。

In Q4'24, Pyth maintained its lead in TTV, growing 5.2% QoQ from $166.5 billion to $175.2 billion, securing 41.0% of the total market share despite a 6.7 percentage point decline from Q3. Stork followed in second place, experiencing a 46.8% increase in TTV from $75.0 billion to $110.1 billion, strengthening its market position.

在第4季度，Pyth在TTV中保持領先地位，QOQ從1665億美元增長到1752億美元，儘管從第三季度下降了6.7個百分點，但仍獲得了總市場份額的41.0％。鸛緊隨其後的是，TTV從750億美元增加到1101億美元，增強了其市場地位，將其增長了46.8％。

Meanwhile, Edge recorded the largest quarterly TTV growth, surging 100.3% to $81.1 billion, overtaking Chainlink, which saw its TTV decline 8.5% from $66.4 billion to $60.8 billion. TWAP, a smaller oracle provider, faced the steepest drop, with TTV decreasing 91.5% QoQ from $757.9 million to $64.7 million.

同時，埃奇（Edge）記錄了最大的季度TTV增長，超過了100.3％至811億美元，超過了Chainlink，其TTV下降了8.5％，從664億美元降至608億美元。 Twap是一個較小的甲骨文提供商，面臨最大的下降，TTV從7.579億美元降低到6470萬美元，QOQ的91.5％降低了91.5％。

While TTV highlights Pyth's dominance in transaction volume, shifting focus to TVS, Pyth saw a 41.2% increase in TVS compared to the previous quarter, rising to $7.3 billion, placing it among the top three oracles by secured asset value. In contrast, Chainlink saw the largest TVS growth, surging 40.2% to reach $36.7 billion in Q4'24. Additionally, Chronicle and RedStone experienced TVS increases of 29.2% and 49.5%, respectively. However, WinkLink's TVS dropped by 11.6%, marking the only major decrease among top oracles.

儘管TTV突出了Pyth在交易量的統治地位，將重點轉移到電視上，但與上一季度相比，Pyth的電視增加了41.2％，並增加到73億美元，將其置於有擔保資產價值的前三名。相比之下，Chainlink的電視增長最大，在第4季度的40.2％上升了367億美元。此外，編年史和紅石經歷了29.2％和49.5％的電視。但是，Winklink的電視下降了11.6％，標誌著頂級甲板的唯一主要減少。

Overall, these shifts highlight diverging trends in the oracle space—T

總體而言，這些變化突出了Oracle空間中的不同趨勢