Pyth Network（Pyth）在2025年將有多強？

讓我們直接跳入，ChainLink（link）已經統治了區塊鏈甲骨文一段時間。但是Pyth網絡或Pyth為皇冠做出了大膽的舉動。

Chainlink (LINK) has dominated the blockchain oracle scene for some time now, but Pyth Network (PYTH) is making a bold move for the crown. With millisecond-level latency and a focus on derivatives through its Pyth Lazer offering, Pyth is redefining DeFi’s algorithmic trading game. While Chainlink leans on institutional trust, Pyth’s speed and precision are winning over a new generation of traders. Can Chainlink keep up? Today we look into how strong Pyth Network (PYTH) will be in 2025.

ChainLink（Link）已經在區塊鏈甲骨文的場景中佔據了一段時間，但是Pyth Network（Pyth）正在為皇冠做出大膽的舉動。憑藉其Pyth Lazer產品，Pyth重新定義了Defi的算法交易遊戲，並通過其Pyth Lazer提供了毫秒級別的潛伏期。儘管ChainLink依靠機構信任，但Pyth的速度和精度正在贏得新一代交易者的勝利。 Chainlink可以跟上嗎？今天，我們研究了2025年強大的Pyth網絡（Pyth）。

In 2024, Chainlink handled a staggering $18.2+ trillion in Total Transaction Enabled (TTE), while Pyth surpassed the $1 trillion mark in Total Transaction Volume (TTV). While the former measures the quantity of transactions processed, the latter only concerns the total monetary value of those transactions. Whatever the case, these numbers point to Chainlink’s dominant role in the oracle market, with Pyth making impressive strides of its own.

在2024年，ChainLink在啟用總交所（TTE）中處理了驚人的$ 18.2+萬億美元，而Pyth的總交易量（TTV）超過了1萬億美元。前者衡量處理的交易數量，而後者僅涉及這些交易的總貨幣價值。無論如何，這些數字都表明Chainlink在甲骨文市場中的主要作用，而Pyth則取得了令人印象深刻的進步。

DeFi 2.0 refers to “a subset of emerging protocols building on top of initial DeFi money LEGOs to advance the current DeFi landscape, primarily in the form of liquidity provisioning and incentivization.” DeFi 2.0 doesn’t have time for yesterday’s tech. This is why Pyth is racing ahead, catering to traders who need data faster. For Chainlink, some might say the ground is shifting beneath its feet. The real question isn’t who wins — it’s how many seconds Pyth needs to make “decentralized oracle” mean something.

DEFI 2.0是指“基於初始Defi Money Legos之外建立的新興協議的子集，以推動當前的Defi景觀，主要是以流動性提供和激勵的形式。” Defi 2.0沒有時間昨天的技術。這就是為什麼Pyth競爭前進的原因，迎合需要數據更快的交易者的需求。對於Chainlink來說，有人可能會說地面正在腳下移動。真正的問題不是誰贏了，這是Pyth需要多少秒才能使“分散甲骨文”意味著什麼。

Speed Matters — Especially When Money’s on the LineChainlink’s defenders will tout its $35.527 billion in Total Value Secured (TVS) (DefiLlama) as impressive. No doubt. But the truth is, it’s becoming a relic of DeFi 1.0. Today’s market cares less about static metrics and more about real-world utility.

速度很重要 - 尤其是在Linechainlink的防守者身上的金錢將其355.27億美元的總價值（TVS）（Defillama）吹捧為令人印象深刻的時候。無疑。但事實是，它已成為Defi 1.0的遺物。當今的市場不關心靜態指標，而更多地關心現實世界實用程序。

Take Drift Protocol, for example. Its traders prioritize Pyth’s 400-millisecond price updates, powering efficient trades and over $100 million in daily volume — as of February 2024. This year, speed and reliability matter more to derivatives traders than TVS in a DeFi space that rewards performance over old benchmarks.

以漂移協議為例。其交易者優先考慮Pyth的400毫秒價格更新，為有效的交易和超過1億美元的每日交易提供動力- 截至2024年2月。今年，速度和可靠性對衍生品交易者而言，比在Defi領域的衍生品交易者更重要，而在Defi空間中，獎勵性能比舊基準分析相比。

In March 2024, Bitcoin experienced major volatility, leading to a rapid price decline. During this period, Pyth’s price feeds updated approximately 3.33 times per second, providing timely data to protocols utilizing their services. In contrast, Chainlink’s feeds, operating on a push model with updates occurring either every hour or upon a 0.5% price deviation — a vulnerability pointed out in Altcoin Daily’s 42k-view analysis — may not have provided data as promptly during the rapid market movements.

2024年3月，比特幣經歷了重大波動，導致價格迅速下降。在此期間，Pyth的價格提要更新約3.33次，從而為使用其服務的協議提供了及時的數據。相比之下，Chainlink的提要是在推動模型上運行的，每小時或價格偏差為0.5％的更新（在Altcoin Daily的42k-view分析中指出的漏洞）可能在快速市場上的迅速提供數據。

This discrepancy exposes a potential misalignment between Chainlink’s current push model and the demands of high-frequency trading. Recent advancements, such as Chainlink’s Data Streams, have since addressed these issues, offering pull-based, low-latency, high-frequency data updates.

這種差異揭示了連鎖鏈接當前的推動模型與高頻交易需求之間的潛在錯位。此後，最近的進步（例如Chainlink的數據流）已經解決了這些問題，提供了基於拉力的低延遲，高頻數據更新。

When it comes to Oracle models, TTV vs. TVS, Pyth and Chainlink are playing very different games. Pyth’s TTV approach, monetizing per oracle call, has fueled its growth, with over $800 billion in on-chain traded volume. Meanwhile, Chainlink’s TVS model secured $35.681 billion in assets, offering steady fees but raising questions about scalability. As both networks expand, Pyth’s rapid adoption — growing its secured value 46-fold in just nine months during 2024 — signals it may soon pose a serious challenge to Chainlink’s dominance.

當涉及到Oracle模型，TTV與TVS，Pyth和Chainlink的遊戲非常不同。 Pyth的TTV方法，每日貨幣化的貨幣化，促進了其增長，並以超過8000億美元的鏈上交易量增加了增長。同時，Chainlink的電視型號獲得了356.81億美元的資產，提供了穩定的費用，但提出了有關可伸縮性的疑問。隨著兩個網絡的擴大，Pyth的迅速採用 - 在2024年僅九個月內將其有擔保價值增長了46倍 - 這可能很快可能對Chainlink的統治地構成嚴重的挑戰。

So, why is TTV > TVS?

那麼，為什麼TTV>電視？

TVS shows what’s locked, but TTV shows what’s happening—how often, how fast, and how efficiently DeFi moves.

TVS顯示了鎖定的內容，但TTV顯示了正在發生的事情 - 通常如何有效地進行移動的速度和效率。

Who Will Survive the Regulatory Squeeze?Chainlink is thriving under the 2025 regulatory spotlight. With its Privacy Suite it aligns neatly with MiCA rules. Add to this the strong partnership with SWIFT and things are continuously looking up. On the flip side, Pyth’s heavy reliance on DeFi platforms linked to perpetual trading could spell trouble. With the CFTC cracking down on such sectors, Pyth’s growth hangs in the balance, vulnerable to sudden regulatory shifts.

誰將在監管擠壓中倖存下來？在2025年的監管聚光燈下，連鎖鏈接正在蓬勃發展。憑藉其隱私套件，它與雲母規則保持一致。除此之外，與Swift的牢固合作夥伴關係，事情正在不斷查找。另一方面，Pyth對與永久交易相關的Defi平台的嚴重依賴可能會帶來麻煩。隨著CFTC在此類部門的破裂，Pyth的生長懸而未決，容易受到突然的監管轉移的影響。

Chainlink’s 2024–2025 milestones include collaborations with DTCC, Euroclear, and Swift, as well as Chainlink’s Runtime Environment launch to streamline multi-chain development. Sergey Nazarov predicts 2025 as the year of capital markets adoption, with governments and central banks adopting blockchain standards.

Chainlink的2024–2025里程碑包括與DTCC，Euroclear和Swift的合作，以及Chainlink的運行時環境，以簡化多鏈開發。謝爾蓋·納扎羅夫（Sergey Nazarov）預測2025年是資本市場採用的一年，政府和中央銀行採用區塊鏈標準。

Chainlink isn’t out of regulatory hot water just yet. If the SEC slaps LINK with a “security

連鎖鏈接尚未超出監管熱水。 SEC與“安全性”鏈接