Pyth Network（Pyth）在2025年将有多强？

让我们直接跳入，ChainLink（link）已经统治了区块链甲骨文一段时间。但是Pyth网络或Pyth为皇冠做出了大胆的举动。

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）已经在区块链甲骨文的场景中占据了一段时间，但是Pyth Network（Pyth）正在为皇冠做出大胆的举动。凭借其Pyth Lazer产品，Pyth重新定义了Defi的算法交易游戏，并通过其Pyth Lazer提供了毫秒级别的潜伏期。尽管ChainLink依靠机构信任，但Pyth的速度和精度正在赢得新一代交易者的胜利。 Chainlink可以跟上吗？今天，我们研究了2025年强大的Pyth网络（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在启用总交所（TTE）中处理了惊人的$ 18.2+万亿美元，而Pyth的总交易量（TTV）超过了1万亿美元。前者衡量处理的交易数量，而后者仅涉及这些交易的总货币价值。无论如何，这些数字都表明Chainlink在甲骨文市场中的主要作用，而Pyth则取得了令人印象深刻的进步。

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“基于初始Defi Money Legos之外建立的新兴协议的子集，以推动当前的Defi景观，主要是以流动性提供和激励的形式。” Defi 2.0没有时间昨天的技术。这就是为什么Pyth竞争前进的原因，迎合需要数据更快的交易者的需求。对于Chainlink来说，有人可能会说地面正在脚下移动。真正的问题不是谁赢了，这是Pyth需要多少秒才能使“分散甲骨文”意味着什么。

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的防守者身上的金钱将其355.27亿美元的总价值（TVS）（Defillama）吹捧为令人印象深刻的时候。无疑。但事实是，它已成为Defi 1.0的遗物。当今的市场不关心静态指标，而更多地关心现实世界实用程序。

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.

以漂移协议为例。其交易者优先考虑Pyth的400毫秒价格更新，为有效的交易和超过1亿美元的每日交易提供动力 - 截至2024年2月。今年，速度和可靠性对衍生品交易者而言，比在Defi领域的衍生品交易者更重要，而在Defi空间中，奖励性能比旧基准分析相比。

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，比特币经历了重大波动，导致价格迅速下降。在此期间，Pyth的价格提要更新约3.33次，从而为使用其服务的协议提供了及时的数据。相比之下，Chainlink的提要是在推动模型上运行的，每小时或价格偏差为0.5％的更新（在Altcoin Daily的42k-view分析中指出的漏洞）可能在快速市场上的迅速提供数据。

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.

这种差异揭示了连锁链接当前的推动模型与高频交易需求之间的潜在错位。此后，最近的进步（例如Chainlink的数据流）已经解决了这些问题，提供了基于拉力的低延迟，高频数据更新。

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.

当涉及到Oracle模型，TTV与TVS，Pyth和Chainlink的游戏非常不同。 Pyth的TTV方法，每日货币化的货币化，促进了其增长，并以超过8000亿美元的链上交易量增加了增长。同时，Chainlink的电视型号获得了356.81亿美元的资产，提供了稳定的费用，但提出了有关可伸缩性的疑问。随着两个网络的扩大，Pyth的迅速采用 - 在2024年仅九个月内将其有担保价值增长了46倍 - 这可能很快可能对Chainlink的统治地构成严重的挑战。

So, why is TTV > TVS?

那么，为什么TTV>电视？

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

TVS显示了锁定的内容，但TTV显示了正在发生的事情 - 通常如何有效地进行移动的速度和效率。

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.

谁将在监管挤压中幸存下来？在2025年的监管聚光灯下，连锁链接正在蓬勃发展。凭借其隐私套件，它与云母规则保持一致。除此之外，与Swift的牢固合作伙伴关系，事情正在不断查找。另一方面，Pyth对与永久交易相关的Defi平台的严重依赖可能会带来麻烦。随着CFTC在此类部门的破裂，Pyth的生长悬而未决，容易受到突然的监管转移的影响。

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里程碑包括与DTCC，Euroclear和Swift的合作，以及Chainlink的运行时环境，以简化多链开发。谢尔盖·纳扎罗夫（Sergey Nazarov）预测2025年是资本市场采用的一年，政府和中央银行采用区块链标准。

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

连锁链接尚未超出监管热水。 SEC与“安全性”链接