The exchange aims to strengthen its market position by tapping into the extensive network of Solana traders.

According to Blockworks Research, the oracle market has multiple niches. The firm has developed a new indicator that more accurately assesses the usage of oracles in those niches, and it shows that Chainlink is not dominating in all of them.

The pull oracle enables users to retrieve prices on-chain only when necessary. This approach enhances existing oracles by eliminating the transaction costs that oracles and data providers typically incur, allowing Pyth to scale in ways traditional oracles cannot.

The growth in Chainlink’s TVS, now at about $25 billion, highlights the vibrant activity in the DeFi sector, particularly on Ethereum. Additionally, the significant increase in TVS on Arbitrum, reaching nearly $2.5 billion, showcases its rapid development as a Layer 2 solution.

The PYTH token’s resurgence above $0.50 is largely attributed to its incentivized staking model, attracting stakers with the promise of airdrop rewards from partners.

Solana’s resurgence is partly fueled by lucrative airdrops from its ecosystem projects, with Jito's recent $250 million distribution being a prime example. This has led to a growing trend of users moving liquidity to Solana in anticipation of similar high-value airdrops from other projects.

Pyth Network is distributing 250 million tokens to its community, worth approximately $87 million. With over 230 dApps integrated and expansion to over 40 blockchains, Pyth is shaping up as a major player in the blockchain oracle space.