Pyth Network

Pyth Network launched in 2021, incubated by Jump Trading and other market makers on Solana. Instead of third-party nodes it aggregates first-party quotes from firms that actually trade, then in 2022 added Pythnet and Wormhole distribution to other chains.

On November 20, 2023 PYTH went live alongside a retrospective airdrop covering more than 90,000 wallets across 27 chains, and staking-based governance began; 15% of the 10 billion supply circulated at launch.

January 2025 brought Lazer, a millisecond feed for latency-sensitive derivatives. On September 23, 2025 Pyth Pro launched with tiered subscriptions from free to $10,000 a month, taking direct aim at the $50 billion market-data industry.

A PYTH reserve started buying tokens monthly in December 2025. On April 23, 2026 Pyth said it would retire Pythnet and end OIS emissions, making Lazer, Pyth Pro and the Data Marketplace the forward stack.

On April 10, 2026 six institutions—Euronext FX, Fidelity, Tradeweb, SGX FX, OTC Markets and EDI—began publishing proprietary data through the new Data Marketplace. Kalshi named Pyth its sole source agency for metals perps, and Polymarket adopted it for RWA markets.

By the third quarter of 2026 annual recurring revenue reached $11.5 million, up 86% quarter on quarter, with 94% of RWA perpetual volume priced on Pyth. On October 8 the DAO passed the 100% rule, sending all product revenue to open-market PYTH purchases; the reserve held 41 million tokens.

On October 12 Pyth joined Liechtenstein's state-backed LTIN, supplying FX and price data to a regulated settlement network—its clearest step from DeFi oracle into European market infrastructure.

Early March 2026: the Oracle Integrity Staking reward pool depleted and monthly emissions of roughly 7M PYTH stopped (the February Phase 3 proposal allocates nothing further).

April: Pyth launched the Pyth Data Marketplace, letting institutions publish and monetize proprietary datasets.

May 19: 2.13 billion PYTH (about $92M, 21% of total supply and roughly 37% of circulating supply) were unlocked, with about 1.13B earmarked for ecosystem growth and 537M for publisher rewards; the token had already fallen 22% in the prior week.

Q3: annual recurring revenue (ARR) reached $11.49M, up 86.5% quarter over quarter, and Pyth feeds priced 94.4% of RWA perpetuals volume (about $2.04T) during the quarter.

October 8: the DAO approved OP-PIP-136, the '100% Rule', directing all eligible product revenue to open-market PYTH buybacks into a reserve that cannot be sold (about 42M PYTH), replacing the prior monthly one-third-of-treasury model; the token rose about 16% over the following two days and another 21% on October 15. The next major unlock is due in May 2027.

In June 2026 Pyth launched Pyth Indices covering US equities, gold, silver and WTI and Brent crude, aggregating onchain and offchain venue data into 24/7 pricing, and worked with MarketVector on thematic indices such as AI10, Defense10, China10 and Tech100, with Coinbase, Kraken, dYdX and Nado using them for derivatives settlement and benchmarking. At the end of June Nasdaq chose Pyth to distribute Nasdaq TotalView depth-of-book and order-imbalance data, making Pyth the first onchain network to carry Nasdaq market data.

Third-quarter results showed $11.49 million in annual recurring revenue, up 86.5% quarter on quarter with $5.33 million net new ARR and 276 paying customers; Pyth holds a 94.1% data share in the $2.09 trillion RWA perpetuals market, prices Polymarket and Kalshi, and supplies structured market data to AI agents with Exa over MCP. On October 8 the DAO passed OP-PIP-136, directing 100% of revenue from Pyth Pro subscriptions, Listing as a Service, the Data Marketplace and Pyth Indices into open-market PYTH buybacks, with 42 million PYTH already in reserve and the first purchase executed on September 30.

Pyth Network's Future strategy and roadmap: Pyth has turned an oracle into a subscription business: group ARR reached $11.5 million in September 2026, up 86% quarter on quarter, with Pyth Indices contributing $1.81 million of fixed ARR; under OP-PIP-136 the DAO commits its entire product revenue share to open-market PYTH purchases, a reserve of about 42 million tokens that is never sold, so buybacks track recurring revenue rather than treasury balance. Share sustains the model: over 94% of RWA perpetual volume in the past quarter ran on Pyth data, and Kalshi, in its CFTC-registered filings for gold and silver perpetuals, and Coinbase, for single-name equity perps, both named Pyth - being named in a filing is far harder to displace than an integration.

Mike Cahill is co-founder and CEO of Douro Labs and a director of the Pyth Data Association. A Syracuse University graduate, he ran FX sales at Nomura and Cboe and led European digital asset sales at Jump before chairing the association from 2021.

Ciarán Cronin is co-founder and COO of Douro Labs and an association director. He holds an MSc in financial economics from University College Cork, was Jump's European treasurer for six years and joined the association in 2022.

Jayant Krishnamurthy is co-founder and CTO of Douro Labs. He holds SB and MEng degrees from MIT and a PhD from Carnegie Mellon, was a principal researcher at Microsoft and led Pyth's development at Jump from 2021.

Marc Tillement is director of the Pyth Data Association. A University of Exeter business graduate, he was marketing officer at Guerbet Asia Pacific and joined in early 2021 to lead community and data strategy.

Harnaik Kalirai is Chief Integration Officer at Douro Labs. A De Montfort University graduate, he held the same role at Jump Trading and has coordinated publisher onboarding since Pyth began.

Pyth Network prices its Pyth Pro data subscriptions in tiers: Starter at USD 500 per month and Pro starting at USD 2,500 per month, both plus applicable tax.

Pyth Network offers a free tier at USD 0 per month with read-only Terminal access and a 10-second update frequency; Starter supports updates up to 1 second, while Pro reaches up to 1 millisecond and includes display and non-display rights.