Michael James, the head of institutional business development at Douro Labs, shared with Cointelegraph that high-speed blockchain oracle networks like Pyth are revolutionizing the $50 billion finance data industry. These oracle networks provide crucial price information to exchanges, brokerages, trading firms, and other institutional entities. Pyth Network’s unique data pull model distinguishes it from traditional pricing oracles, enabling customers to pay for data on demand, thereby reducing costs for institutions that rely on real-time market data. The financial data industry, currently dominated by eight major providers, has been characterized by arbitrary price increases, according to James. He emphasized the lack of competition in traditional finance, giving these providers significant pricing power. The high costs associated with financial data hinder innovation and impede the participation of small to medium-sized businesses in the global financial services industry, leading to a concentration of power among a few large players. Pyth has experienced substantial growth in 2024, offering real-time market data and price feeds for various markets, including cryptocurrencies, equities, FOREX, commodities, and rates. In December 2024, Pyth introduced real-time oil pricing data on over 80 blockchain networks, tracking data from WTI and Brent Crude Oil. This development facilitates energy derivatives instruments and energy trading on blockchain platforms. Throughout 2024, Pyth significantly increased its total value secured (TVS), indicating a 46-fold growth. Data from DeFiLlama shows that Pyth currently holds around 11.3% of the blockchain oracle market share, up from approximately 10.8% in September 2024. This growth highlights Pyth’s increasing influence in the blockchain oracle space.