Has the oracle track pattern been set? Will there still be significant growth and changes?
This depends on whether we choose TVS (Total Value Secured) or TTV (Total Transaction Value) as the main valuation indicators for oracle projects.
TVS (Total Value Secured by Oracles) is the golden metric for measuring oracle projects, born alongside the TVL metric during the DeFi Summer. It effectively reflects the adoption, market share, and reputation of oracles.
TTV (Total Transaction Value of Oracle Services) is a new metric proposed by Blockworks to measure oracles, which well reflects the quality of the price feed data provided by oracles and the potential for service monetization.
Using TVS as the observation metric, the top 5 oracle projects are ChainLink, Wink (the official oracle of the TRON ecosystem), Chronicle (the official oracle of MakerDAO), Pyth, and Redstone.
Using TTV as the observation metric, the top 5 oracle projects are Pyth, TWAP (the official oracle of Uniswap), Stork, ChainLink, and Edge (the official oracle of Jupiter).
By comparing the top 5 of TVS with the top 5 of TTV, we can uncover some deeper insights:
ChainLink and Pyth currently belong to the first tier of the oracle market, while other oracles generally rely on their parent ecosystems or protocols for development. However, Pyth has seen rapid adoption growth in new tracks such as PerpDEX, new L1/L2, and LST, and has overtaken ChainLink in the TTV metric dimension.
The newcomers in the TTV top 5, Stork and Edge, like Pyth, have seen growth driven by high-frequency demand from PerpDEX. Pyth and Edge also benefit from the explosive growth in transactions brought by the MeMe coin supercycle in Solana. Additionally, Pyth's proactive expansion strategy in the Sui ecosystem has further solidified its leading position in the TTV metric dimension.
The prediction market Polymarket, which gained massive exposure due to the U.S. elections, has not made it into the top 5 of either TVS or TTV with its official oracle UMA.
From traditional product metrics (such as active user count, retention, product exposure, etc.), Polymarket is undoubtedly one of the most successful DApps in history. However, from Web3 native metrics (block space consumption scale, oracle TTV), Polymarket pales in comparison to http://Pump.fun.
As a side note, the differences in characteristics between Polymarket and http://Pump.fun reflect the differing paths of large-scale adoption for Ethereum and Solana as programmable financial infrastructures.
- UMA, along with API3, which was launched almost simultaneously with a new paradigm resistant to OEV (oracle extractable value), both failed to make it into the top 5 of TVS and TTV. In this cycle, the positive impact of new narratives and paradigms on business growth has diminished, making it more important to solidly develop price feed products and explore new markets like PerpDEX and new L1/L2.
Therefore, the oracle track has not entered a "silent" maturity phase as many believe; there is still fierce competition and changes in the landscape.
Moreover, as a middle layer between the on-chain and off-chain worlds, the business model of oracles is the healthiest tax-like business model, extracting a small value from each transaction it services. This is similar to the business models of CEX, DEX, L1, and L2.
That's all.
@PythNetwork_CN
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