Pyth flips Chainlink in 30-day volume, Chronicle CEO weighs in
2024-10-30

Pyth Network, an Oracle provider, has outpaced Chainlink in 30-day transaction volume despite holding a lower total value secured (TVS).
This shift may be attributed to Pyth’s pull-based Oracle model, which only provides data upon request rather than updating it regularly, unlike Chainlink’s push-based model. Pyth’s approach is optimized for high-frequency applications, such as trading, where real-time data access is critical.
Niklas Kunkel, founder and CEO of former Oracle leader Chronicle, discussed the changes in the Oracle landscape during an interview with Cointelegraph. “We’re seeing an interesting situation play out in Oracle dominance currently,” Kunkel said. He added:

Pyth hits $36 billion 30-day volume
According to data from DefiLlama, the market share of Oracle providers in TVS shows an increase in transactions for Pyth, indicating a shift toward high-frequency data optimization. Pyth’s transaction volume reached $36 billion in the past 30 days, underscoring demand for Oracles that can support high-frequency applications.
“DeFi saw a period of growth and innovation during the recent bear market, but Oracles didn’t evolve fast enough,” Kunkel said. He added:
Through the pull-based model, Oracle providers like Pyth can support applications that require continuous updates without incurring higher operational costs associated with larger providers.
Kunkel also shared that Chronicle has introduced “a reinvention of the Push Oracle,” which lowers operating costs by 80% in gas units of computational effort instead of Chainlink. “The pull-based Oracle model allows providers like Pyth to support applications that require frequent updates without incurring higher operational costs,” Kunkel added.
Chainlink dominance fueled by broad adoption
Despite Pyth’s surge, Chainlink remains a major player in decentralized finance (DeFi), securing high-value assets and benefiting from its reputation for reliable validator networks.
However, as Kunkel pointed out in the interview, “the opportunity to fill this gap” in Oracle infrastructure is becoming clearer, indicating certain areas where the traditional push model may fall short. Kunkel added:
Chronicle market reentry and future expectations
Chronicle was one of the first Oracles on the Ethereum blockchain but was previously only available within MakerDAO. Since Chronicle’s relaunch outside of MakerDAO in late 2023, the provider has integrated with 10 new chains and garnered adoption by industry players like Morpho, Euler, Gnosis Pay, Coinbase and Circle.
Kunkel said that as the industry continues to grow and intertwine with traditional finance, “choosing an Oracle partner will be a risk mitigation and management decision” that institutions must make. 
Oracles with a proven track record in security, resilience, transparency and real-world asset innovation “will win business.”