Off-chain data provider Pyth expands into the Ethereum ecosystem by launching on Arbitrum

Quick Take

Pyth Network launched on leading Ethereum scaling platform Arbitrum.
Pyth has been focused on the Solana ecosystem and said Ethereum and Arbitrum’s prominence is why it is looking to expand.

The Pyth Oracle Network launched price feeds on Arbitrum, which previously only had Chainlink oracles available on its network.

This move by Pyth, which has majority of its integrations in the Solana ecosystem, is a new foray for its network into the Ethereum ecosystem. Mike Cahill, director of the Pyth Data Association, praised Ethereum and Arbitrum for their prominence in the crypto space and said it was one of the main reasons behind the expansion.

A few smaller protocols on Arbitrum have already integrated Pyth’s oracles into their applications, but the majority of the Arbitrum ecosystem — such as its flagship options protocol Dopex — is using Chainlink for its off-chain data sourcing.

The oracle market has largely been dominated by Chainlink, according to Dune Analytics. Chainlink’s Total Value Secured (TVS) is $11 billion and is the main oracle provider used by decentralized applications that need off-chain data. Pyth’s TVS is $110 million and its usage has largely been in the Solana ecosystem.