How Pyth Network is trying to revolutionize a $6 billion Wall Street business

Quick Take

  • Michael Cahill explores advancing Pyth Network for real-time data delivery, its superiority over other oracles and the hurdles faced in on-chain trading.

Episode 85 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Douro Labs CEO Michael Cahill.

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Michael Cahill is the CEO of Douro Labs, where he oversees the development and acceleration of the Pyth Network — an oracle network for real-time financial market data delivery to smart contract applications.


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In this episode, Cahill unpacks the unique advantages of Pyth Network over other oracle providers and explains what obstacles currently stand in the way of replicating the centralized trading experience on-chain.

According to Cahill, DeFi is "very close to feature parity with some of the backend elements of derivatives trading on centralized exchanges — what we haven't yet cracked is the user experience."

Pyth Network was incubated by Jump Trading before going live on Solana mainnet back in August of 2021.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].