ORACLES AND THE NEW FRONTIER FOR APPLICATION-OWNED ORDERFLOW AUCTIONS

Summary from the TLDR Crypto newsletter

This post from Multicoin lays out the firm’s thesis on Pyth Network, an oracle protocol on Solana. While it focuses on Pyth, the analysis can be broadly applied to the oracle landscape in general. Its uniqueness lies within its first-party data, which is directly provided by market makers and trading desks instead of third-party aggregators. This results in less latent, high-quality data brought on-chain. Launched in 2021, Pyth currently delivers data to over 45 different chains and is responsible for securing over $1.7B in value across many prominent protocols in the crypto industry.