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Tokenized Real-World Assets (RWAs): Scaling DeFi to a Global Level
February 18, 2023
February 24, 2023
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What is the fundamental goal of crypto? Is it to facilitate short-term token speculation via capital rotation games and inflationary rewards? Or is it to improve how society functions by creating a more transparent, accessible, and efficient global economy

Most crypto-native readers would probably agree that it’s some variation of the latter. However, when looking at the current state of crypto, it’s easy to see why it has a poor reputation amongst the general public. Unbounded speculation reigns supreme in crypto, whereas tangible real-world use cases that benefit the average consumer have so far been few and far between

What needs to change in order for crypto to move beyond its speculation-centric phase and begin delivering real utility to a broader audience?

It is my belief that the tokenization of real-world assets (RWAs)—blockchain-based digital tokens that represent physical and traditional financial assets—is the fuel that’s needed to propel the crypto industry into the mainstream. With $867T in traditional markets ready to be disrupted by blockchain-based technologies, the opportunity to systematically improve global economies is real. 

This blog is my thesis on RWAs. 

The Current State of Decentralized Finance

The core value proposition of public blockchains is to solve coordination problems by serving as a decentralized, credibly neutral settlement layer that any application can be permissionlessly deployed upon. Blockchain applications operate exactly as programmed without human intermediation, are auditable by anyone in real-time, and can be seamlessly composed into other blockchain applications. 

The initial application of blockchains was the creation and movement of tokens, which represent a unit of value (e.g. BTC). However, it was the creation of DeFi (decentralized finance) that showcased the true potential of public blockchains. In particular, DeFi applications benefit from the following properties:

  • Atomic settlement: The combination of cryptography and decentralized consensus leads to strong finality guarantees of economic transactions—mitigating double-spend attacks and fraud in a tamper-resistant manner, thereby increasing capital efficiency and reducing systemic risks. 
  • Transparency: Public block explorers and data dashboards provide granular and clear insight into the risk exposure and collateralization of DeFi as a whole. Furthermore, the source code of DeFi apps is open-source and can be reviewed by anyone.
  • User control: Non-custodial asset management is achieved through private keys, allowing DeFi apps to interface with assets in a trust-minimized manner. Decentralized autonomous organizations (DAOs) also allow for collective ownership of assets and applications.
  • Reduced costs: DeFi apps operate more efficiently and autonomously since the need for intermediaries is minimized. This facilitates low switching costs for moving capital across apps, creating an efficient market for app-level fees. Scaling technologies also make microtransactions feasible by reducing network-level fees.
  • Composability: Having a common settlement layer for running autonomous code allows for permissionless composability between new and existing DeFi apps. Developers don’t have to worry about being deplatformed, further incentivizing collaboration. 
Decentralized finance stack

Many of the financial primitives that exist within the traditional financial economy have already been recreated in an on-chain format, benefiting from the above properties. Such examples include:

Despite the public’s perception of crypto, the DeFi ecosystem has proven its resiliency, even when faced with periods of extreme market volatility, rapid deleveraging events, and the collapse of centralized crypto institutions such as FTX. The DeFi ecosystem, as of writing, has over $47B in total value locked ($180B at its peak), daily trading volumes in the billions of dollars, and daily revenue generation in the millions of dollars. 

DeFi total value locked

It’s clear that on-chain financial systems offer tangible benefits over the status quo. However, there is one major limiting factor that prevents DeFi from reaching a global scale: Much of DeFi is currently a circular economy that has little-to-no connection to the existing global economy of traditional businesses and services. DeFi’s historical rapid growth is largely connected to the rise of capital rotation games and unsustainable yields fueled by inflationary token rewards. This is the equivalent of using a supercomputer to play minesweeper: pure untapped potential.

There is an exception, however: stablecoins.

The Growth, Dominance, and Sustainability of Stablecoins

Stablecoins are a type of crypto asset that aims to keep its price pegged to the market value of an external asset, such as a fiat currency or commodity. In the majority of cases, this is the price of the US dollar. There are many mechanisms to achieve price stability, but the most widely used implementation is for a centralized institution to issue a token collateralized by US dollars held in custody off-chain. The result is the tokenization of USD. 

Over the past few years, the supply of stablecoins has exploded, with over $132B of stablecoins currently circulating on public blockchains, an increase of 2,222% from three years ago.

Total stablecoin supply

Stablecoins provide a superior version of the dollar, one that is natively digital, programmable, composable, and atomically settled. More importantly, USD-collateralized stablecoins do not require a constant inflow of capital or speculation to sustain themselves. With direct redeemability and full collateralization, the supply of stablecoins can scale up and down as the market requires without issue. 

Stablecoins formally entered the market in 2014 with the introduction of Tether (USD₮). Tether was initially deployed on the Bitcoin blockchain and was created to address the inability of centralized crypto exchanges (CEXs) to obtain formal banking partners. In supporting Tether, CEXs were able to increase market liquidity by providing increased access to fiat on/off-ramps while also meeting market demand for USD-denominated trading pairs. Tether also enabled investors to reduce their exposure to crypto’s volatility without needing to return to the traditional financial system. 

The launch of the Ethereum blockchain and the rise of DeFi saw the usage of stablecoins expand, with stablecoins getting composed into on-chain applications, primarily as a method to generate yield. While this yield was often generated from crypto leverage traders and inflationary rewards, stablecoins connected the DeFi ecosystem back to the traditional financial economy—expanding the value proposition of DeFi by orders of magnitude. 

Stablecoin DeFi lending

The most common type of stablecoins (USD-collateralized) are not without their trade-offs, however, specifically because they introduce trust requirements in the centralized issuer (e.g., custody, issuance, redemptions) and permission controls for regulatory compliance (e.g., KYC/AML checks during issuance/redemption and on-chain blacklists). Moreover, “USD-collateralized” stablecoins are often not backed by dollars alone, but also in part by other assets including cash equivalents (e.g. US treasuries, commercial paper), secured loans, corporate bonds, and more. However, the most trusted stablecoins are backed entirely by cash and short-term US treasuries.

Circle USDC Reserve breakdown

USD-collateralized stablecoins continue to improve in terms of transparency and reporting. Moody’s, a leading credit rating agency, is developing a scoring system for stablecoins based on the quality of their reserves attestations. Tether has derisked its reserves by eliminating commercial paper and phasing out secured loans. Circle’s USDC provides monthly reserve reports with attestations from leading global accounting firm Grant Thornton.

Attempts have also been made to create decentralized stablecoins. However, the collapse of undercollateralized algorithmic stablecoin TerraUSD showcased the difficulty and risk of straying from the tried-and-true USD-collateralized stablecoin model. Other decentralized (overcollateralized) stablecoins, such as MakerDAO’s DAI, have begun to incorporate other USD-collateralized stablecoins and real-world assets (RWAs) as collateral in order to maintain a $1 peg at scale. 

Ultimately, the introduction and adoption of stablecoins within DeFi has proven that there is real appetite for tokenized RWAs. I’d even venture to say it points to the start of a greater mega-trend in DeFi around RWAs.

As a side note, the term “DeFi” in the context of RWAs is largely a misnomer, given that decentralization is a spectrum and can exist at different levels at different layers of the stack. Terms like “Institutional DeFi” are sometimes used, but a more holistic framing might simply be “On-Chain Finance.” I use DeFi because it is common parlance. The term “real-world assets” is also debatable (aren’t all assets real?), but it is also common parlance when referring to the tokenization of financial assets. 

RWAs: The Assets People Want in a Superior Format

Most people are not financial experts and do not care about the intricacies of how the financial industry operates, and yet society depends on financial assets. Fiat currencies are used for commerce and savings; they are what people earn and spend. Commodities are used for consumption and the manufacturing of goods; they are what people need to live and survive. Securities are used to raise capital and create businesses that provide goods and services; they are what allows society to grow and thrive.

But the financial economy is not static. Starting in the Babylonian empire in 3000 BC with clay tablets to track debts before evolving into paper formats, finance has entered an almost purely digital era. Despite these transformations, the recording of financial events still takes place across siloed ledgers that must be reconciled. This results in significant inefficiencies, such as increased costs and lengthened settlement times. The lack of interoperability and the resulting fractionalized liquidity present an opportunity for the next era of finance to be around asset tokenization

History of Asset and Money Representation

The tokenization of real-world assets and their use in DeFi provides a number of advantages over the status-quo, many of which derive from the properties that make public blockchains and DeFi valuable.

  • Increased efficiency: A blockchain’s ledger serves as the golden source of truth, reducing friction during post-trade reconciliation. Atomic settlement also removes the need for delayed T+2 settlement, as assets can be simultaneously delivered with payment.
  • Reduced costs: Self-executing autonomous protocols reduce the need for intermediaries at every step. Early results show an up to 90% reduction in the cost of bond issuance when using blockchain-based record keeping and an up to 40% reduction in fundraising costs. 
  • Increased transparency: Public blockchains are auditable in real-time, opening up the ability to verify the quality of asset collateral and systemic risk exposure. Disputes around record keeping can also be mitigated through public dashboards showcasing on-chain activity.
  • Built-in compliance: Complex compliance rulesets can be programmed directly into tokens and applications offering services involving tokens. Privacy-preserving KYC tools can be implemented to shield user privacy while remaining compliant with the relevant regulations.
  • Liquid Markets: Tokenizing assets within private markets (e.g., pre-IPO shares, real estate, carbon credits) increases the accessibility of historically illiquid markets—a market with trillions of dollars worth of largely inaccessible assets. 
  • Innovation: With assets and application logic existing within a common settlement layer, rather than in disconnected environments, entirely new financial products can be created. From fractionalized real estate funds to liquid revenue-sharing agreements, tokenization increases the ability to build products that were previously infeasible.

How RWAs Are Tokenized and the Challenges Involved

To leverage the aforementioned benefits, RWAs can be generated in one of two token formats. The first format is non-native tokens, where on-chain tokens are issued to represent RWAs that exist and are managed off-chain by a custodian. This is the most common type due to the infancy of RWAs and the ability to leverage existing financial infrastructure around asset custody. All existing USD-collateralized stablecoins have adopted this token format. 

The second format is native tokens, where an on-chain token is issued and serves as the RWA itself, meaning it does not represent any type of off-chain asset. For example, bonds that are directly issued on-chain as tokens are native RWAs, while a bond that is issued and held off-chain could be tokenized as a non-native RWA.

It’s important to note that RWAs can be issued on either private or public blockchains. Private chains—where only certain verified participants can operate the chain and view its contents—offer increased control over the ledger’s entries but come with trust requirements, limited composability, and walled-garden access, negating many of the benefits that public blockchains bring to RWAs. There is a place for each type of blockchain, but this blog is focused on public chains. 

While RWAs on public chains provide many benefits for both institutions and investors alike, there are also a number of challenges that must be considered to realize their potential:

  • Regulatory clarity: The primary blocker for many financial institutions interested in tokenizing assets, particularly on public blockchains, is the lack of regulatory clarity. Certain jurisdictions, such as the EUSwitzerland, the UK, and Japan, have made tangible progress in establishing clear frameworks, while others, like the United States, are still largely a work in progress. 
  • Permissions: In order to comply with existing and upcoming financial regulations around public blockchains and asset tokenization, token issuers often must add permissions through the implementation of KYC/AML checks (such as during insurance/redemption or at time of transfer)—deviating from the norm in DeFi. 
  • Identity: The need for granular permission controls necessitates robust solutions to determine user identities and risk profiles. Decentralized Identifiers (DIDs) and other privacy-preserving identity solutions are a prerequisite for most institutions stepping into RWA tokenization. 
  • Connectivity: The multi-chain ecosystem continues to expand, resulting in a growing collection of chains that institutions must plug into to access/issue RWAs. Solutions such as the forthcoming Cross-Chain Interoperability Protocol (CCIP) enable institutions to not only connect existing backend systems to blockchains, but also bridge RWAs cross-chain.
  • Proof of reserves: Since RWAs represent off-chain assets, DeFi applications have limited insight into their true collateralization. Oracle solutions such as Chainlink Proof of Reserve address this challenge by delivering collateralization data on-chain (e.g. TrueUSD).
Bain & Company Senior Financial Services Stakeholders Survey

We are still in the early days of RWAs on public blockchains, but none of the above challenges are insurmountable. Continued industry collaboration, across both DeFi and TradFi, will chip away at these barriers over time in order to eventually arrive at a viable solution. 

The Current Traction and Real-World Opportunity of RWAs

The potential market opportunity for RWAs has generated increasing interest, as demonstrated by the deployment of pilot tests by both traditional institutions and crypto-native projects. According to a 2022 Celent survey, 91% of institutional investors have signaled their interest in investing in tokenized assets. Below are a few examples of how a wide range of RWAs have already been tokenized on public blockchains.

Institutional Interest in Real-World Asset Tokenization

The most notable example of financial institutions piloting the usage of RWAs within DeFi protocols on a public blockchain is the Singapore Central Bank’s Project Guardian, which explored the use of DeFi for wholesale funding markets in late 2022. Under the first pilot, DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools composed of tokenized Singapore government securities bonds, Japanese government bonds, Japanese Yen (JPY), and Singapore Dollars (SGD). 

The pilot used forked permissioned versions of the Aave lending protocol and Uniswap exchange operating on the public Polygon mainnet. The pilot resulted in JP Morgan executing its first DeFi transaction on a public blockchain, the trading of $100,000 tokenized Singapore dollar deposits (the first issuance of tokenized deposits by a bank) for tokenized yen issued by SBI Digital Asset Holdings. 

The main objective of the pilot was to “test the feasibility of applications in asset tokenization and DeFi while managing risks to financial stability and integrity.” Utilizing a public blockchain showcased how open, interoperable networks can mitigate challenges such as fragmented liquidity and walled garden ecosystems. Furthermore, W3C Verifiable Credentials issued by trusted financial institutions demonstrated how compliance controls could be integrated within on-chain applications involving RWAs. 

“The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets. This is a big step towards enabling more efficient and integrated global financial networks.” – Sopnendu Mohanty, Chief FinTech Officer, MAS

Additional pilots under Project Guardian are now in motion, with Standard Chartered Bank leading an initiative to explore the issuance of tokens linked to trade finance assets, while HSBC and United Overseas Bank are working on native digital issuance of wealth management products.

As another example of institutional interest, Siemens recently issued a €60 million digital bond on the public Polygon mainnet. With a maturity of one year, the digital bond was issued in accordance with Germany’s Electronic Securities Act (eWpG) and was purchased by DekaBank, DZ Bank, and Union Investment. By issuing the bond on a public blockchain, Siemens was able to remove the need for paper-based global certificates and central clearing, allowing the bond to be sold directly to investors without needing a bank to function as an intermediary.

“By moving away from paper and toward public blockchains for issuing securities, we can execute transactions significantly faster and more efficiently than when issuing bonds in the past. Thanks to our successful cooperation with our project partners, we have reached an important milestone in the development of digital securities in Germany.” – Peter Rathgeb, Corporate Treasurer at Siemens AG

DeFi Interest in Tokenizing Real-World Assets

Interest in tokenizing RWAs is also strong in the DeFi ecosystem, with a number of dApps having tokenized hundreds of millions of dollars worth of assets on-chain. Not only does tokenizing assets increase their addressable market, but yields in the traditional financial system (e.g. ~4% from US treasuries) are now consistently higher than existing DeFi projects (~2% from DeFi collateralized lending). This gives DeFi protocols access to sustainable revenue opportunities. 

MakerDAO is a DeFi project that has arguably made the most progress in terms of RWA adoption. Currently, the protocol has $680M+ worth of RWAs backing the decentralized stablecoin DAI. By introducing RWAs as collateral, MakerDAO was able to scale the amount of DAI issued into the market, harden its peg stability, and significantly increase protocol revenue (~70% of its revenue in Dec ‘22 came from RWAs).

Real-world assets backing the stablecoin DAI
MakerDAO Real-World Asset revenue

The bulk of MakerDAO’s RWA collateral (~$500M) comes in the form of US treasury bonds managed by Monetalis (MIP65). These assets provide the protocol a source of yield on otherwise idle USDC collateral. MakerDAO also launched a vault backed by $100M worth of loans originating from a community bank in Philadelphia called Huntingdon Valley Bank (HVB). HVB used MakerDAO to support the growth of its existing businesses and investments around real estate and other related verticals, and served as the first commercial loan participation between a US-regulated financial institution and a decentralized digital currency. In a separate vault, Société Générale borrowed $7M from MakerDAO in a position backed by €40M worth of AAA-rated bonds tokenized as OFH tokens.  

A number of other protocols have also made significant strides in terms of RWA adoption, including:

  • Ondo Finance—a DeFi platform for tokenized RWAs—recently tokenized short-term US treasuries, investment grade bonds, and high-yield corporate bonds. Ondo also launched Flux Finance, a DeFi lending protocol for borrowing permissionless stablecoins against the tokenized US treasuries. 
  • Backed—a Swiss-based startup for tokenized RWAs—recently launched its first product, bCSPX, representing tokenized S&P 500 ETF shares. Backed Tokens are freely transferable across wallets and enable 24/7 capital market trading. 
  • Maple Finance—a blockchain-based credit marketplace with nearly $2B in total loans issued—is planning to expand to receivables financing, which can scale up to $100M in size, as well as support US treasuries and insurance refinancing. 
  • Centrifuge—an on-chain ecosystem for structured credit—is focused on securitizing and tokenizing previously illiquid debt, with $298M in total assets already financed. Its tokenized assets have been integrated across DeFi, including $220M of RWAs on MakerDAO.
  • Goldfinch—a decentralized credit protocol—has $101M in active loan value. The platform allows for the creation of junior and senior tranches for assets focused on emerging markets, enabling risk/return profiles to be fine-tuned.

It is worth noting that RWAs have also been explored in the context of security token offerings (STOs), with 18 companies having raised a total of $380M in 2018. However, most STO offerings have historically been viewed as a limited implementation of RWAs given their focus on fundraising (i.e., an alternative to initial coin offerings or ICOs). With STOs representing more niche securities that are usually only available on permissioned platforms, their adoption has not reached the same level as RWAs on public blockchains.

Furthermore, while unsecured lending protocols have faced defaults in recent months after the collapse of FTX, (e.g. Alameda and Orthogonal Trading), this is the expected risk associated with undercollateralized loans and does not represent a failure of the credit protocols themselves. The risk simply means the yield must reflect the probability of defaults, the same as within traditional finance.

A Note on Trust Assumptions

Given that tokenized real-world assets depend on the existence of traditional financial institutions, their trust properties will likely never be the same as a DeFi ecosystem dealing solely in crypto-native assets. Most institutions will not feel comfortable deploying trillions of dollars worth of assets on public blockchains without the necessary guardrails and permissions required to mitigate both operational and regulatory risks. Scaling DeFi to a global level with tokenized RWAs means meeting institutions in the middle. 

In parallel, it is also likely that fully permissionless DeFi protocols, focused on crypto-native assets with little-to-no RWA interaction, will continue to exist. Such protocols can provide immense value by serving as a sandbox for financial experimentation and as an “opt-out” censorship-resistant alternative for financial services. However, without RWA support, such an ecosystem is unlikely to provide the full utility desired by average consumers.

The power of public blockchains is that they can support and serve both tokenized RWAs and crypto-native assets at the same time. It is ultimately the choice of the consumer regarding what type of assets they want to hold and what applications they wish to deploy their assets into. While tokenized RWAs, and the additional trust assumptions involved, may not be for everyone, it would be a mistake not to capitalize on the opportunity that exists. 

The Path Forward

The tokenization of real-world assets provides immense opportunities for existing financial institutions and the early-stage DeFi ecosystem. While the token-speculation use case has helped stress test existing DeFi protocols, the ecosystem is now at a stage where it needs to evolve and begin providing real utility for society. There remain many challenges ahead to realizing the true potential of RWAs, but the market opportunity presented is in the trillions, and someone will capture it.

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What are Oracles?

Blockchains in and of themselves are useful already, for trustless and permissionless transactions without censorship. No trust or verification from the user is required because it is stored on a decentralised ledger with global consensus. What if certain transactions require reliable and real-time data from external sources that do not necessarily have a global consensus or can be stored on the same ledger? For example:

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  • Reliability: Oracle networks enhance reliability by using decentralized nodes, which increases resilience against failures or malicious activity. If one data source or node fails or provides incorrect information, the other nodes in the network can continue to operate and provide valid data.

The demand for accurate and reliable off-chain data is growing as the number of real-world use-cases and adoption of blockchain increases. Users of applications are more than willing to pay for an oracle service that is accurate and reliable and covers a large variety of use-cases.

Pyth Network versus Other Oracles

Read the blog post of Battle of the Oracles to learn more about the different oracles solutions. To recap, Pyth Network is a high-frequency oracle leveraging Solana's technology, offering a robust solution for off-chain data sharing for primarily decentralized finance applications (DeFi). It provides services like real-time price feeds and benchmarks, accessible to a wide range of financial service providers. PYTH is the governance token and utility token of the Pyth Network. Supply and demand for the PYTH token is directly related to level of usage and total demand of Pyth’s services and Pyth Network’s Tokenomics.

Total Value Secured by Oracles

While Chainlink holds the lion’s share of the total value secured by oracles, Pyth has shown by far the largest growth in terms of TVS, number of protocols supported and number of DApps. Pyth is expanding rapidly, across different networks and protocols, supporting more DApps, data providers and integration partners every day. In the same time frame, Chainlink’s marketshare has decreased. Comparing the main metrics of MCAP/TVS ratio and MCAP/TTV ratio, we notice that based on market capitalization (circulating supply), Pyth is undervalued whereas the TVS ratio based on fully diluted value paints a different picture. This is because only 37% of PYTH tokens are unlocked, the next significant PYTH token unlock takes place in May of 2025 and happens yearly thereafter on the same date until the full amount of tokens has been unlocked by 2027.

Use-cases Enabled by Pyth

Products and Services:

  • Price Feeds: real-time market data for smart contracts, blockchains, and applications
  • Benchmarks: historical market data for smart contracts, blockchains, and applications
  • Express Relay: smart contracts or protocols that need protection against MEV (Express Relay) Express Relay is one of a kind product that offers developers to auction off valuable transactions directly to MEV searchers without validator interference
  • Entropy: smart contracts that require secure on-chain random numbers. Secure and verifiable random numbers are incredibly important for creating a fair and unpredictable on-chain actions (e.g., for games)
  • Pyth DAO Governance model

Examples:

  • Decentralised Exchanges (DEXs) require reliable real-time price feeds to provide users accurate trades.
  • Pyth’s data pull model provides data directly from the source, such as exchanges, market makers or DeFi protocols. Because data is pulled only on demand and not pushed at a given interval, it scales efficiently, and costs are offloaded to users where updates are demand-based.

Case Study: Drift (DEX)

Refresher: What is a DEX?

Decentralized Exchange (DEX) allows users to trade cryptocurrencies directly, without intermediaries, using smart contracts on a blockchain. DEXes operate peer-to-peer, providing greater privacy and control over assets compared to centralized exchanges.

There are two main types of DEXes:

  1. Order Book DEXes: These platforms match buy and sell orders using a live order book, similar to traditional exchanges. Examples include dYdX.
  2. Automated Market Makers (AMMs): AMMs use liquidity pools and algorithms to determine asset prices, allowing users to trade instantly without needing a counterparty. Examples include Uniswap and SushiSwap.

Context

Drift is a perpetual trading DEX built on Solana. Speed, reliability, and performance make or break a perpetual trading ecosystem. Drift is a perpetual trading platform that allows traders to create leveraged positions against the performance of synthetic assets.

Why Pyth?

Drift seeks to offer the most feature-rich, powerful perpetual DEX with lightning-fast execution. This ambition necessitates a robust Oracle solution. Legacy oracles are slow and susceptible to front and back running.

Pyth and Drift partnered to rapidly deploy a proof-of-concept. This successful relationship satisfies the ultra-fast network requirements of Drift’s execution tools and is capable of supporting thousands of users and hundreds of assets.

This is only one of many examples of an effective partnership and integration that gives Web3 users an enhanced user experience than DApps that use other Oracle solutions. There are presently over 410 integration partners supporting the transition from push to pull Oracles with Pyth Networks.

Pyth versus Chainlink

We compare Chainlink and Pyth Network with two main metrics: Total Value Secured (TVS) and Total Transaction Volume (TTV)

Total Value Secured

Pyth’s Total Value Secured (TVS) is more distributed across different blockchains and applications compared to Chainlink, offering greater resilience and diversification. Here's how the comparison breaks down:

  • Blockchain Distribution: Pyth’s TVS shows a broader spread across multiple blockchains. For instance, only 61.1% of Pyth’s TVS is concentrated on the Solana blockchain, which means the remaining value is distributed across other blockchains, contributing to its decentralized footprint. In contrast, 97.1% of Chainlink’s TVS is concentrated on Ethereum, creating a higher dependence on a single blockchain. This heavy reliance on Ethereum makes Chainlink more vulnerable to network-specific issues, such as scalability concerns or market downturns affecting Ethereum.
  • Application Distribution: Pyth also demonstrates a healthier diversification across different applications. Only 23.8% of Pyth’s TVS is tied to its top application, meaning the remaining value is distributed among various other applications. This broader application spread lowers the risk of one dominant app affecting the network’s overall performance. Chainlink, however, has 48.8% of its TVS tied to its top application, meaning nearly half of its secured value relies on a single application. This concentration creates a potential single point of failure, making Chainlink more sensitive to shifts in the usage or success of that key application.

Pyth's more balanced distribution of TVS across different blockchains and applications enhances its resilience. With a healthier spread of its value, Pyth is better positioned to withstand market fluctuations or downturns that may affect individual blockchains or applications, making it less exposed to risks associated with dependency on any single network or product. This diversified approach gives Pyth a structural advantage in terms of long-term stability and adaptability.

Total Transaction Volume

Another, perhaps better, metric to measure the true market share and usage of an Oracle network is TTV (Total Transaction Volume). TTV is strongly correlated with the frequency of oracle price updates and therefore oracle revenue and true demand for its products and services. TVS can overstate or understate an application’s demand for price updates, because an application could have a disproportionate amount of locked value relative to the amount of Oracle interactions one would expect to observe.

Chainlink, the traditional market leader of oracle networks, is losing ground after being slow to serve customers needing faster data updates, though they've recently launched a new high-speed service. Pyth has become a successful competitor by focusing on rapid data delivery across multiple platforms, making it easier for financial applications to access real-time price information. Large trading platforms are increasingly building their own internal price tracking systems rather than paying external providers, suggesting cost is a major factor in their decisions.

The key to future success in digital trading will be speed - traditional exchanges currently have an advantage with their centralized systems, but new platforms are starting to close this gap by developing faster price update capabilities.

Pyth Network Governance

The Pyth Network operates a decentralized governance system that empowers the community by allowing all PYTH token holders to have a direct say in the network's development and decision-making processes. This decentralized governance model ensures that control of the network is distributed among its users, promoting transparency and inclusion.

To participate in governance, token holders must stake their PYTH tokens through the Pyth staking program. By staking their tokens, users gain the ability to vote on community governance proposals, ensuring that they have a voice in the key decisions shaping the future of the Pyth Network.

In addition to voting, any PYTH token holder has the right to submit proposals to the Pyth DAO, provided they meet the requirement of holding and staking at least 0.25% of the total PYTH tokens staked. The proposals that can be brought to the DAO are diverse and impact many critical aspects of the network's functionality, including:

  • Determining the size of update fees: Proposals can influence the fees charged for updates to the network, ensuring that they remain fair and competitive.
  • Reward distribution mechanisms for publishers: The community can vote on how rewards are allocated to data publishers, ensuring that those contributing accurate and reliable data are fairly compensated.
  • Approving software updates across blockchains: The Pyth Network operates across multiple blockchains, and governance participants have the power to approve essential updates to on-chain programs, ensuring the network remains up to date and secure.
  • Listing price feeds and determining their reference data: Token holders can vote on which price feeds are listed on Pyth, as well as set the technical parameters for these feeds, such as the number of decimal places in the prices and the reference exchanges used to determine the data.
  • Selecting data publishers: The governance system allows the community to permission publishers, or select which entities are allowed to provide data for each price feed. This ensures that only trusted and verified data sources are contributing to the network.

Conclusion

The Pyth Network stands out as a disruptive force in the decentralized oracle space, rapidly growing across protocols and blockchains and setting new standards for both data speed and diversification. Leveraging Solana technology, Pyth brings high-frequency, real-time market data directly from first-party sources—including exchanges and trading firms—to an expanding universe of DeFi and TradFi applications. Compared to its primary competitors, Pyth demonstrates healthier resilience by distributing its Total Value Secured across multiple blockchains and applications, reducing dependencies and systemic risk.

Recent market trends show Pyth gaining ground in metrics like Total Transaction Volume, challenging traditional leaders like Chainlink and reflecting a broader shift toward fast, reliable, and diversified data solutions in decentralized finance. Its innovative approach—such as direct publisher sourcing, sub-second updates, and auditable aggregation—addresses the needs of financial markets with unique precision and transparency.

Ultimately, for developers, institutions, and investors seeking reliable off-chain data with speed and global reach, Pyth Network is quickly becoming a cornerstone oracle solution—and its trajectory signals a new era of dynamic, decentralized connectivity for global finance.

 

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Understanding the Crypto Alt Season

The next altcoin season is poised to ignite the crypto market, promising to turn savvy investors' portfolios into goldmines. As Bitcoin's dominance wanes, a new era of blockchain innovation is dawning—are you ready to ride the wave?

Market behavior often exhibits distinct patterns and cycles. One such phenomenon that has captured the attention of traders and investors alike is the "Alt Season"—a period when alternative cryptocurrencies, or "altcoins," outperform Bitcoin and experience significant price surges.

The concept of market cycles and seasonality is not unique to crypto; it's a well-established principle in traditional financial markets. However, in volatile crypto space, these cycles can be more pronounced and occur with greater frequency.  

In this article, we’ll try to cover these and other topics: 

  1. The nature and characteristics of Alt Seasons
  2. The importance of recognizing market cycles in cryptocurrency trading
  3. Alt Season indicators and how to interpret them
  4. Predictions and speculatins about the next potential Alt Season

What Is Crypto Alt Season?

Crypto Alt Season, short for "Alternative Cryptocurrency Season," refers to a period in the cryptocurrency market when alternative cryptocurrencies (altcoins) significantly outperform Bitcoin in terms of price appreciation. During an Alt Season:

  1. Many altcoins experience rapid price increases.
  2. The market share of altcoins grows relative to Bitcoin.
  3. Trading volume for altcoins typically increases.
  4. Investor attention shifts from Bitcoin to various altcoin projects.

An Alt Season can last anywhere from a few weeks to several months. It's often characterized by increased risk appetite among investors, who are willing to allocate more capital to smaller, potentially higher-risk crypto projects in search of higher returns.

Is Crypto Season the Same As Crypto Alt Season?

While related, Crypto Season and Crypto Alt Season are not exactly the same:

  1. Crypto Season:
    • Refers to a broader bullish period in the entire cryptocurrency market.
    • Typically includes price appreciation for both Bitcoin and altcoins.
    • Can be longer in duration, sometimes lasting for many months or even a year or more.
    • Often starts with a Bitcoin rally, followed by increased interest in the broader crypto market.
  2. Crypto Alt Season:
    • Specifically focuses on the outperformance of altcoins compared to Bitcoin.
    • Can occur within a broader Crypto Season but is more narrowly defined.
    • Generally shorter in duration than a full Crypto Season.
    • May happen towards the latter part of a broader Crypto Season, as investors seek higher returns in smaller cap coins.

Key Differences:

  • Scope: Crypto Season encompasses the entire market, while Alt Season focuses on altcoins.
  • Duration: Crypto Seasons are generally longer than Alt Seasons.
  • Market Dynamics: In a Crypto Season, Bitcoin often leads the rally, while in an Alt Season, altcoins outperform Bitcoin.

It's important to note that these terms are not officially defined and can be subject to different interpretations within the cryptocurrency community. However, understanding the distinction can help investors and traders better analyze market trends and potential opportunities in different segments of the crypto market.

What Is Alt Season Indicator?

The Alt Season Indicator is a tool used by cryptocurrency traders and investors to gauge whether the market is entering or currently in an "Alt Season" — a period when altcoins are outperforming Bitcoin. While there isn't a single, universally accepted Alt Season Indicator, several metrics and tools are commonly used to assess the likelihood of an Alt Season. Here are some key aspects of Alt Season Indicators:

Bitcoin Dominance

One of the most widely used indicators is Bitcoin Dominance, which measures Bitcoin's market capitalization as a percentage of the total cryptocurrency market cap.

  • Calculation: (Bitcoin Market Cap / Total Crypto Market Cap) * 100
  • Interpretation: A declining Bitcoin Dominance often signals a potential Alt Season, as it indicates that capital is flowing from Bitcoin into altcoins.
  • Threshold: Some traders consider Bitcoin Dominance below 50% as a potential indicator of an Alt Season.

Altcoin Market Cap Ratio

This indicator compares the total market capitalization of altcoins to Bitcoin's market cap.

  • Calculation: Total Altcoin Market Cap / Bitcoin Market Cap
  • Interpretation: An increasing ratio suggests growing strength in the altcoin market relative to Bitcoin.

Top 10 Altcoins Performance

This indicator tracks the performance of the top 10 altcoins by market cap (excluding Bitcoin) compared to Bitcoin over a specific period.

  • Calculation: Average percentage gain of top 10 altcoins vs. Bitcoin's percentage gain
  • Interpretation: When a majority of top altcoins consistently outperform Bitcoin, it may indicate an Alt Season.

Alt Season Index

Some crypto data platforms offer a proprietary Alt Season Index, which combines various metrics to provide a single score indicating the likelihood of an Alt Season.

  • Scale: Often presented as a percentage or a 0-100 score
  • Interpretation: Higher scores (e.g., above 75%) suggest a higher probability of an ongoing Alt Season

Trading Volume Ratios

This indicator compares the trading volumes of altcoins to Bitcoin's trading volume.

  • Calculation: Total Altcoin Trading Volume / Bitcoin Trading Volume
  • Interpretation: An increase in this ratio may indicate growing interest in altcoins, potentially signaling an Alt Season.

Important Considerations:

  1. No single indicator is foolproof. Traders often use a combination of indicators for a more comprehensive analysis.
  2. Market conditions can change rapidly, and past patterns don't guarantee future results.
  3. Different traders may use different thresholds or interpretations of these indicators.
  4. The crypto market's evolving nature means that indicators may need to be adjusted over time to remain relevant.

Understanding and effectively using Alt Season Indicators can help traders and investors make more informed decisions about allocating their resources between Bitcoin and altcoins. However, it's crucial to combine these indicators with broader market analysis and risk management strategies.

Alt Seasons: Historical Perspective, Current Situation, and Future Predictions

Previous Altcoin Seasons

In crypto, two periods stand out as particularly significant for altcoins. These "alt seasons" saw unprecedented growth and interest in cryptocurrencies beyond Bitcoin, reshaping the landscape of digital assets.

The 2017-2018 Alt Season

Duration: December 2017 to January 2018

Context:

  • Bitcoin (BTC) experienced its most remarkable bull run to date, reaching nearly $20,000 in December 2017.
  • This surge in Bitcoin's price and public interest created a ripple effect throughout the crypto market.

Key Developments:

  1. Proliferation of New Coins: The success of Bitcoin catalyzed the launch of numerous new cryptocurrencies.
  2. Investor Frenzy: Buoyed by Bitcoin's success, investors eagerly sought the "next Bitcoin," pouring capital into various altcoins.
  3. ICO Boom: This period saw a surge in Initial Coin Offerings (ICOs), with many projects raising millions in a matter of hours or days.
  4. Market Expansion: The total cryptocurrency market cap reached unprecedented levels, briefly surpassing $800 billion in January 2018.

Notable Altcoins: Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) saw significant price increases during this period.

The 2020-2021 Alt Season

Duration: December 2020 to April 2021

Context:

  • Bitcoin broke its previous all-time high, surpassing $60,000 in March 2021.
  • The COVID-19 pandemic had accelerated digital adoption and increased interest in alternative investments.

Key Developments:

  1. DeFi Explosion: Decentralized Finance (DeFi) projects gained massive traction, with many tokens seeing exponential growth.
  2. NFT Boom: Non-Fungible Tokens (NFTs) entered the mainstream, driving interest in blockchain-based digital assets.
  3. Institutional Adoption: Major companies and institutional investors began adding cryptocurrencies to their balance sheets.
  4. Technological Advancements: Many altcoins introduced innovative features, scaling solutions, and use cases.

Notable Altcoins: Ethereum (ETH) reached new highs, while projects like Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT) saw remarkable growth.

Comparative Analysis: Both alt seasons shared some common characteristics:

  • They were preceded by significant Bitcoin price rallies.
  • New projects and tokens gained rapid popularity and valuation.
  • Retail investor participation increased dramatically.
  • The overall cryptocurrency market capitalization reached new heights.

However, the 2020-2021 alt season was marked by greater institutional involvement and a broader range of technological innovations, particularly in DeFi and NFTs.

Is It Alt Season?

Based on the indicators discussed above, it's not currently an altcoin season. The Altcoin Season Index at 41 and Bitcoin's market dominance at 61.3% both suggest that Bitcoin is still the dominant force in the crypto market at this time.

When Is Alt Season?

Based on the information we could gather from various experts, we can analyze the predictions for the next altcoin season as follows:

  • Based on the latest analysis from experts and on-chain data, here’s what we know about the next altcoin season:

     

    Current Status (August 2025):

     

    • The altcoin season index—a metric that signals how many altcoins outperform Bitcoin—currently sits around 37. For a “full-blown” alt season, it typically needs to rise above 75.

    • Bitcoin dominance is approximately 61-62%. Historically, dropping below 60% often coincides with a rapid rotation into altcoins and the start of alt season.

     

    Key Indicators to Watch:

     

    • Altcoin Season Index (ASI): Above 75 signals a true altcoin season.

    • Bitcoin Dominance: A move below 60% usually marks the transition; sub-50% dominance is associated with peak alt season inflows.

    • Market Activity: Increasing volumes in major altcoins and Layer 1s, meme coin rallies, and spikes in DeFi activity are early warning signs.

    • Ethereum Outperformance: When ETH surges relative to BTC, this historically precedes broader altcoin rallies.

     

    Expert Predictions for 2025:

     

    • Analysts point to a pivotal window for alt season starting as early as August 2025 and extending through the fall, with many expecting true acceleration of altcoin gains if Bitcoin’s price consolidates and capital rotates further into alts.

    • There is strong consensus that macroeconomic catalysts, such as potential U.S. interest rate cuts and ongoing Bitcoin ETF momentum, could fuel a major altcoin rally in late 2025 if positive conditions persist.

    Summary Table: Key Factors & Targets

    SignalAlt Season TriggerStatus (Aug 2025)
    Altcoin Season Index (ASI)>75 ~37
    Bitcoin dominance<60% ~61–62% (near trigger)
    Altcoin trading volumeSustained surge across many alts Rising, but not explosive
    Ethereum outperformanceETH/ BTC breakout, >$3,700 Near, ETH ~$3,500
    Market narrativesAI, DeFi, meme coins, new L1 inflows Strengthening
     

    Bottom Line:
    Most analysts agree the groundwork for altcoin season in 2025 is building. We are currently in a transition phase: if Bitcoin dominance continues to fall and the Altcoin Season Index rises above 75, a full-fledged alt season could ignite during the second half of 2025. Monitor these key indicators to stay ahead as market momentum shifts from Bitcoin into a broader range of altltcoins.

Key Factors to Consider

  • Technology: Look for coins with innovative solutions to existing blockchain challenges.
  • Adoption: Consider projects with growing partnerships and real-world use cases.
  • Market Position: Established coins with room for growth may offer a balance of stability and potential returns.
  • Tokenomics: Understanding supply dynamics can help predict potential price movements.

It's crucial to conduct thorough research before investing. The cryptocurrency market is highly volatile, and past performance doesn't guarantee future results. Always invest responsibly and within your risk tolerance.

How to Win in Next Alt Season?

Capitalizing on the next altcoin season requires a strategic approach. Here's how to maximize potential gains:

  • Research and Diversification: Thoroughly research potential investments, analyzing both fundamentals and technical aspects to identify promising altcoins. Diversify your holdings across different projects to mitigate risk and maximize potential returns. Don't put all your eggs in one basket.
  • Strategic Timing: Utilize technical analysis tools like support/resistance levels and RSI to pinpoint optimal entry and exit points. Monitor market sentiment and price trends to make informed decisions. A clear entry and exit strategy is crucial for managing risk and maximizing profits during volatile periods.
  • Newer Projects: Consider participating in newer altcoin projects. This provides early access to potentially high-growth projects at discounted prices. Research upcoming defi projects with use cases, focusing on innovative projects with strong potential. Investing early can yield substantial returns as the project develops.

Conclusion

In summary, an altcoin season, marked by significant price increases in non-Bitcoin cryptocurrencies, may be on the horizon.  This potential surge could be driven by investors seeking higher returns in smaller-cap cryptocurrencies, technological advancements in altcoin projects, increased blockchain adoption, and the transition of projects from speculative ventures to real-world applications

Remember, while the potential for significant gains exists during an altcoin season, the cryptocurrency market remains highly volatile. Always invest responsibly.

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