Pyth Usage on EVM

    This report analyzes the usage of the Pyth Network oracle across 11 EVM chains: Arbitrum, Aurora, Avalanche, Blast, BNB, Base, Ethereum, Gnosis, Optimism, Polygon and Sei EVM.

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    This graph illustrates the number of unique contracts interacting with the Pyth oracle over time across different chains. Key observations:

    • A significant spike in activity occurred around February 28, 2024, mainly on Blast.
    • Steady growth in unique contract interactions since March 2024.
    • Arbitrum, Optimism, and Polygon show consistent daily activity.
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    This chart shows the weekly number of transactions to the Pyth oracle across various chains. Notable trends:

    • A major surge in transactions occurred in mid-March 2024.
    • Blast chain shows significant and consistent transaction volume since the surge.
    • Ethereum, Arbitrum, and Optimism maintain steady transaction volumes.

    Understanding Oracle Interactions

    The interactions with the Pyth oracle, referred to as "calls," represent traces of transactions with contracts that interact with the Pyth Oracle's view or write functions. These typically involve:

    1. Requesting price information
    2. Updating on-chain price data

    Call Types and Fee Structure

    Calls to the Pyth oracle can be categorized into two main types:

    1. Static Calls:

      • Functions like getPrice or getPriceUnsafe
      • Retrieve price information
      • Do not incur fees payable to Pyth
      • Consume gas on the respective network
    2. Update Calls:

      • Functions like updatePrices
      • Update on-chain price data
      • Capture fees for Pyth

    > Important: The typical fee for an update paid to the Pyth network is 1 WEI, the smallest unit of the native cryptocurrency. This minimal fee is saved in scientific notation which might lead to rounding erros because the number it's so small.

    Introduction

    Pyth Network provides real-time financial market data to smart contract applications across over 50 blockchains. With data contributed by more than 95 reputable first-party providers, Pyth offers robust price feeds for over 450 assets, including US equities, commodities, and cryptocurrencies, updating multiple times per second.