Pyth Network, a decentralized oracle delivering real-time price feeds for cryptocurrencies, equities, FX, and commodities, continues to solidify its position in the blockchain data infrastructure space.
Drawing from the latest quarterly report, here’s a breakdown of key developments in Q3 2025. Pyth’s TVS surged 15.6% quarter-over-quarter (QoQ), adding $831.3 million to reach $6.14 billion by quarter-end.
This marks the network’s second straight quarter of expansion, up from $5.31 billion at the end of Q2. The growth reflects broader adoption across DeFi applications, with Pyth capturing a 7.0% market share among top oracles behind Chainlink’s 75.2%.
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Daily price updates also climbed 7.6% QoQ to 675,100, underscoring increasing demand for Pyth’s pull-oracle model. In September 2025, Pyth introduced Pyth Pro, a subscription-based service tailored for institutions, providing low-latency (1ms) updates across 2,200+ price feeds for crypto, equities, fixed income, commodities, and FX.
Developed with Douro Labs, it targets the $50 billion institutional market data sector, offering transparent pricing and seamless integration as an alternative to legacy providers like Bloomberg.
Early adopters include Jump Trading Group and major banks. This builds on Pyth’s existing network of 125+ institutional contributors, enabling a “single source of truth” for cross-asset pricing.
On September 25, Pyth partnered with this SEC-registered alternative trading system (ATS) to publish overnight U.S. equity data on-chain—marking Pyth’s entry into 24/5 equity trading coverage. The exclusive deal runs through 2026, filling a key gap in after-hours data for DeFi and institutional apps.
U.S. Department of Commerce: In a landmark move on September 4, Pyth became the first oracle to distribute federal economic data on-chain, starting with five years of historical quarterly GDP figures from the Bureau of Economic Analysis.
This pilot highlights Pyth’s push into real-world assets (RWAs) and regulatory-compliant data distribution. These milestones position Pyth as a bridge between TradFi and DeFi, with expanding real-world utility.
PYTH Token Implications from Q3 2025 Developments
Pyth Network’s Q3 2025 milestones—15.6% QoQ TVS growth to $6.14B, the Pyth Pro launch, and high-profile partnerships—signal a maturing protocol bridging DeFi and TradFi.
While these advancements enhance network utility, PYTH token an SPL token on Solana sees mixed implications: bullish long-term demand drivers tempered by near-term supply pressures and market headwinds. Below, I break down key aspects, focusing on tokenomics, price dynamics, governance, and risks, grounded in recent metrics and sentiment.
Token Utility and Value Accrual
PYTH primarily serves as a governance and staking token, enabling holders to vote on Pyth Improvement Proposals (PIPs) and participate in Oracle Integrity Staking (OIS). Stakers risk slashing for faulty data, incentivizing accurate feeds from 120+ institutional publishers.
OIS staked PYTH reached 948.5 million by Q3-end 1.1% QoQ increase, stabilizing after a 46.9% Q2 surge post-May unlock. This reflects confidence in data integrity amid rising usage (7.6% QoQ increase in daily price updates to 675,100).
Higher TVS and non-sponsored updates up 18.9% to 6.3 million could further boost staking demand, as protocols rely on verified feeds for $1.87T+ cumulative traded volume. The September launch of Pyth Pro—a $5K–$10K/mo subscription for 1ms updates across 2,200+ feeds—doubled subscribers to 28 including Jump Trading and Jane Street.
This targets the $50B institutional market data sector, generating recurring revenue for the DAO treasury. While not direct PYTH burns, governance via PIPs could allocate funds to buybacks or rewards, accruing value to stakers. Early adopters signal TradFi integration, tying token utility to premium access fees.
Blue Ocean deal enables 24/5 on-chain U.S. equity data, filling after-hours gaps and boosting equities feeds 64.3% of active listings. U.S. Department of Commerce pilot on-chains GDP/PCE data, expanding to CPI/PMI—pivotal for RWAs and macro derivatives.
This validates PYTH as “macro infrastructure,” per U.S. Blockchain Act of 2025, potentially increasing token demand for verification costs. These developments shift PYTH from DeFi utility to institutional “rails,” with Entropy V2 (up 1.3% in requests to 4.22M, revenue +5.7% to $33.8K) adding randomness for gaming/NFTs.
PYTH trades at ~$0.092 USD, down 7.55% in 24h and ~75% from its 2024 highs, with a $609M market cap circulating supply: ~5.7B of 10B total. 24h volume hit $39.8M, but it’s lagged broader altcoin recovery amid BTC’s 6-month lows and $1B+ liquidations.Q3 Impact:
Announcements drove short-term pumps—e.g., +91% surge post-Commerce partnership (Aug 28–Sep 1)—but fades followed unlocks and macro volatility. X sentiment is 83% positive, with 104.9K watchlists, fueled by threads calling PYTH “the Bloomberg of Web3” and “data backbone” for $1T+ DeFi. Whale activity is heavy, with traders noting unpriced HFT edges from Lazer.
Analysts project neutral-to-bullish 2025 outlooks, but with variance: $0.10–$0.35 range by YE2025, with upside to $0.68+ if TVS hits $10B+ and Pro scales. Short-selling today could yield 24.91% ROI by Dec 31.
Correlation to top-10 coins (0.514) suggests BTC/ETH recovery as a catalyst. Four Operational PIPs passed in Q3 (e.g., Entropy V2 deployment, validator pruning), showing active DAO (67% threshold for Constitutional changes). No major unlocks in Q3, but Q4’s roadmap includes Pro Phase 2 (TradFi feeds) and Entropy Explorer—likely PIP-voted, rewarding engaged holders.
Chainlink’s 75.2% oracle share and TradFi ties loom large; CFTC scrutiny on oracles adds uncertainty. RSI-7 at 64.62 nears overbought; MACD weakening amid altcoin rotation. Integration complexity could slow developer uptake.
Q3 cements PYTH’s pivot to “full-spectrum infrastructure,” with Pro and partnerships driving ~20% subscriber/TVS growth—bullish for staking/revenue accrual and potential 2–3x price upside in a bull cycle. However, unlocks and volatility cap near-term gains; target $0.15–$0.25 by Q1 2026 if institutional leads convert.
Avalanche Q3 2025 is a Quarter of Institutional Acceleration and Network Surge
Avalanche (AVAX) closed Q3 2025 with robust momentum, driven by deepening institutional adoption and explosive on-chain activity. The network’s focus on real-world assets (RWAs), scalable infrastructure, and targeted investment vehicles positioned it as a leader in bridging TradFi and DeFi.
AVAX’s market cap surged 67% quarter-over-quarter (QoQ) to $12.7 billion by the end of Q3, marking the first quarter above $10 billion in 2025. This growth was fueled by heightened institutional inflows and network upgrades like the Octane enhancement, which slashed fees by up to 98% and boosted developer activity.
Trading at ~$15.57 USD, with a live market cap of approximately $6.68 billion circulating supply: ~430 million AVAX. The Q3 peak reflects broader market recovery, but recent volatility has pulled it back—down 2.5% in the last 24 hours amid global crypto dips.
This positions AVAX at #21 on CoinMarketCap, underscoring its resilience amid a year where RWA tokenization and enterprise pilots (e.g., Suntory’s NFC anti-counterfeiting on Avalanche) drove utility beyond speculation.
Two dedicated AVAX vehicles were announced, securing $1.1 billion in commitments toward a $1.7 billion target. Avalanche Treasury Co. (AVAT): Partnered with Mountain Lake Acquisition Corp. in a $675 million deal to create a Nasdaq-listed early 2026 public vehicle for AVAX exposure.
Backed by VanEck, Galaxy Digital, and Pantera, AVAT plans to acquire $1 billion+ in AVAX at a discount, emphasizing active ecosystem deployment over passive holding.
AVAX One: Complementary vehicle focusing on treasury accumulation, contributing to the combined commitments. These initiatives align with Bitwise’s U.S. AVAX ETF filing, signaling maturing institutional gateways. These vehicles could tighten AVAX supply dynamics, potentially supporting price stability as they prioritize long-term adoption over short-term flips.
Grove launched a $250 million on-chain credit strategy on Avalanche, targeting tokenized real-world assets (RWAs) via Centrifuge’s infrastructure. This includes allocations to the Janus Henderson Anemoy AAA CLO Fund (JAAA) and a new Treasury Fund (JTRSY), backed by $373 billion AUM manager Janus Henderson.
Avalanche’s RWA total value locked (TVL) exploded 252% QoQ to $677 million, propelled by integrations like BlackRock’s BUIDL fund $500 million tokenized and pilots such as South Korea’s NH NongHyup Bank stablecoin tax refunds.
This fits Avalanche’s enterprise push, with ongoing RWA growth exceeding $500 million via BUIDL alone. The Granite Upgrade launching Nov 19, 2025 will further enable cheaper inter-chain messaging, biometric security, and dynamic fees—ideal for scaling RWA workflows.
Average daily transactions (TXs) across the C-Chain and Avalanche L1s jumped ~137% QoQ to 36.5 million from 15.4 million in Q2. C-Chain TXs alone rose 106% to 1.3 million daily, driven by DeFi protocols, gaming subnets (e.g., Beam), and RWA inflows.
Daily active addresses (DAAs) skyrocketed ~277% QoQ to 19.8 million from 5.24 million, with L1s contributing 258% growth to an average of 468,294 DAAs. October 2025 alone hit a record 100+ million monthly active addresses.
Launches like MapleStory N, FIFA Blockchain, and Coqnet (a gambling dApp) amplified engagement. Stablecoin caps dipped slightly down 23.8% QoQ, but overall throughput highlights Avalanche’s scalability edge.
Q3’s gains set Avalanche up for Q4 catalysts, including the Granite Upgrade and potential Nasdaq listings for AVAT. With AVAX’s deflationary mechanics (via fee burns) and 100+ active custom subnets, the network is primed for sustained growth in gaming, DeFi, and RWAs.
However, broader market headwinds (e.g., token unlocks like AVAX’s $476M batch) could introduce volatility—watch resistance at $27. If institutional flows persist, $35–$50 targets remain in play per analysts. This quarter cements Avalanche’s evolution from high-throughput L1 to institutional powerhouse. What’s your take—bullish on RWAs or eyeing the next subnet play?