Pyth Network: Institutional Investment Analysis Report @PythNetwork is a first-party oracle network that directly receives data from global financial institutions, aiming for institutional-grade data infrastructure. This protocol protects over $6.3 billion in assets across more than 100 blockchains and demonstrates industry-leading reliability with an accuracy of 99.5%. Unlike traditional oracles that use data aggregation through node operators, Pyth collects data directly from institutions such as Jane Street, Cboe, and Binance, reducing the risk of intermediary manipulation and ensuring real-time precision. This structure is particularly suitable for the RWA market and next-generation DeFi applications, where real-time price data is essential. Pyth's key technical differentiator is its pool-based architecture. Unlike the traditional push method, which continuously sends information regardless of data demand, the pool method retrieves data only when users need it, making it cost-efficient. The fee per transaction ranges from $0.001 to $0.01, which is 80-90% cheaper compared to traditional oracles that charge $0.10 to $1.00. The latency is less than 400 milliseconds off-chain and under 3 seconds on-chain, making it more than 10 times faster than competing solutions. Additionally, it provides the same feed across all chains, reducing cross-chain arbitrage risks. Even during the collapse of FTX in 2022, Pyth maintained data updates, proving the stability of its architecture. Cross-chain support is implemented through the Pythnet aggregation layer operated by publishers and the Wormhole relay infrastructure. Pythnet performs sub-second aggregation based on the premise of more than 2/3 honest validators, while Wormhole adds an average delay of 0.5 to 1 second. The dependency on Wormhole introduces a single infrastructure risk, but it maintains reliability with improved security measures and over 99.9% uptime. From an economic perspective, the token unlock schedule poses the greatest risk. The total supply is fixed at 10 billion, but 4.25 billion tokens are set to be unlocked in 2026-2027, which could create significant selling pressure in the short term. However, in the long term, there is no additional inflation, and over 80% of the total is allocated for community and ecosystem rewards, leading to productive utilization. Approximately 1 billion tokens are already staked, reducing the effective circulating supply, and the tokens are used not only for governance but also for publisher deposits, data quality rewards, and DAO-based revenue distribution. Growth indicators are positive. Currently, over 350 protocols are integrated, and quarterly transaction volume exceeds $149 billion. The economic data distribution contract with the U.S. Department of Commerce in 2025 is an achievement that demonstrates regulatory and institutional credibility. Additionally, the entry of new publishers such as Sygnum Bank and Revolut is strengthening its position in both institutional and retail sectors. In the competitive landscape, Pyth has positioned itself as a major contender challenging Chainlink. While Chainlink holds an advantage in TVS scale, Pyth leads in transaction volume and speed. Particularly, the first-party data supply model is a key strength that differentiates it from the node aggregation-based Chainlink. Risk factors include publisher concentration, dependency on Wormhole, selling pressure from token unlocks, and competition with Chainlink. However, the proven publisher model, DAO governance, and collaboration with regulatory bodies are mitigating factors. Overall Surf Report The investment scenario targets a TVS of $18 billion and annual revenue of $35 million by 2027, with an optimistic case where TVS could exceed $50 billion and revenue could reach $150 million. Conversely, in a pessimistic scenario, it could remain below $10 billion. Therefore, institutional investors may consider Pyth with a 1-3% allocation in an infrastructure-focused portfolio. In the short term, they should monitor token unlock risks and are advised to adopt a dollar-cost averaging strategy with a minimum investment horizon of 18 months. Key monitoring indicators include TVS growth, expansion of institutional publishers, staking participation rates, and competitive position against Chainlink. Overall Surf Report: