High-speed oracles, like those developed by Douro Labs, are set to transform the $50 billion financial data industry. Michael James, head of institutional business development at Douro, highlighted the issues of unsustainable costs and lack of competition in traditional financial data vendors. He expressed that the current market is dominated by a few major players who often arbitrarily increase their prices. This monopolistic trend stifles innovation and restricts access to smaller businesses needing real-time market data. James emphasized that the unique model of oracles, such as Pyth, allows clients to pay for data on demand, potentially lowering costs significantly. The Pyth network, which has shown considerable growth recently, is offering various financial data services, contributing to decentralized finance applications and expanding across over 80 blockchain networks. By fostering competition, high-speed oracles may provide a more accessible and affordable solution for institutions reliant on accurate financial data.

Source đź”—