97.5K @switchboardxyz Pushed another update to Switchboard Stats: @Dune query links
Track:
🆕 Oracle revenue on @solana
📊 Oracle updates across Solana, Sui, and Aptos (YTD and monthly)
📊 Top protocols by usage
📊 # of SWTCH holders and stakers
Link in the thread below. https://t.co/DmtuHpfvGd
97.5K @switchboardxyz Get the data on onchain data: https://t.co/Sz66HQWnWS
14
5
927
97.5K @switchboardxyz 
18.0K @SwitchboardFDN Governance of the Switchboard Protocol rests with SWTCH holders.
The Switchboard DAO. Coming very soon. https://t.co/qmj3Ximueb
32
8
2.3K
3.5K @gtofweb3 Crazy to see Switchboard delivering millisecond-level performance while sitting at a $6M market cap. Feels like the market hasn’t caught up to the fundamentals yet. $BTC $ETH
Do you think this kind of tech-versus-market mismatch is about to correct ? $HYPE
41.4K @0xBeyondLee Recently, while reviewing data on the oracle sector, I discovered a very puzzling phenomenon:
There is an extreme mismatch between asset prices and product performance
I'm not sure whether the market hasn't reacted yet or still uses old valuation logic in this sector. The current market cap ladder looks like this:
- Chainlink $LINK market cap 9.5 billion / FDV 13.7 billion
- Pyth $PYTH market cap 370 million / FDV 650 million
- Switchboard $SWTCH market cap 6.4 million / FDV 37.5 million
Switchboard's market cap is even less than 2% of Pyth's
Usually such valuation gaps imply a comprehensive lag in technology or ecosystem, but after dissecting the actual business data, the situation is exactly the opposite
1/ Actual tests of latency and block inclusion rate
In DeFi, especially on high‑frequency chains like Solana, speed is not only an experience factor but also the foundation of risk control
- Pyth on‑chain latency is about 1.8 seconds, and without paying priority fees, there is roughly a 30% chance of failing to be included on time
- Switchboard latency is only 3–4 milliseconds, thanks to the TEE architecture and Surge model; even without priority fees, there is a 95% chance of block inclusion in the next slot
2/ Differences in architecture models
Most oracles on the market, including Chainlink and Pyth, still rely on consensus propagation or are permission‑based, which limits scalability to some extent
Switchboard follows the TEE (Trusted Execution Environment) route, making it currently the only millisecond‑level oracle that can operate “permission‑less”
Its newly launched on‑chain subscription model allows anyone to pay for data streams directly with tokens, without sales intermediaries or API approvals
This is the form that Web3 infrastructure should have
3/ Business load capacity
Although its market cap is only a little over 6 million, it already covers leading protocols such as Jito, Drift, Kamino, protecting over $5 billion of on‑chain value
/
On one side, a mainstream asset with a market cap of $370 million but latency of 1.8 seconds; on the other, a technical asset with a market cap of $6.4 million but latency of only 3 milliseconds
This kind of fundamental‑to‑market inversion is extremely rare
It may mean that pricing power in the oracle sector is still held by brand inertia rather than technology and efficiency
But if the market eventually returns to rationality, this asymmetry itself is worth watching
@switchboardxyz @hermidao1
2
0
83
