# How Do Markets Evolve When Finance Never Sleeps | Mike Cahill (Pyth Network) at ETHConf

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-07-09
- Duration: 12:59
- Topics: Pyth Network, Mike Cahill, Douro Labs, ETHConf, market data, financial data, oracle, price feeds, Pyth Pro, data marketplace, 24/7 markets, cryptographic proofs, Bloomberg, CME, NASDAQ, ICE, Jump Trading, Jane Street, Susquehanna, publishers, perpetuals, equities, FX, commodities, futures, crypto data, indices, US Department of Commerce, GDP, Euronext, SGX, OTC Markets, Kalshi, Coinbase, Kraken, dYdX, Market Vector, ARR, blockchain, RWAs
- Watch: https://streameth.org/watch/yt-knGm2DrGfP8
- YouTube: https://www.youtube.com/watch?v=knGm2DrGfP8

## Description

In this talk, Mike Cahill, CEO of Douro Labs (the team building the Pyth Network), explains why markets need a new price setup and how Pyth makes the price of everything accessible to everyone. He recounts how about five years ago, while at Jump Trading with co-founders Jan and Kieran, he went deep into market infrastructure trying to figure out how to build a global harmonized market for trading real world assets on and off chain, and found the biggest bottleneck was financial market data. That industry generates around $50 billion in annual revenue but is siloed, fragmented, and dominated by Bloomberg charging $30,000 per seat as a basic package, with premium feeds like CME, NASDAQ level two, and ICE layered on top, requiring relationships and audits with hundreds of vendors worldwide.

Mike explains that while this mess worked for existing markets, it breaks for blockchain-based cleared markets, which are global, programmable (requiring cryptographic proofs to preserve trust), and 24/7. Pyth solves this with a marketplace connecting data publishers to consumers, aggregating information while preserving trust and publishing proofs to any blockchain. The first-principles unlock was sourcing high quality data from major trading firms like Jump, Jane Street, and Susquehanna that had never monetized this byproduct, then anonymizing and stitching it together, making Pyth the first original price source rather than just an oracle. He shares the scale: over 100 institutions publishing data, delivery to over 100 blockchains, every asset class covered, powering more than 60% of perpetuals markets, $3 trillion in transaction volume, over 700 enterprises, and 3,000+ symbols. He walks through three product verticals: Pyth Pro (the Spotify for market data, one ever-growing subscription, adding $1 million monthly ARR toward $20 million by year end), a data marketplace (born from publishing US Department of Commerce GDP data on chain, now launched with Euronext, SGX, and OTC Markets), and new 24/7 markets that harmonize off-chain and on-chain trading into seamless indices. He closes announcing the 24/7 indices launching that week with Coinbase, Kraken, dYdX, and Market Vector as first users, after Pyth oil saw insatiable demand.

00:00 Introduction
00:35 The Problem Pyth Set Out to Solve
00:55 Where Pyth Is Today
01:17 The Bottleneck of Financial Market Data
01:38 A $50 Billion Siloed Industry
01:58 Bloomberg and the Basic Cable Model
02:19 Hundreds of Vendors and Audits
02:38 Why It Breaks on Blockchains
03:00 Why Blockchains Need a New Approach
03:22 The Pyth Marketplace Model
03:41 Rethinking Data Sourcing From First Principles
04:01 Tapping Trading Firms' Unmonetized Data
04:18 Why Pyth Is More Than an Oracle
04:35 Creating an Original Price Source
04:45 The Scale of the Network Today
05:03 Every Asset Class Covered
05:32 The Publishing Side of the Network
05:55 Sourcing the Best in Each Category
06:22 The Three Product Verticals
06:43 Pyth Pro: The Spotify for Market Data
07:15 The Data Marketplace Vertical
07:40 The Pyth Terminal
08:03 Pyth Pro Scaling Toward $20 Million ARR
08:31 Powering Kalshi Without On-Chain Proofs
08:57 Pyth Pro Video
09:26 A Reminder of the Scale
09:47 The Marketplace and the US Commerce Collaboration
10:10 Publishing GDP On Chain
10:35 Launching With Euronext, SGX, and OTC Markets
10:58 Introducing 24/7 Markets
11:24 How Pyth Constructs 24/7 Indices
11:50 From Pyth Oil to Equities, Metals, and FX
12:00 Launching This Week With Coinbase, Kraken, dYdX
12:43 Why 24-Hour Markets Will Be the Norm
12:43 Closing

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