Gate Research has just released its latest report: “The Undervalued High-Growth Sector — Unlocking the Oracle Sector’s Second Growth Curve.” The report provides an in-depth analysis of how the oracle sector is evolving from being “DeFi’s data infrastructure” to becoming a “connector to the off-chain world” amid the rising wave of multi-modal data in Web3. Based on data and empirical evidence, the report focuses on leading projects, including Chainlink, Pyth, and Redstone. It explores in depth the technological architecture, market structure, changes in TVL, vertical application expansion, and the emergence of a second growth curve. The report systematically summarizes the evolution logic, key turning points, and future growth pathways of the oracle sector.

Key Takeaways：

• Market Background: From 2023 to 2025, the crypto industry has shifted from DeFi to multi-modal data integration. New narratives such as RWA, AI, and DePIN continue to emerge, driving rapid growth in the demand for off-chain data. As a key infrastructure for off-chain data access, the oracle sector is gaining renewed attention and revaluation, with a projected market size reaching $2.31 billion by 2030.
• Technical Evolution: Oracles have evolved from simple price feed systems serving DeFi to now supporting cross-chain interoperability, automated execution, random number generation, and more. They are also expanding into diverse data sources, such as non-financial assets, IoT devices, and biomolecules — laying the groundwork for a trusted on-chain data transmission network.
• Competitive Landscape: The sector presents a “one dominant, many strong” pattern. Chainlink holds over 76% of the market cap and 53% of total value secured (TVS). Pyth and Redstone are rising through Solana and multi-chain ecosystems respectively, forming differentiated competition in areas like low latency, pull-based data models, and AI architecture.
• Second Growth Curve: RWA (Real World Assets) is poised to become the next explosive growth point for oracles. Chainlink, Pyth, and Redstone have already provided price feeds for bonds, ETFs, and real estate, signaling that oracles are transitioning from mere price relays to becoming foundational infrastructure for off-chain finance.
• Economic Model & Challenges: Mainstream oracles still rely on on-chain transaction fees and token staking for revenue. Moving forward, the sector needs to continuously optimize in areas like data verification, security, exclusivity of data sources, and performance, to support multi-scenario, high-frequency data services.
• Outlook: As the convergence between the off-chain world and blockchain accelerates, oracles will become key enablers of data capitalization. Their value will go far beyond DeFi — they are poised to become an essential infrastructure in the trillion-dollar market for connecting the real world to Web3.

Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, trending insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Gate.io Team
April 23, 2025

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