In-depth Analysis of the Oracle Machine Industry: From Single Price Feeding to Multi-Data Infrastructure

The Oracle Machine, as one of the key infrastructures in the blockchain world, has its core competitiveness mainly reflected in four aspects: the comprehensiveness and credibility of data acquisition, the acquisition of exclusive data and value capture, the security and decentralization of the verification mechanism, and the transmission efficiency and network robustness. With the continuous development of blockchain technology, the application scenarios of Oracle Machines are also continuously expanding.

1. The Development History of Oracle Machine

The concept of the Oracle Machine can be traced back to 2015, when Ethereum co-founder Vitalik Buterin emphasized the key role of oracles in enabling smart contracts to access external data. Since then, oracle technology has gone through several stages of development:

• 2015-2016: The first decentralized Oracle Machine service Oraclize( is now launched as Provable), supporting Ethereum smart contracts to access external data.

• 2017-2018: The Chainlink project was established, proposing the concept of a decentralized Oracle Machine network (DON), aimed at solving the single point of failure problem.

• 2019-2021: The DeFi Summer arrives, and Oracle Machines become the core external data providers for DeFi. Multiple oracle projects such as Band Protocol and Tellor are launched one after another.

• 2022-2023: Oracle Machine services expand to multiple chains and scenarios. Chainlink launches cross-chain interoperability protocol (CCIP), Pyth Network mainnet goes live.

• 2024-2025: Oracle Machine services expand from DeFi to gaming, NFTs, insurance, and other fields. The demand for IoT Oracle Machines increases with DePIN applications, and AI begins to combine with Oracle Machines to explore new scenarios.

2. Oracle Machine Track Market Size

By the end of 2024, the total market value of the Oracle Machine project is expected to be $10.55 billion, accounting for 11.8% of the total market value of DeFi. Based on Grand View Research's forecast for the DeFi market, there may be two scenarios for the future development of the Oracle Machine market:

• Optimistic scenario: The Oracle Machine market size maintains 10% of the DeFi market size, reaching 23.1 billion USD by 2030.

• Neutral Scenario: The Oracle Machine market size will remain at 6-8% of the DeFi market size, reaching 13.8-18.4 billion USD by 2030.

3. Main Projects in the Oracle Machine Track

Currently, the Oracle Machine industry shows a dominant player. Chainlink is the absolute leader in both token market capitalization and Total Value Secured (. Other projects such as Pyth Network, UMA, and API3 also have their own characteristics in terms of low latency, verification mechanisms, and data acquisition.

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) 3.1 Chainlink

Chainlink, as the leader in Oracle Machines, provides services such as price feeds, automation, verifiable random functions, and cross-chain operations. In 2024, its revenue mainly comes from price feed services, accounting for 95%.

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) 3.2 Pyth Network

Pyth Network has advantages in transmission speed and financial data acquisition, providing price feed services on 65 public chains.

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) 3.3 Redstone

Redstone is currently the only data provider that utilizes both Push and Pull modes, having completed integration with over 70 public blockchains.

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4. RWA Opens the Oracle Machine Track's Second Growth Curve

With the integration of traditional finance and crypto technology, RWA) real world assets ( have become a new important application scenario for Oracle Machine. McKinsey predicts that by 2030, tokenized real world assets will reach $20 trillion. As an important infrastructure for RWA, Oracle Machine is expected to achieve significant revenue growth.

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Currently, mainstream Oracle Machine projects such as Chainlink, Redstone, and Pyth Network have begun to lay out in the RWA field. In the future, Oracle Machines will evolve from "price transmission" to "trusted data infrastructure", especially facing new opportunities and challenges in off-chain data modeling of non-financial assets.

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5. Multi-type Data Dedicated Oracle Machine, Industry Growth Curve from 2 to N

With the expansion of on-chain demand, the service capability of Oracle Machines is shifting from "generalized transmission" to "vertical processing." Possible specialized Oracle Machines in the future may include:

• Internet of Things Data Oracle Machine: Supports DePIN Capacity Expansion
• Code Oracle Machine: Serves scenarios such as smart contract vulnerability detection.
• Biomolecular Oracle Machine: Supports the infrastructure development of Crypto × Biotech

The emergence of these specialized Oracle Machines marks the evolution of the Oracle Machine industry from a "universal data layer" that serves standardized financial protocols to a "multimodal infrastructure" that supports vertical scenarios.

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Conclusion

As the integration of blockchain and the real world becomes increasingly close, the importance of the Oracle Machine as a key infrastructure is becoming more prominent. In the future, as the demand for more modal data on-chain increases and the performance of smart contracts improves, RWA is expected to become the main second growth curve in the Oracle Machine track. At the same time, vertical specialized Oracle Machine startup projects will continue to emerge, driving the entire industry to transition from a single pricing service to a diverse data infrastructure.

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