Mike Cahill is CEO of Douro Labs and Contributor to Pyth Network.

What was the highlight of 2025?

2025 was the year that institutions woke up to the inefficiencies in the $50 billion market data economy. They are increasingly demanding more from their data providers, both in terms of speed and lower barriers to accessing global markets. We saw this through demand for Pyth Pro, our subscription service for institutional market data, which surpassed $1 million in annual recurring revenue within its first month since launching. We see trading firms, analytics platforms, DeFi protocols, and top-tier financial institutions share a growing need for transparent, real-time data solutions.

What are your expectations for 2026?

In 2026, we anticipate a major acceleration in the convergence of TradFi and DeFi, a structural shift reshaping global markets. The move toward digitized, onchain solutions is no longer experimental; it is becoming a core requirement for competitive advantage in the TradFi world. As the industry embraces these shifts, we expect to see deeper integrations between institutional platforms and blockchain networks as well as governance frameworks that reinforce trust and accountability. Ultimately, the convergence of TradFi and DeFi will enable a more inclusive, resilient, and data-rich financial system designed to meet the speed and complexity of modern markets.

What industry trends have been prominent but are now fading (or will soon fade)?

The era of high-priced, opaque market data is rapidly coming to an end. For decades, a handful of incumbents controlled access to real-time information through restrictive contracts and discriminatory pricing models. This approach is no longer sustainable. Institutions are increasingly rejecting fragmented coverage and unpredictable fees in favor of transparent solutions that provide global, real-time data at consistent and fair costs. This shift in sentiment is more than a pricing adjustment and represents a fundamental change in how the financial industry views data delivery and consumption. As demand for access and efficiency grows, the move toward digitized models will accelerate innovation, broaden participation, and create a more competitive market environment.

What are your clients’ pain points and how have they changed from 1 year ago?

Institutions continue to face significant challenges stemming from legacy market data systems. These outdated infrastructures, built on pre-internet technology, impose billions in fees for fragmented and delayed data feeds. In 2024, frustration centered on latency and opaque pricing. By 2025, this pain intensified as costs escalated and coverage gaps persisted, creating unsustainable pressure on budgets and limiting flexibility for capital allocation. We’ve been focused on addressing these issues directly by delivering real-time, first-party data with transparent pricing and broad cross-asset coverage. This evolution has validated Pyth’s model as a true disruptor, aligning incentives between data publishers and consumers while eliminating intermediaries that have historically driven up costs.