Recently, while reviewing the data of the oracle track, I discovered a very confusing phenomenon:

There is an extreme misalignment between asset prices and product performance.

I am not sure if the market has not reacted yet, or if it is still using old valuation logic in this track. The current market value ladder is as follows:

- Chainlink LINK market value 9.5 billion / FDV 13.7 billion

- Pyth PYTH market value 370 million / FDV 650 million

- Switchboard $SWTCH market value 6.4 million / FDV 37.5 million

The market value of Switchboard is even less than 2% of Pyth's.

Usually, such a valuation gap indicates a comprehensive lag in technology or ecology, but after breaking down the actual business data, the situation is just the opposite.

1/ About the actual tests of delay and block rate

In DeFi, especially on high-frequency chains like Solana, speed is not just about experience; it is the basis of risk control.

- Pyth has an on-chain delay of about 1.8 seconds, with about a 30% probability of not being able to get on-chain in a timely manner without paying priority fees.

- Switchboard has a delay of only 3-4 milliseconds, thanks to the TEE architecture and Surge model, and even without paying priority fees, there is a 95% probability of completing the block in the next slot.

2/ Differences in architectural models

Most oracles on the market, including Chainlink and Pyth, still rely on consensus propagation or a permission-based approach, which limits scalability to some extent.

Switchboard follows the TEE, or Trusted Execution Environment route, which makes it the only millisecond-level oracle that can achieve "permissionless" operation.

Its newly launched on-chain subscription model allows anyone to directly pay for subscription data streams using tokens, without sales intervention or API approval.

This is the form that Web3 infrastructure should inherently possess.

3/ Business capacity

Although its market value is only over 6 million, it has already covered leading protocols such as Jito, Drift, and Kamino, protecting over 5 billion dollars of on-chain value.

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On one side is a mainstream asset with a market value of 370 million but a delay of 1.8 seconds, and on the other side is a technical asset with a market value of 6.4 million but a delay of only 3 milliseconds.

This inversion of fundamentals and market value is very rare.

This may indicate that the pricing power in the oracle track is still in the hands of brand inertia rather than technology and efficiency.

However, if the market eventually returns to rationality, this asymmetry itself is worth paying attention to.