Switchboard Protocol (SWTCH)

Governance of the Switchboard Protocol rests with SWTCH holders.

The Switchboard DAO. Coming very soon. https://t.co/qmj3Ximueb

Recently, while reviewing data on the oracle sector, I discovered a very puzzling phenomenon:

There is an extreme mismatch between asset prices and product performance

I'm not sure whether the market hasn't reacted yet or still uses old valuation logic in this sector. The current market cap ladder looks like this:

- Chainlink $LINK market cap 9.5 billion / FDV 13.7 billion

- Pyth $PYTH market cap 370 million / FDV 650 million

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

Switchboard's market cap is even less than 2% of Pyth's

Usually such valuation gaps imply a comprehensive lag in technology or ecosystem, but after dissecting the actual business data, the situation is exactly the opposite

1/ Actual tests of latency and block inclusion rate

In DeFi, especially on high‑frequency chains like Solana, speed is not only an experience factor but also the foundation of risk control

- Pyth on‑chain latency is about 1.8 seconds, and without paying priority fees, there is roughly a 30% chance of failing to be included on time

- Switchboard latency is only 3–4 milliseconds, thanks to the TEE architecture and Surge model; even without priority fees, there is a 95% chance of block inclusion in the next slot

2/ Differences in architecture models

Most oracles on the market, including Chainlink and Pyth, still rely on consensus propagation or are permission‑based, which limits scalability to some extent

Switchboard follows the TEE (Trusted Execution Environment) route, making it currently the only millisecond‑level oracle that can operate “permission‑less”

Its newly launched on‑chain subscription model allows anyone to pay for data streams directly with tokens, without sales intermediaries or API approvals

This is the form that Web3 infrastructure should have

3/ Business load capacity

Although its market cap is only a little over 6 million, it already covers leading protocols such as Jito, Drift, Kamino, protecting over $5 billion of on‑chain value

/

On one side, a mainstream asset with a market cap of $370 million but latency of 1.8 seconds; on the other, a technical asset with a market cap of $6.4 million but latency of only 3 milliseconds

This kind of fundamental‑to‑market inversion is extremely rare

It may mean that pricing power in the oracle sector is still held by brand inertia rather than technology and efficiency

But if the market eventually returns to rationality, this asymmetry itself is worth watching

@switchboardxyz @hermidao1