The Crypto Tape – How Onchain Markets Are Rewriting the $100B Data Business with Michael Cahill

Michael Cahill, CEO of Pyth, joins Frank Chaparro to unpack one of finance's most valuable and least understood businesses: market data. A former HFT insider, Michael explains how Pyth rallied over 125 of the world's top trading firms to build an alternative data source, why it found no buyers under Gensler, and how onchain venues are now discovering real-world prices when traditional markets are closed. Michael and Frank also discuss the convergence thesis, tokenized real-world assets, prediction markets, and why Pyth is choosing to run like a disciplined B2B SaaS company. A conversation about market structure, data, and what it takes to build a real business in crypto.