A dark horse has emerged in the oracle race – Switchboard @switchboardxyz If we're talking about reliable sectors in Web3, oracles are one, but they're undeniably difficult to crack. Currently, only Chainlink and Pyth have truly succeeded. However, after researching, I found Switchboard worth checking out. It's incredibly fast, even surpassing its two predecessors in price feed speed on Solana; it reduces on-chain data write latency to milliseconds, and in extreme cases, it can even achieve 4 milliseconds, several seconds faster than its predecessors. Don't underestimate those few seconds; in DeFi, this is a security boundary – an oracle that's even one second slower is essentially handing money to attackers. It achieves this speed because its entire architecture is different. While others rely on consensus, broadcasting, and queuing, it directly pushes data to the chain peer-to-peer in a secure TEE environment, without detours or interruptions, making it both fast and stable. Furthermore, it's currently the only truly permissionless oracle. What kind of data source do you need? You can create it yourself, without reporting or waiting for approval, which is almost unique in the entire industry. Moreover, Switchboard makes all data services on-chain subscriptions, and institutional-level tiers like Pro and Surge can be directly activated using SWTCH. No API key is needed, no responsible party is required; access is achieved with a single on-chain transaction—truly Web3 native infrastructure. In terms of valuation, Switchboard has a $5 billion on-chain protection value, but it just received a TGE in September, yet the circulating market capitalization of $SWTCH is less than ten million, a serious mismatch.