The importance of the oracle as a key bridge connecting the on chain and off chain worlds is self-evident. It is responsible for securely and efficiently injecting external information such as price data and event results into smart contracts, thereby supporting the normal operation of DeFi, NFT, games, and other applications. However, traditional oracle machines such as Chainlink and Pyth, although dominating the market, face issues such as centralization risks, data latency, and licensing barriers. With the rise of TEE technology, @ switchboardxyz has entered the race like a clear stream, challenging the monopoly pattern of established giants. The emergence of Switchboard is a tailor-made solution for these pain points. As a decentralized oracle based on TEE, it seamlessly integrates off chain data processing with on chain settlement. TEE technology originates from hardware security modules, ensuring that data is processed in an encrypted environment to prevent tampering and single point of failure. The data of Switchboard comes from multiple independent nodes, which are directly pushed onto the chain after TEE verification, without the need for lengthy multi-party consensus, thus compressing end-to-end latency to an astonishing 4 milliseconds. Taking Solana chain as an example, Switchboard's Surge model showed in benchmark testing that 95% of transactions can be included in the blockchain without priority fees, and the settlement delay on the chain is only 4ms. This is in stark contrast to Pyth's crank delay (3400-3600ms). This dual optimization of "off chain sourcing speed+on chain settlement delay" makes Switchboard stand out in high-throughput environments. Assuming a lightning loan agreement, a difference of 0.004 seconds vs. 2 seconds in price data delay could mean millions of dollars in arbitrage opportunities or risk aversion. Switchboard is not only fast, it is also 'smart'. Unlike Chainlink's permissioned node joining, Switchboard adopts a completely permissionless model: any developer or data provider can freely access and build custom feeds. This greatly reduces the entry threshold, stimulates community innovation, and promotes the transformation of oracle machines from "centralized services" to "distributed markets". In the economic model, Switchboard introduces a pay as you go mechanism, where users only pay for actual queries, avoiding Chainlink style subscription fee waste. At the same time, it exclusively supports the x402 standard, allowing atomic settlement - data and payment are completed in the same transaction, reducing gas fees and failure risks. More noteworthy is its verifiable random number function, which is crucial in fields such as NFT minting and game lotteries, ensuring unpredictable and auditable randomness far beyond Pyth's simple price feed. Switchboard's native token SWTCH is not only used for governance and staking, but also serves as collateral for network security. This injects sustainable momentum into the ecosystem: node operators lock tokens through staking in exchange for data rewards, forming a positive feedback loop. As of now, Switchboard has been deployed on multiple chains such as Solana, Ethereum, and Cosmos, and TVL has exceeded the $1 billion mark. Its partners include top DeFi protocols such as Raydium and Jupiter. Below is a comparative analysis: Switchboard vs. Chainlink&Pyth, who is in charge of ups and downs? For intuitive comparison, the following chart examines the differences among the three in key dimensions: From the table, it can be seen that Switchboard outperforms its opponents in terms of speed and flexibility. Although Chainlink has strong security, its "heavy" architecture is difficult to compete with Switchboard's lightweight TEE under the bottleneck of Layer1; Although Pyth is faster than Chainlink, it exposes latency risks due to its dependency on the blockchain. Switchboard's concept of "fast=safety=value" is quietly eroding market share. The oracle race track is at a turning point from monopoly to diversification. With the rise of L2 and modular blockchain, the demand for millisecond level, privacy preserving data will explode. Switchboard's TEE architecture not only addresses current pain points, but also paves the way for AI driven prediction markets and RWA. Of course, challenges still exist - the standardization and cross chain interoperability of TEE hardware need to be further improved. But with its strong momentum after TGE, Switchboard is undoubtedly the biggest dark horse of the 2026 track.