PYTH (Pyth Network) Token Price & Latest Live Chart

What is PYTH (Pyth Network)?

The Pyth Network marks a significant advancement in decentralized finance (DeFi), born out of the need for ultra-low-latency, institutional-quality market data on the blockchain. Traditional oracles, prior to Pyth Network, struggled to provide this level of market data, thus limiting the effectiveness of sophisticated financial services in DeFi. Established in 2020, Pyth Network emerged as a decentralized oracle that revolutionizes the way financial market data is sourced and distributed across blockchains.

This decentralized oracle platform is uniquely positioned in the blockchain oracle landscape due to its approach to data collection and distribution. Pyth Network’s model is a paradigm shift from the traditional oracle systems that rely on third-party nodes for data collection. It leverages the concept of first-party data, where the data providers themselves contribute their financial market data directly to the blockchain. This innovation is particularly critical in the rapidly evolving DeFi area, as it ensures the relevance and applicability of the Pyth Network in the blockchain universe.

How does PYTH (Pyth Network) work?

Pyth Network distinguishes itself as a decentralized marketplace for market data, deviating from the traditional oracle model which relies on third-party nodes for data collection. Instead, Pyth Network incentivizes the direct contribution of financial data from its original owners suited for the evolving DeFi sector. This "first-party" data approach enhances the network’s relevance and applicability in the blockchain world.

The network is comprised of three primary components:

・Data Providers: These are the backbone of Pyth Network, encompassing a wide array of global exchanges, trading firms, market makers, and other institutional participants. They supply proprietary data directly to the blockchain, focusing on two types of price data: tradeable asset prices from exchanges and the most recent transaction prices from traders.

・Pyth Protocol: This protocol forms the heart of the network. It aggregates data from various providers to create a unified price and confidence interval every 400 milliseconds for each price feed. This process occurs on Pythnet, an application-specific blockchain designed for robustness and accuracy.

・Data Users: These are the applications on Pyth-supported blockchains that utilize the aggregated price feeds. The network's unique "Pull Oracle" architecture allows these users to request a price update as needed, promoting gas efficiency and cost-effectiveness.

The network boasts two primary offerings. Firstly, the Pyth Price Feeds deliver an extensive array of over 350 price feeds that span various asset classes such as cryptocurrencies and equities. These feeds are updated with low latency every 400 milliseconds and are easily accessible without the need for any subscription or sales interaction. Secondly, the network's Pyth Benchmarks product enhances its capabilities by providing a historical archive of prices sourced from the Pyth Price Feeds. This service focuses on standardizing calculations and presentations, which significantly improves the consistency in settlement and valuation processes.

Pyth Network distinguishes itself in the realm of blockchain and finance with its unique focus on rapid data transmission, extensive data coverage, and superior sourcing quality. It achieves this through its ability to provide multiple updates per second for each price feed, which is a notable advancement over the typically slower update times of traditional oracles. Furthermore, Pyth's capability to scale to thousands of price feeds while supporting over 40 different blockchains is remarkable, as it obviates the need for separate deployments on each chain. Additionally, the network's commitment to high-fidelity data is evident in its reliance on first-party sources. This approach not only ensures the accuracy and transparency of the data but also allows users to directly trace the data back to its providers, significantly diminishing the risks associated with data tampering.

PYTH (Pyth Network) market price & tokenomics

The PYTH token is an integral part of the Pyth Network, reflecting its commitment to decentralization, self-sustainability, and transparent governance. The token's primary role is in network governance which influences key decisions from the determination of update fees to reward distribution for data providers and the approval of software updates across blockchains. The PYTH token promotes transparency and active participation among the various stakeholders of the Pyth Network. As of now, PYTH (Pyth Network) is ranked #114 by CoinMarketCap with a market capitalization of $495,744,415 USD. The current circulating supply of PYTH coins is 1,499,994,960.

Why do you invest in PYTH (Pyth Network)?

Investing in Pyth Network offers exposure to a pioneering platform at the intersection of traditional finance and DeFi. The network's innovative approach to data sourcing and distribution suggests significant potential. The unique position of Pyth Network, providing reliable, speedy, and comprehensive market data, makes it an attractive prospect for those looking to diversify their investment portfolio in the blockchain space.

Is PYTH (Pyth Network) a good Investment?

The potential of Pyth Network as an investment hinges on its distinctive offerings in the blockchain oracle space. The network's focus on low-latency, high-frequency updates, and extensive price feed coverage, coupled with the strategic role of the PYTH token in network governance, positions it favorably for investors seeking opportunities in innovative blockchain solutions. However, as with any investment in emerging technologies, it is crucial to conduct thorough research and consider the dynamic nature of the market and the specific risks associated with blockchain technology and cryptocurrencies.

Find out more about PYTH (Pyth Network):

• Homepage

• Explorer: Solscan

• Whitepaper