What is Pyth (PYTH)?

Pyth Network provides accurate, real-time price data for cryptocurrencies, stocks, forex, and commodities directly from institutional sources. By providing secure, real-time data, Pyth enables DeFi applications, traders, and developers to make more informed decisions. Pyth offers more than 600 price feeds that are available on 90+ supported blockchains.

Who created Pyth? 

Pyth Network was launched in 2021 by Michael Cahill, Ciarán Cronin, and Jayant Krishnamurthy with a goal to provide high-quality, low-latency financial data to decentralised applications (dApps). 

Pyth’s mission is to make reliable financial market data accessible to all in a decentralised and transparent manner. Using blockchain technology, it delivers low-latency, high-accuracy data from trusted institutional sources to DeFi applications and smart contracts, fostering a more secure and efficient Web3 ecosystem.

While Pyth initially debuted on the Solana blockchain, it has since expanded to support multiple blockchains, enhancing transparency and efficiency in Web3.

How does Pyth work?

Pyth Network is a decentralised oracle built to deliver real-time, highly accurate price feeds to blockchain applications. It sources price information directly from institutional providers such as trading firms, exchanges, and market makers, reducing reliance on intermediaries and ensuring faster and more precise price updates. 

Once the data is collected, Pyth aggregates and validates it before making it available to smart contracts across supported blockchains. The network uses a pull-based model, meaning DeFi applications request data when needed, rather than receiving continuous updates. This approach reduces costs, enhances efficiency, and maintains low-latency, high-quality information.

What is Pyth’s native cryptocurrency?

The native cryptocurrency of Pyth Network is PYTH. In the Pyth Network, the token plays a key role in securing and incentivising the oracle network. 

PYTH is used for governance, allowing token holders to vote on protocol upgrades and network decisions. It also facilitates the network’s unique data distribution model, where users pay fees to access high-quality, real-time price feeds. These fees are an incentive to data providers, ensuring accurate and timely updates.

By leveraging PYTH, the network maintains a decentralised and sustainable ecosystem, rewarding participants for contributing reliable financial data on multiple Proof of Work (PoW) blockchains. As adoption grows, PYTH continues to support its mission of delivering reliable, low-latency data and maintaining its position as a vital oracle solution for DeFi and blockchain applications.

Useful tools

Pyth Network website
Pyth Network whitepaper 
Pyth Network on X