The live price of Pyth Network is - per (PYTH / USD) with a current market cap of $572.58M USD. 24-hour trading volume is - USD. PYTH to USD price is updated in real-time. Pyth Network is -% in the last 24 hours with a circulating supply of 3.62B.
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Pyth Network is an oracle network comprising over 90 exchanges, market makers, and financial service providers that bring their proprietary price data on-chain for aggregation and distribution to smart contract applications. Pyth has facilitated over $80 billion in trading volume and serves more than 235 on-chain and off-chain applications.
Pyth Network is a highly advanced oracle network that delivers real-time market data directly to decentralized finance (DeFi) applications on over 40 blockchains, standing out among its peers. The project claims to offer over 380 high-speed price feeds, including data for cryptocurrencies, stocks, ETFs, forex pairs, and commodities, earning wide recognition in the space.
Pyth Network operates by collecting accurate price data from a wide range of reliable sources such as global exchanges, market makers, and financial service providers. These contributors supply unique price data, which provides smart contracts with timely and accurate information. The network then aggregates this data on-chain through its mandatory oracle program and implements safeguards to prevent misinformation and manipulation. Users can then "pull" the latest prices onto their respective blockchains as needed to access real-time, reliable market data.
Pyth Network distinguishes itself through its exceptional data contributors, including industry leaders like Binance, OKX, Jane Street, Bybit, and Cboe Global Markets. This contributor network ensures high-quality market data. Additionally, its low-latency price feeds and broad support for over 40 blockchains make it stand out as a leading first-party oracle service.
Pyth Network claims rapid growth since its inception, successfully building the most extensive and fastest-growing first-party oracle network. Within a year of launching its cross-chain pull oracle, the network has surpassed $1 billion in total value and supports over 250 applications, with secure trading volume exceeding $100 billion.
The PYTH token supports Pyth Network’s decentralized governance, allowing token holders to vote on proposals and influence the network’s development through a staking mechanism.
Pyth Network was founded in April 2021 by developers at Jump Crypto. Michael Cahill, the renowned CEO of Duoro Labs and director of the Pyth Data Association, also contributed to the project. Pyth was initially launched on Solana and has since expanded to over 40 blockchains.
The PYTH token is primarily used for governance within the Pyth Network. Token holders can stake their PYTH tokens to gain the right to participate in network governance. Through this mechanism, users can vote on community proposals and influence the direction of the network. This governance model helps establish a decentralized decision-making process, ensuring that network stakeholders have a say in its development and policies.
According to the latest data, the circulating supply of PYTH tokens is 1,517,569,218.
Pyth Network uses a Proof of Authority (PoA) consensus mechanism on its native blockchain, Pythnet, aggregating financial data from multiple first-party sources. This method processes inputs from various contributors to generate a unified price and confidence interval for assets, ensuring data accuracy and reliability. The system can weigh sources based on accuracy and reflect market volatility through an aggregated confidence interval, effectively mitigating the risk of manipulation.
Pyth Network stands out by partnering with industry-leading data providers to deliver low-latency, real-time market data and enhance cross-chain interoperability. This differentiates it from traditional oracle services. The project aims to provide trustworthy, instant data for decentralized applications (DApps) across the blockchain ecosystem.
The Pyth Network to other currencies exchange rate?
