Pyth Network is an innovative first-party oracle network that has quickly gained recognition in the world of decentralized finance (DeFi). Its primary goal is to provide timely and reliable market data for decentralized applications (dApps) running on multiple blockchains. By partnering with leading exchanges, market makers, and financial service providers, Pyth Network has become a key player in providing low-latency price information for a variety of asset classes, including cryptocurrencies, stocks, ETFs, currency pairs, and commodities.
What is Python Network?
Pyth Network launched in 2021 and has since gained a reputation as one of the most dynamic projects in the blockchain space. As a first-party oracle network, Pyth Network sources data directly from industry leaders, which allows it to avoid the issues with manipulation and inaccuracies that can occur with other oracle services.
The network offers over 380 price feeds, providing access to live market data for developers and dApps. Collaborations with players such as Binance, OKX, Jane Street, and Cboe Global Markets allow for the collection of a broad and accurate set of data that is essential for the effective functioning of smart contracts.
How does Python Network work?
Pyth Network operates on the principle of data aggregation, meaning that it collects pricing information from various sources and then provides it in a “pull” format, allowing applications to get the latest data when they need it. This integration model is extremely beneficial because it eliminates the need for applications to constantly track data, which in turn reduces costs and improves operational efficiency.
Pyth Network Security
The security of the Pyth Network is based on multiple layers. A key element is the decentralized orakli protocol, which collects data from multiple nodes, which significantly increases resistance to errors and manipulation. The system of delegates who stake PYTH tokens adds another layer of security, as they are incentivized to act in the best interests of the network.
All technical components are open-source, allowing the community to continuously audit and improve security. Regular audits by independent experts help identify and eliminate potential security holes.
Key Uses of Pyth Network
Pyth Network is used in various areas such as:
- Trading platforms: Provides accurate price data for traders to make better investment decisions.
- Loan Protocol: Enables accurate asset valuations, which is crucial for the security of loans.
- Decentralized exchanges (DEX): Improves trading efficiency by providing up-to-date prices.
With cross-chain functionality, Pyth Network supports operations on over 40 different blockchains, making it a versatile tool in the DeFi ecosystem.
Recent events and achievements
Pyth Network has achieved many notable achievements, including:
- Security of value: In just a few years, Pyth Network has secured over $1 billion in value.
- Adoption growth: More than 250 applications use Pyth data, which has led to a turnover of $100 billion.
- partnerships: Collaborations with technologies such as Portofino have allowed us to expand our data offering and expand the reach of the Pyth Network.
Technical data
- Current price of: $ 0.3651
- Marketcap: $1.32B
- Volume (24h): $88.61M
- FDV: $3.65B
- Total supply: 10B PYTH
- Circulating supply: 3.62B PYTH
- Token Unlocks: 4.33B PYTH (43.33% unlocked, 5.67B PYTH locked)
Token allocation distribution:
- Protocol Development: 10%
- Awards for publishers: 22%
- Ecosystem growth: 52%
- Private Sales: 10%
- Community Launch: 6%
Resource Links
- Website: Pyth Network
- Quotations: CoinMarketCap
Pyth Network not only provides incredibly valuable market data, but also builds trust among users through innovative approaches to security and transparency. Its role in the DeFi ecosystem will continue to grow, contributing to the development of decentralized applications and supporting the transformation of traditional financial markets into the blockchain space.