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Price (USD)$ 0.644
Circulating SupplyPYTH 1.50B
Volume (24h)$ 111.47763M
Market Cap$ 966.74865M
Low/High 24h$ 0.6381 - $ 0.6883
Change (24h)-$ 0.028081
New projects keep emerging in the crypto industry every year. Pricing oracle network Pyth Network coin, PYTH, debuted at a market cap of $468 million in November 2023 after issuing an airdrop for 90,000 wallets. The Pyth network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the ‘walled gardens’ of centralized institutions. The project is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely. Let’s take a closer look at Pyth Network and the project’s characteristics.
Based on Solana's technology, Pythnet was initially developed for the speed-focused Solana (SOL) blockchain and later expanded into its own chain. According to the project's website, Pythnet refreshes its data feeds every 300 – 400 milliseconds. In comparison, the refresh rate of Chainlink might vary from minutes to hours.
The network brings financial market data to the general public by providing incentives for market players, including as exchanges, market makers, and trading businesses, to share pricing data that is gathered as part of their regular business operations directly on the blockchain. After then, the network compiles this first-party price data (on-chain) and makes it accessible to off-chain or on-chain apps.
Pyth data end-users, or consumers, have the option to pay data costs in order to be protected in the event of a probable oracle failure. To publish data for a product, data publishers need to stake tokens. If at-fault publishers cause an error in the aggregate price, their stake will be utilized to compensate the end users who have paid fees voluntarily.
To receive data fees (or lose their stake in the event that publisher errors cause the oracle to be erroneous), delegators select which product (price feed) and publisher to stake on top of. At first, delegators will receive 80% of the data fees, with publishers receiving the remaining 20%. However, PYTH governance will have the ability to modify these and other terms. Pyth Network is intended to be autonomous and decentralized through the architecture and workings of the PYTH utility and governance token.
3 different types of stakeholders will interact within the network:
Within the network, one actor may play more than one character. To get more money for their data, data publishers (or consumers) could also choose to assign tokens.
The core application of Pyth Network lies in providing real-time, accurate financial data to blockchain-based DeFi applications, thereby enhancing their functionality and reliability. Its utility spans a broad range of financial applications:
November 2023 saw the start of Pyth's eagerly awaited PYTH token airdrop. The new coin can be staked by users who wish to influence how Pyth's technology develops or contribute data to its oracles. The tokens will function as votes in the protocol's governance mechanism.
Airdrops are a common strategy used by protocols to draw attention and draw users, in addition to igniting the market for a new token. DefiLlama reports that Pyth Network has $1.5 billion in total value secured (TVS), making it the fourth-largest Oracle project at the moment. TVS is $14.7 billion for Chainlink, $7.74 billion for WINkLink, and $6.72 billion for No. 3 Chronicle.
This is not all the initiatives that the project has been working on. To increase its adaptability and usefulness inside the DeFi ecosystem, there has been a new emphasis on extending its reach across several blockchain platforms. In order to link Pyth's services with a wider range of blockchain networks and applications, this expansion makes strategic sense.
Additionally, PYTH token saw notable market swings after its introduction, indicating the intense interest in and speculative nature of new tokens in the DeFi sector. Its market valuation is still excellent in spite of these swings, indicating investor faith in the project's long-term prospects.
When it comes to governance and token supply, Pyth Network intends to further decentralize governance by progressively increasing the token supply and releasing inflation incentives every six months. This strategy seeks to guarantee a decentralized governance framework for the network and a fair token distribution.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.