🖧 Pyth Network $PYTH #PYTH
* Pyth Network is an advanced Oracle system that connects real-time data from live markets (cryptocurrency, stocks, commodities) to smart contracts. It relies on what are called "first-party oracles", where major exchanges and financial institutions publish their prices directly.
* The network was launched in 2020 and currently operates on Solana and has supported over 40 other blockchain networks.
⚙️ How does it work?
1. Data Providers: Over 90 trusted entities such as Binance, Cboe, and Jane Street publish direct data on Pythnet.
2. Secure Aggregation: The smart contract aggregates prices, removes outliers, and publishes the result on the blockchain via the Wormhole bridge.
3. The Required System (Pull Model): The developer or smart contract requests data as needed, reducing costs and increasing speed.
🚀 Technical Advantages
* Ultra-fast: Updates at a rate of ~400 milliseconds (over 200,000 updates daily)
* Lower cost: Provides on-demand access instead of periodic payments for traditional "push" systems.
* Accurate and reliable data: Includes data with confidence intervals, reducing the risk of manipulation.
* Wide coverage: Supports cryptocurrencies, stocks, commodities, and over 380 indices.
📈 Coverage and Adoption
- The network is available on over 40 blockchains; listed within several DeFi protocols such as Morpho and Gauntlet on Ethereum/Base.
- Recent partnerships include Revolut as the first traditional provider (digital financial institution) to publish its data via Pyth.