Pyth Network (PYTH)
Pyth Network is a decentralized oracle designed to provide real-time financial market data across various blockchains. Established in April 2021 by Ciarán Cronin, Michael Cahill, and Jayant Krishnamurthy, Pyth aggregates price feeds for various asset classes, including U.S. equities, commodities, and cryptocurrencies. The network relies on exchanges and global market-making entities as primary data publishers. The price feeds update multiple times per second.
Launched on Solana in August 2021, Pyth Network offers three distinct data products: Solana Price Feeds, Pythnet Price Feeds, and Benchmarks. Solana Price Feeds provide real-time updates on the Solana mainnet. Pythnet Price Feeds extend this functionality across multiple blockchain ecosystems like Ethereum, BNB, and Avalanche. The Benchmarks product provides historical price data for settlement and other applications.
Developers can access documentation and resources for integrating Pyth's products, including data provider guidelines, network metrics, and tutorials.
Main components
| Ticker | PYTH |
| Category | Business Services |
| Website | https://pyth.network/ |
| @PythNetwork | |
| Telegram | Pyth_Network |
| Contract Addresses | |
|---|---|
| solana | HZ...t3 Copied! |
| manta-pacific | 0x90...17Copied! |
| neon-evm | 0x05...37Copied! |
Solana Price Feeds
Solana Price Feeds are a key part of Pyth Network’s oracle, delivering real-time financial market prices to the Solana blockchain. Each price feed exists in a Solana account, enabling easy integration into applications. Developers can use Pyth’s Solana SDK to access and deserialize data.
Pythnet Price Feeds
Pythnet Price Feeds employ a "pull" model for price updates, unlike the more common "push" model used by many oracles. This model relies on users to submit price updates on-chain, facilitated by the Wormhole Network, ensuring authenticity through cryptographic signatures.
Implementation
Developers implementing Pyth in their applications must integrate both on-chain and off-chain. On-chain programs read prices from the Pyth program on the same blockchain, while off-chain applications include Pyth price updates in their transactions.
Pyth Benchmarks
Pyth Benchmarks allow users to access historical price data from Pythnet Price Feeds, useful for activities like contract settlement. The data is verifiable on-chain, maintaining the same trust assumptions as Pythnet Price Feeds.
Publishing data
Data providers interested in contributing to Pyth Network can join by following structured steps, including requesting access, generating keypairs, procuring validators, and using the pyth-agent software to publish data.
Funding
In December 2023, the Pyth Data Association raised funds with contributions from notable industry entities such as Castle Island Ventures and Multicoin Capital. The funds aim to expand the Pyth community and enhance the network.
Tokenomics
Pyth Network Token (PYTH)
PYTH is the governance token for the Pyth Network. Token holders participate in governance through staking, where each staked token equates to one vote. Proposals to the Pyth DAO can be submitted by holders with at least 0.25% staked tokens.
Token distribution
PYTH has a total supply of 10 billion tokens. As of November 2023, 1.5 billion tokens were in circulation, with the majority subject to a lockup schedule. The distribution supports publisher rewards, ecosystem growth, protocol development, community initiatives, and private sales.
Pyth Retrospective Airdrop
The Pyth DAO Constitution provides the framework for governance, including network upgrades and strategic initiatives. In November 2023 and February 2024, the network conducted a retrospective airdrop to engage the community and promote governance participation.
Governance
Pyth DAO Constitution
The Pyth DAO Constitution outlines governance procedures, allowing token holders to propose and vote on network changes. The governance model ensures community representation and transparency.
Contributors
Notable contributors to the network include Marc Tillement, Edward Zuo, Mario Bernadi, Burak Saglamm, Yanis Kheddouci, and Ande Zheng.
Pyth launches Express Relay
On July 11, 2024, Pyth Network launched Express Relay, a service connecting trading firms to DeFi protocols. Express Relay facilitates priority auctions for operations like liquidations and addresses Maximal Extractable Value (MEV) concerns by reducing costs and inefficiencies. Protocols such as Synthetix and Vela Exchange have integrated or are integrating with Express Relay to optimize their operations.