Pyth Network, a growing blockchain oracle project, is rapidly becoming the go-to real-time data source for blockchain applications across 50 blockchains. As a pioneer in the oracle world, Pyth Network is working to change the way data is accessed and used within the blockchain space.
Pyth Network changes the way blockchain oracles work. Instead of looking for free data to scrape, go directly to the source and make your data available to you. With a simple and transparent process, Pyth is making the blockchain space better for everyone.
Why blockchain oracles are important
Oracles are an important technology in the future where blockchain applications rely on data from the outside world. At the moment, it can be difficult for blockchains to know what is “true” in the real world.
Off-chain data improves blockchain accuracy. Early Oracle networks faced several significant issues, including latency and fragmentation across multiple chains.
Pyth Network was founded to solve all your blockchain oracle problems. We are working on solving the oracle problem in DeFi (decentralized finance) and developing the most reliable real-time data feed in the world. A consortium of trading companies and exchanges initiated this project and continues to support it.
What the most valuable Web3 and DeFi services require #Oracles — But developers are facing limitations with current solutions ⚠️
Learn how Pyth’s low-latency pull oracle uniquely delivers.
1️⃣ Frequent updates
2️⃣ Rich selection of assets
3️⃣ Transparent and reliable data sources pic.twitter.com/xIENW0YKm4
— Pyth Network ???? (@PythNetwork) April 24, 2023
The network was initially established with donations from prominent trading companies and crypto exchanges. Since then, it has grown to include numerous trading companies, crypto exchanges, DEXs (decentralized exchanges), and TradFis (traditional finance) exchanges.
Pyth Network has become a comprehensive source of low-latency pricing data. That’s why we now offer over 300 decentralized applications (dApps) across 50 blockchains.
Pyth Network’s unique proposal
The dynamic nature of data is why Pyth Network is important. Pyth Network solves the problem of more and more data on the Internet becoming private or protected by paywalls. This is achieved by providing an incentive for owners of unique real-time data to broadcast that data onto the blockchain in exchange for payment.
In contrast to other approaches in the oracle space that retrieve data from the public internet, Pyth Network allows data providers to post sensitive information directly to the blockchain.
This strategy creates data flows in real time. This reduces the impact of paywalls and restricted data sources and establishes the Pyth Network as the source of truth in the blockchain world.
Pyth Network’s development has been progressing smoothly since the company’s inception. It all started for him on April 7, 2021, and this project laid the foundation for what would become a major undertaking.
Then, Devnet was released on May 15, 2021, and Mainnet was released on August 26, 2021. Today, the platform is reliable and provides real-time access to valuable data via blockchain.
Pyth Network’s delivery of real-time data is popular. The project is used in 50 blockchains, with a market share of more than 90% in one third and more than 50% in half.
Pyth’s capabilities attracted dApp giant Synthetix, which switched its primary oracle from Chainlink to Pyth in early 2023, leading to explosive growth.
Oracle space is still evolving. Due to the need for accurate data on the blockchain, Pyth is well-positioned to grow with the blockchain space. We are long past the proof of concept stage. We are currently attracting dApps from the largest oracles.
The people behind the Pyth network
Pyth Network has a wealth of talent to drive its development. The addition of talented people to the team will transform how blockchain oracles work across the industry.
Mike Cahill has established himself as a blockchain leader with an extensive background at financial companies including Morgan Stanley, KCG, and Jump. His ability to anticipate trends and adapt to new challenges contributed to the success of the Pyth Network.
Jayant Krishnamurthy, an AI expert with qualifications from MIT, Carnegie Mellon, and the Allen Institute, plays a key role in the technical development of Pyth Network. His ability to clearly express complex ideas and insights makes him an asset at all levels of a project.
Pyth Network is backed by prominent crypto investors including Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global, and Delphi Digital.
Power your blockchain applications
Pyth Network has a robust business model built on providing real-time data feeds to blockchain applications. Pyth price feeds are updated every 400ms, ensuring DeFi applications have accurate data, increasing liquidity and competitiveness.
Most blockchain people have connections to finance. Since blockchain is price driven, the data provided by Pyth is essential to its operations.
The project architecture makes newly launched feeds instantly available on all supported chains, eliminating the need to set up feeds on different chains separately. Pyth takes data directly from financial market prices and reduces price tracking errors by 5-10x compared to competitors.
Pyth Network has a diverse customer base, from blockchain builders who use the network without direct contact due to the economics built into the protocol, to DeFi applications, decentralized exchanges, and traditional financial institutions.
High-throughput applications, including on-chain derivatives exchanges, rely on Pyth for real-time data. Bitcoin ETFs are currently being operated on major traditional exchanges, so the need for derivatives will continue to grow.
Roadmap: Shaping Oracle’s Future
Pyth Network’s near-term plans include expanding its services to include on-chain randomness, a Bitcoin ETF feed, and an energy price feed. The project also envisions offering NFT price oracles, improved liquidity oracles, and non-financial datasets in the future.
While the blockchain oracle space is highly competitive, Pyth Network stands out as the only protocol that creates a single source of truth that is equally available to all applications via its messaging protocol.
One of its most prominent competitors, Chainlink, operates a network of automated nodes that obtain data from the open internet, leading to data source fragmentation and off-chain risks. Pyth Network’s transparent economic model eliminates the need for off-chain payments, ensuring accessibility and reliability.
Press: recognition and recognition
Pyth Network’s work has been featured in major media outlets, and its impact on the blockchain ecosystem is already being felt. Recent coverage includes articles from CoinDesk, CryptoNews, Forbes, Unchained Crypto, Bloomberg, and Fortune.
– Over 100,000 stakers
– A total of 575 million Pyths staked (approximately $206 million)
– Average 1,900 Pyth per user
– 35% of users stake between 1,000 and 2,500 Pyth
Details ????https://t.co/GwVzWuHwDj pic.twitter.com/Qp6dbDD7C9
— Masi (@Masi_DN) January 24, 2024
Additionally, its PR efforts focus on educating the community, showcasing the team’s thought leadership, and highlighting the project’s unique value proposition and outcomes.
The project works with financial institutions, L1, L2, large dApps, and Chainlink while distinguishing itself from smaller oracles that cannot compete with its capabilities. People just want blockchain to work. Using an oracle like Pyth Network makes achieving that goal much easier.
Pyth Network: Shaping the future of Oracle
Pyth Network is a leading blockchain initiative that provides real-time data feeds to blockchain apps running on a variety of blockchains. Its reach already extends around the world, providing high-frequency, low-latency data to traditional financial institutions and decentralized finance apps.