Pyth Network Research Hub | PYTH information, history and analysis
Pyth Network is a decentralized first-party financial oracle on Solana delivering real-time market data on-chain in a secure, transparent manner without 3rd-party middlemen (nodes).
Pyth delivers real-time market data for crypto, equities, FX, and commodities to 45+ blockchains. 95+ major market participants — including Jane Street, CBOE, Binance, OKX, and Bybit — contribute data to the network. Pyth Network’s goal is to provide real-time data for every asset on the blockchain and empower data owners and users.
Pyth has the ability to synthesize data from many markets with high accuracy, fast processing speed, low cost, and suitability for user needs. Pyth is built on the Solana blockchain, which allows data providers to continuously update prices at every slot: that’s once every 400ms — more than 200,000 updates daily. Pyth’s throughput will also increase alongside Solana’s scaling.
PYTH is a native coin of the Pyth Network ecosystem, operating on Solana according to SPL standard, and can be used to:
- Reward Publishers.
- Staking to secure the network.
- Participate in platform governance.
- Access system features.
Grayscale Investments has introduced the Grayscale Pyth Trust, specifically designed for accredited investors, to provide direct exposure to the PYTH token.
Pyth plays a crucial role in the Solana ecosystem, delivering real-time price data for 95% of the dApps on the network, further cementing its utility.
Despite the potential of the new trust, market reaction has been negative, with the PYTH token value dropping over 5%, currently trading at 0.20 USD.
Pyth Network has unveiled Lazer, a new oracle solution designed for latency-sensitive trading applications, improving real-time data transmission.
Lazer provides price feeds that refresh every millisecond and can support up to 1,000 price feeds concurrently, optimizing market analysis.
By sourcing data directly from first-party publishers and partnering with Revolut, Pyth ensures high-quality and reliable price information.
PYTH Network and Revolut have formed a partnership to enhance DeFi through real-time digital asset data. Revolut will contribute proprietary digital asset price data to PYTH Price Feeds, allowing DeFi developers to access and incorporate this data into their applications. This move strengthens the connection between traditional finance and DeFi markets.
In an interview with Cointelegraph, Mike Cahill, CEO of Douro Labs, emphasized that the collaboration aims to foster growth rather than compete directly with Chainlink. Cahill highlighted the importance of transparency and reliability in price feeds, stating they’re crucial in today’s interconnected world. The partnership showcases PYTH’s focus on empowering DeFi over traditional finance.
The launch of the VanEck PYTH ETN in Europe enables investors to track the PYTH token’s performance. Available in 15 EU countries, including Germany and France, the ETN is fully collateralized with PYTH tokens. This financial instrument exemplifies how PYTH is advancing in the financial market, reinforcing its presence in the DeFi space.
PYTH’s market cap shows promise: PYTH Network currently stands at a market cap of 1.79 billion USD, ranking 83rd among cryptocurrencies. Its PYTH token recently increased by 7% to 0.49 USD, indicating strong market interest.
Chainlink remains a strong competitor: While Chainlink leads with an 18.21 billion USD market cap at 13th position, PYTH’s HIGH-frequency data streaming could provide the competitive edge needed to challenge Chainlink’s dominance over time.
RUNE shows impressive price surge: RUNE’s price has increased by 7.67%, reaching approximately 6.87 USD. Trading volume surged by 130%, indicating robust trader involvement and interest, making RUNE one of the top gainers in the cryptocurrency market.
Bullish breakout signals for RUNE: Technical analysis reveals RUNE breaking out of a symmetrical triangle pattern, suggesting potential future gains. Analysts point to 20 USD as a key price target, highlighting significant resistance above 7.5 USD and support at 5 USD.
PYTH also displays upward momentum: PYTH’s price increased by 3.42% to around 0.4636 USD, bolstered by over 120% growth in trading volume. Analysts predict a bullish rise to 1.86 USD, marking a 736% potential gain from recent lows, highlighting its expanding role in blockchain oracles.
VanEck has expanded its European lineup with the launch of a new PYTH ETN, allows traditional investors to track PYTH’s performance without navigating the complexities of owning digital assets.
The product, listed on Euronext Amsterdam and Euronext Paris, opens investment in PYTH to 15 European countries, including Austria, Switzerland, and Germany.
Chainlink, a decentralized oracle provider, faces increased competition in the oracle market despite being a long-established dominant force.
Through 2024, decentralized oracle network Pyth has grown significantly, increasing its total value secured (TVS) by a factor of 46 in nine months, from $98.4 million to $4.7 billion.
Pyth, in collaboration with Sony Group and Startale, has deployed its real-time price oracle to Soneium, a new blockchain developed by Sony Block Solutions Labs.
This collaboration is set to advance blockchain experiences for developers, applications, and users, with Pyth Network playing a crucial role in supporting Sony’s Web3 infrastructure.
Pyth Network, a provider of real-time market data for onchain applications, has launched Express Relay on mainnet,.
The oracle provider claims Express Relay, governed by the Pyth DAO, provides a decentralized solution to the “long-standing problem” of maximal extractable value (MEV), saving money for protocols and DeFi users.
Pyth Network has announced the deployment of its Pull Oracle on Solana. Developers of Solana’s mainnet beta can access Pyth’s oracle prices.
This move marks a significant step in the integration of Pyth’s oracle into the Solana ecosystem, further expanding its reach and utility.