Pyth Network

Pyth Network is an oracle (data provider) network that brings the market data smart contracts need onto blockchains. The project's approach is to collect price data directly from the parties that produce it, namely exchanges, market makers and trading firms. Data sent by publishers is aggregated on an application-specific chain called Pythnet, and a confidence interval is calculated for each price.

Pyth works on a pull model: data is not written continuously to every network; instead, applications pull the current price onto their own chain when they need it. This allows the network to serve a large number of blockchains. The ecosystem also includes products such as Pyth Entropy for random number generation, the subscription-based Pyth Pro for institutional users and Express Relay for transaction ordering.

The PYTH token was distributed in November 2023; it is used in governance votes and in a staking mechanism that encourages accuracy among data publishers. The token is issued on Solana under the SPL standard. On Lzzo.com, the Pyth Network price is based on the Binance USDT pair and converted to dollars using Coinbase Exchange's USDT/USD rate; it is for information.