Pyth Network is a decentralised data infrastructure designed to facilitate the sharing of high-fidelity, real-time financial market data between data providers and consumers. Primarily operating on the Solana blockchain, it is built to supply accurate, low-latency data to decentralised finance (DeFi) applications and smart contracts. The network was launched in August 2021 by the Pyth Data Association and integrates with cross-chain technologies, allowing broad access across over 40 blockchains.
Pyth Network aggregates data from a diverse array of financial institutions, exchanges, and trading firms, known as data providers. The network employs an aggregation model that combines these data inputs into a single reliable price feed, complete with a confidence interval. Data is updated rapidly, roughly every 400 milliseconds, to ensure low-latency delivery. After validation, the aggregated data is made available on supported blockchains via a decentralised oracle protocol, facilitating seamless use within smart contracts and DeFi applications.
Potential use cases for Pyth Network span across various sectors of the blockchain industry:
Pyth Network was founded by leading financial and crypto experts under the Pyth Data Association. It launched on the Solana blockchain in August 2021, providing high-speed price feeds encompassing over 30 crypto assets. Expansion continued with the introduction of Pythnet, a separate proof-of-authority blockchain, and integration with the Wormhole bridge to enable cross-chain capabilities. In November 2023, Pyth launched its governance token, PYTH, furthering its community involvement, and marked significant market growth by 2024, establishing itself as a notable competitor in the oracle space.