Pyth Network (PYTH) is a decentralized oracle network that connects blockchain protocols with off-chain data sources. It was initially built on the Solana blockchain, leveraging the platform’s scalability, speed, and high throughput. In August 2021, Pyth’s mainnet launched on Solana and offered price feeds for over 30 crypto assets on Solana, Ethereum, and Terra. The network has its own native token, PYTH, which is a popular crypto. 

Pyth Network was founded by a group of leading financial institutions, including Jump Trading, FTX, and other notable players in the financial and blockchain industries. 

• PYTH token: PYTH token plays a pivotal role in the network’s ecosystem such as facilitating on-chain transactions, governance, and staking to earn rewards. 

• Solana blockchain: Pyth Network was initially built on the Solana blockchain, leveraging the platform’s scalability, speed, and high throughput. 

• High speed: Pyth Network prioritizes low latency data delivery and achieves fast data refresh rates of 300-400 milliseconds by sourcing data directly from financial institutions. 

• Decentralized Oracle network: Pyth Network relies on several independent data sources to provide accurate and reliable data to smart contracts.  

PYTH is a DeFi-based crypto token that was launched in April 2023. Despite being new to the crypto market space, PYTH has established itself as a promising crypto. As of September 2024, it is trading at #61 in the overall crypto market with a market cap of $1,039,373,113. The Pyth Network’s role in providing reliable real-time market data for DeFi applications makes its native token, PYTH, a promising crypto.

Download the CoinSwitch app to invest in PYTH.

• PYTH can be bought, sold, or HODLed on crypto exchanges like CoinSwitch. 

• With the protocol’s staking mechanism, PYTH token holders can stake their tokens to earn rewards. 

• PYTH token holders can participate in the governance of the protocol and vote on important decisions related to the platform. 

• PYTH token is used to incentivize key stakeholders and network participation for their contribution.

• Pyth Network achieves fast data refresh rates of 300-400 milliseconds.

• It provides accurate and reliable data to smart contracts.  

• Pyth Network is interoperable across various blockchains, making it highly versatile.

• PYTH is subject to volatility, which can impact its price. 

• The Pyth Network is relatively new and is still developing.

• The network’s real-time data could face challenges in highly volatile market conditions.

• To trade in Pyth Network (PYTH), download the CoinSwitch app.

• You can start with as low as ₹100.

• With CoinSwitch, users of all levels can seamlessly trade crypto at a nominal fee.

Not much is known about the Initial Coin Offering (ICO) of the Pyth Network. However, the platform’s airdrop garnered a lot of attention with a $77 million token airdrop, distributing 250 million PYTH tokens to early users.