The financial market is a volatile and fast-moving market, so up-to-date information and data is invaluable. Projects in the oracle array have been and are being interested, one of the projects developed on Solana that has been learned by many people recently is Pyth Network . In this article, Hay Mod Game will find out more details about this project with you.
Pyth Network (PYTH) is an oracle project running on Solana that seamlessly provides real-world financial and crypto market data. Platform for delivering high-fidelity, off-chain-sourced first-party data delivered at lightning speed with cross-chain publishing and complex aggregation, can both collect The richness of the data is convincing. This price data can be used by online programs and off-chain applications.
The Pyth network, which runs on Solana's Blockchain, allows data providers to continuously update prices at all times: that's every 400ms or more than 200,000 daily updates. Furthermore, the throughput of the network will increase over time with the scaling of Solana. The price of the network will also be available on Ethereum, BSC and Terra , thanks to the Wormhole bridge .
DeFi development requires real-world data that is high-fidelity, time-sensitive, direct from source and available on any L1 Blockchain. However, financial market data is often only accessible to a limited number of institutions and users. Traditional markets typically maintain tight control and access to both live and historical price data feeds. As a result, only a select group of users will have access to the most timely, accurate and valuable information.
Pyth Network is an Oracle solutionnext generation aims to bring this valuable financial market data to the masses. The network does so by incentivizing market participants – trading firms, market makers and exchanges – to share directly on-chain price data collected as part of its current activity. have theirs. Pyth's data providers include some of the largest traders, exchanges and financial services players who produce unique high-quality market data. This includes real world market data on stocks, fx, cryptocurrencies and metals with ambitions to scale across asset classes. Data publishers include Jump Trading Group, GTS, Alameda, Jane Street, Hudson River Trading, LMAX, Virtu, BSX, Genesis Global Trading, FTX, CTC, …
The platform then aggregates this first-party pricing data (still on-chain) and makes it available for use by on-chain or off-chain applications.
Pyth data end users can choose to pay a data fee to be protected from possible Oracle. Since data publishers must stake tokens to publish data for a product, the publisher's stake at fault (if they get the aggregate price wrong) will be used as payment for the end users voluntarily pay the fee. The representative selects the product (price feed) and publisher to Staking in to earn data fees (or lose the deposit if the prophecy is incorrect due to the publisher's error). Initially, 80% of the data fee will be passed on to the authorizer while the remaining 20% will be shared between publishers – this, among other parameters, will be subject to change through management PYTH.
The goal of the design and mechanism around the PYTH token is to make the Pyth network self-sustaining and decentralized.
3 different types of stakeholders will interact in the network:
Any actor can have multiple roles in the network. For example, data publishers (or consumers) may also decide to delegate tokens to earn additional data fees.
The Pyth protocol consists of 4 core mechanisms:
PYTH is the project's native token, performing the main role of governance.
Currently, Pyth Network's Roadmap has not been updated in detail
Currently, the development team of Pyth Network has not been updated in detail
You can see the list of partners of the Pyth Network project here
Summary
Above is the Pyth Network project information synthesized by Hay Mod Game , hope they will be useful in your investment research. Check out other articles on the site.
