Pyth Network is a decentralized oracle network that provides real-time market data to smart contracts on multiple blockchains.
Pyth uses a combination of data feeds from first-party sources, such as exchanges and market makers, as well as decentralized data sources, such as Chainlink VRF and Band Oracle.
This allows Pyth to provide more accurate and reliable market data than traditional oracle networks.
Pyth's data feeds are aggregated and weighted based on their credibility and reliability.
This ensures that the most accurate and reliable data is used to power smart contracts. Pyth also uses a process called "Data Anchoring" to ensure that the data is always up-to-date and accurate.
| Feature | Pyth Network | Link | Band |
|---|---|---|---|
| Data sourcing | First-party and decentralized | Decentralized | Decentralized |
| Data distribution | Directly to smart contracts on multiple blockchains | Requires users to interact with Link oracle | Requires users to interact with Band oracle |
| Cost | Currently free to use | Charges fees | Charges fees |
| Support for multiple blockchains | Yes | Yes | Yes |
| Development status | Still under development | Mature | Mature |
| Brand awareness | Less well-known | Well-known | Well-known |
| Investor and institutional support | Yes | Yes | Yes |
Pyth is used by a variety of DeFi applications, including lending protocols, derivatives exchanges, and price prediction markets. Pyth's data feeds help these applications to provide more accurate and reliable pricing information to their users.
The Benefits of Pyth Network
- Accuracy: Pyth uses a combination of first-party and decentralized data sources to provide the most accurate and reliable market data possible.
- Reliability: Pyth uses a process called "data anchoring" to ensure that the data is always up-to-date and accurate.
- Scalability: Pyth can support a large number of data feeds and smart contracts on multiple blockchains.
- Transparency: Pyth's data feeds are open and transparent, so users can see exactly where the data is coming from and how it is being weighted.
Pyth Network is a promising new technology that has the potential to revolutionize the way that DeFi applications use market data.
By providing more accurate and reliable market data, Pyth can help DeFi applications to become more efficient and user-friendly.
Investors and institutions that Support Pyth Network
- Solana Foundation
- Andreessen Horowitz
- Paradigm
- Sequoia Capital
- Tiger Global Management
- Coinbase Ventures
- Multicoin Capital
The Pyth Network Retrospective Airdrop
The Pyth Network Retrospective Airdrop is a program designed to reward and engage community members who have actively participated in the Pyth ecosystem and contributed to its growth.
The airdrop will distribute PYTH tokens to eligible wallets based on their contributions to the network.
To Be Eligible for the Airdrop
- Used a decentralized application (dApp) that uses Pyth data.
- Contributed to the Pyth Network codebase or documentation.
- Provided feedback or suggestions to the Pyth Network team.
- Promoted the Pyth Network on social media or other online platforms.
The airdrop will be distributed in two phases.
The first phase, which has already been completed, distributed tokens to wallets that participated in the Pyth Network testnet.
The second phase will distribute tokens to wallets that participated in the Pyth Network mainnet.
The details of the Airdrop
The total airdrop allocation for the Pyth Network Retrospective Airdrop is 600 million PYTH tokens.
- The 600 million PYTH tokens will be distributed as follows
-200 million PYTH tokens to dApps: This allocation will be distributed to dApps that use Pyth data based on their on-chain activity.
-200 million PYTH tokens to community members: This allocation will be distributed to community members based on their contributions to the Pyth ecosystem, such as participating in the testnet, contributing to the codebase, or providing feedback.
-200 million PYTH tokens to early investors and contributors: This allocation will be distributed to early investors and contributors who helped to build the Pyth Network.
- Claim process: To claim your tokens, you must connect your wallet to the Pyth Network airdrop website and complete the required steps
The Pyth Network Retrospective Airdrop is a significant event for the Pyth community and is designed to reward and engage community members who have actively participated in the Pyth ecosystem and contributed to its growth.