May 9, 2024

Table of content

The Pyth Network is a decentralized oracle system that focuses on providing high-quality, real-time financial market data. It acts as a conduit between traditional financial markets and the blockchain, making financial data available to applications on different blockchains. 

The network aggregates data from over 90 primary data providers, including some of the world's largest exchanges and market makers. This data includes real-time price feeds for cryptocurrency, foreign exchange pairs, ETFs, and more. The goal of the Pyth Network is to make all global financial market data available on the blockchain for developers worldwide.

The Pyth Network was created to fill a gap in the blockchain infrastructure. Pyth's creators realized there was no price oracle for ultra-low latency, institutional-grade market data. This gap impacted Web3 developers in three ways: speed, coverage and availability, and sourcing and quality. 

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What is a PYTH Token?

The PYTH token is the proprietary cryptocurrency of the Pyth Network. It plays an important role in coordinating the activities of network participants by providing financial incentives. 

In addition to being the network's native cryptocurrency, PYTH also serves as the governance token of the Pyth Network. PYTH token holders can participate in the governance of the network by staking their tokens in the Pyth Staking Program and voting on community governance proposals. The PYTH token is a Solana-based token that follows the SPL model. 

Here are some other things you need to know about the token:

  • Trading Volume (24h): The trading volume of PYTH in the past 24 hours is $82,989,406.
  • Circulating Supply: The circulating supply of PYTH is 1,499,988,990 tokens.
  • Total Supply: The total supply of PYTH is 9,999,988,990 tokens.

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Trade PYTH

Whether you want to participate in the protocol’s governance, earn staking rewards, or simply contribute to the network’s ecosystem, PYTH could be the right choice for you!

To start accessing high-quality, real-time financial market data, all you need to do is purchase your first PYTH tokens. Head over to our trading page to join this promising platform.

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! Disclaimer

The information provided in this article is for educational and informational purposes only and should not be construed as financial, tax, or legal advice or recommendation. Dealing with virtual currencies involves significant risks, including the potential loss of your investment. We strongly recommend you obtain independent professional advice before making any financial decisions. The products and services offered by Cryptology may not be suitable for all users and may not be available in certain countries or jurisdictions. The promotional materials do not guarantee any specific outcomes or profits from virtual trading. Past performance is not indicative of future results. It is important to read and understand the risks, which are explained in our Risk Disclosure Statement

Tom F.

Tom is one of the content managers here at Cryptology. While still fresh in his career he has been able to firmly place himself within the world of crypto and content creation, producing work for a number of publications including esports.net and The Times of Malta newspaper.