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Pyth is a decentralized financial market data oracle that provides real-time, accurate financial market price information for DeFi applications by aggregating data from major exchanges and market makers worldwide.
We can think of Pyth as a decentralized market data platform. Unlike traditional oracles that rely on nodes collecting data from public sources, Pyth stands out by incentivizing the original owners of financial data to contribute it directly to the blockchain.
This unique "first-party" data model provides assurance for Pyth's future development to address the expanding DeFi world. The network's data providers consist of global exchanges, trading firms, and market makers, making them the true creators and owners of the data they contribute.
The Pyth network primarily consists of data providers, the Python protocol, and data users.
The leading oracle in the field is Chainlink, with data refresh rates ranging from minutes to hours, while Pyth's data refresh interval is between 300-400 milliseconds. This low-latency, high-frequency update advantage is particularly evident, especially in high volatility situations.
Initially, the Pyth Network was built on the Solana blockchain and later migrated to the Pythnet blockchain based on Solana technology. It covers data for various asset classes such as cryptocurrencies, stocks, and forex, providing critical support for various DeFi applications.
In terms of team background, the core team of Pyth Network consists of several industry veterans. Co-founder Mike Cahill has held executive positions at Jump Trading and DRW, with extensive experience in financial markets. Another co-founder, Jayant Krishnamurthy, has worked at Goldman Sachs and Amazon Web Services, responsible for the development of complex systems. Core developer Ciaran Cronin comes from Chorus One and has been involved in Cosmos development. The team lineup is quite impressive.
Pyth completed a strategic financing on December 5 last year, with the amount unknown, with well-known investors such as Castle Island Ventures, Multicoin Capital, Wintermute Ventures, and Distributed Global participating in the investment.
The total supply of Pyth tokens is 10 billion, with an initial release of 15%, or 1.5 billion, currently circulating with a market capitalization of $612 million, ranking 77th, with a staking rate of 30%. Next, on May 20, 2024, over 2.1 billion tokens will be unlocked, accounting for 21.3% of the total supply.
Based on TVS and the number of supported protocols, Pyth has become the second-largest oracle protocol in the oracle sector. Chronicle is essentially a single-machine oracle for MakerDAO, while WINkLink serves Tron. Therefore, Pyth, representing the strength of Wall Street, still has great potential.
After introducing the basic situation of Pyth, what opportunities do we have to profit from it?
The previous airdrop frenzy of Tia should have taught everyone a good lesson. Simply staking could yield a lot of profit in the form of tokens from other projects. Therefore, the newly emerging Pyth also has a good opportunity. |
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Post time 19-2-2024 21:11:33