One of the most hyped projects in the Solana ecosystem today is the Pyth network. Check out our latest review on it now.
Today, we’re going to review Pyth network, a project garnering much hype in the Solana space. But, before we begin, let’s start with learning what Pyth network is.
In a nutshell, Pyth is an oracle project. This means that it provides data from off-chain or on-chain sources. These data are then sent over to financial Decentralized Applications (dApps). As of now, Pyth supports over 45 blockchains, including popular ones like:
Now, the Pyth network is unlike any other oracle. As of now, it provides real-time data for over 400 low-latency price feeds. These price feeds comprise data from forex, crypto, commodities, and equities.
But, that isn’t all that’s impressive. There are more plus points to Pyth as well, including:
For sure, Pyth has seen good traction since its launch. Aside from supporting over 250 dApps, Pyth has:
With the above activity, Pyth rakes in some daily revenue as well. So far, the network brings in about 50 to 80 $SOL per day. This equates to around USD$5,000 to USD$8,000 of revenue per day.
As they say, the numbers don’t lie. Pyth has made a useful Oracle product. And, much of its target audience is using said product.
Similar to any other crypto project, the Pyth network has its native token, $PYTH. Let’s take a look at its tokenomics and use cases below.
As of the time of writing, $PYTH has:
Now, let’s dive into the $PYTH token allocation. The team allocates a huge 52% of the token supply for ecosystem growth. A further 22% is set aside for publisher rewards. Next, 10% will be for sales and protocol development. From this, we can see that the Pyth network team focuses on its ecosystem and community.
The $PYTH token’s main use case lies in governance and staking. By staking $PYTH, stakers help to secure the network, while earning a sweet yearly return. Stakers can vote on proposals through governance. In turn, they have a say in the development of the Pyth network.
Next, let’s take a look at the faces behind the Pyth project. For the team’s management, they comprise of:
With a doxxed team, investors are more confident and assured when investing in $PYTH. Speaking of investors, major ones include Delphi Digital, Multicoin Capital among many others.
As with any investment, you’ll need to take note of the associated risks. For Pyth network, the two main risks are:
To sum it all up, momentum seems to be on the side of Pyth network. Indeed, it has risen swiftly to the top, by being the #2 oracle in terms of market cap. Its adoption and number of use cases have increased as well. Coupled with the success of its recent airdrop, Pyth network could turn out to be a mainstay in the oracle space.
However, crypto moves at a blistering pace. Pyth has to keep up by innovating to remain relevant. To keep updated on its developments, you can follow its X account here.
Note: This article was inspired by this tweet.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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#PythNetwork delivers real-time price data across major asset classes Developers have permissionless access to over 400 price feeds across digital assets and cryptocurrencies, FX and ETFs, commodities, and equities. Explore the latest blog post below:
Consumers are required to pay fees to access the data through the protocol. These fees are charged at a fixed rate per Pyth price update on a target chain. For the past month, the protocol fees have remained consistently in the range of 50-80 SOL. $4.8k - $7.6k per day.
