TL;DR
It’s pretty rare to see a project that skips the hype and gets straight to the point nowadays. At a glance, Pyth Network is designing oracles of the future that are accessible to anyone and extremely cost-efficient. Pyth’s full presence in the marketplace has only been visible for a short time due to the recent distribution of the Biggest Airdrop of the Year. However, Pyth has been active and operational for over two years now. In that time frame, the project has integrated with 33% of the amount of protocols that Chainlink has. Firmly placing it as the second-largest Oracle service provider in the space. In this review, we’ll look at where Pyth Network came from and where it’s planning to head.
The PYTH Token may have been born into the Solana Ecosystem but Pyth itself is not restricted by any specific blockchain. While it is the largest Oracle provider on Solana, the project is an interoperable protocol that can be launched onto any network.
The reaction of most people who hear about Pyth for the first time is to immediately compare it with Chainlink. Which in all fairness, isn’t a bad thing to do. However, in doing so you’ll find that they’re very different projects both technically and financially.
For example, even though Pyth has a third of the Protocols secured by Chainlink, it’s only managed to capture 10% of the Total Value Secured by Chainlink.
While Pyth may technically have more “advanced” Oracles, Chainlink has an entire ecosystem and partnerships light years ahead of any competition.
The bottom line is that Pyth Network still has a long way to go before ever coming close to Chainlink’s Value Proposition.
What is Pyth Network?
Pyth Network is a next-gen Oracle solution that helps DeFi applications acquire reliable price information.
Pyth’s Oracles allow information to be passed at sub-second speeds, making it the fastest Oracle available on the market.
Announced at the beginning of 2021 through Pyth’s first official blog post, Pyth shared with the public that it had identified a portion of the marketplace that was underserviced by current Oracle providers, citing the immense potential of Decentralized Finance, the traditional high-latency model of parsing data between applications and traders is unreliable to those who require continuous data streams.
Pyth also showcases itself as the first truly decentralized provider of data streams, believing in fair and transparent markets governed by their users.
Pyth network has successfully acquired almost 100% of all protocol activity on Solana. No other provider comes close to supporting Solana the way that Pyth has.
Pyth onboards an average of three new dApps every week and launched a total of 180 new price feeds over the past three quarters, enabling blockchains like Optimism to dominate the Derivatives market through Pyth’s integration with Synthetix and Kwenta.
Any DeFi application is only as good as the technology available to it. Pyth Network’s bet on the need for real-time Oracle providers is paying off extremely well.
Pyth has remained up to date on all the major advancements in technology that would affect its services, upgrading the protocol to accommodate all the requirements necessary for the newest ZK-powered projects like Scroll and…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
