2024-02-04
Binance lists Pyth
Network (PYTH) and open trading for spot trading pairs at 2024-02-02 12:00
(UTC).
Pyth Network is an oracle solution
for real-time market data for financial market data, crypto, equities, FX, and
commodities to 45+ blockchains.
Pyth
Network operates on Solana blockchain.
It launched on Solana mainnet in September 2021. Currently 50 dApps are using
Pyth’s oracle on Solana such as Solend.
Pyth
Network's oracle uses the Solana Virtual Machine connect to external data
sources, serving as a crucial aggregator for real-world smart contract
execution.
Pyth
can be used on other blockchains as well such as Aptos, Sui, BNB Chain,
Ethereum, Avalanche, Polygon, Arbitrum, Sei.
How does Pyth Network make money?
Pyth
Network is a proof-of-authority blockchain where each publisher runs a
validator node.
There
are two participants in the Pyth Network protocol
1.
Publishers publish and update price feeds and earn fees for doing so. The role of a publisher is to publish data directly
onto the blockchains.
2.
Consumers pay fees to
access and use the price data to inform their dApps or smart contracts.
PYTH tokens utility.
1.
PYTH token holders can participate in voting for improvement proposals.
2.
Publishers earn fees in PYTH tokens.
PYTH token has a max supply of 10 billion PYTH (10,000,000,000). PYTH token is an SPL token and it runs on Solana mainnet.
