What is Pyth Network? Pyth Network is a new oracle solution that was based on the Solana blockchain and collects price information from exchanges, market makers and trading companies. What makes the project special is that it provides a more accurate view of market prices and uncertainty and gets data directly from traders and exchanges (Binance, OKX, Jane Street, Bybit, Cboe Global Markets and others) rather than relying on third-party information. This, in theory, means it is more accurate than its competitors.

In less than a year since the launch of the cross-chain oracle, the network has delivered more than $1 billion in total value and has been used by more than 250 applications to deliver $100 billion in trading volume. Project Goal - The primary goal of the project is to make Oracle data available to users and application developers regardless of the ecosystem on which they are built. As well as providing the "true" price of assets that are traded on different venues, each with different participants and liquidity profiles.

What problem is the project solving? Pyth Network solves several key problems previously faced by blockchain oracles in the financial sector:

The need for ultra-low

latency data Financial markets are very time sensitive and even a few seconds of delay can have significant financial consequences. The Pyth Network's ultra-low latency data rate maximizes the relevance of financial data, which is critical for high-frequency trading and other financial transactions that require maximum price-to-time proximity.

Reliable data delivery

Accurate and up-to-date data is vital to the integrity of DeFi's services. Inaccurate or outdated data can lead to the incorrect execution of smart contracts, resulting in potential financial losses. Pyth Network aims to mitigate these risks by offering reliable data sources.

By addressing these challenges, Pyth Network plays an important role in the development of the blockchain oracle, especially for applications in the DeFi sector. 3- First-party data model Pyth Network's innovative approach involves obtaining data directly from reputable third-party data providers. This method differs from traditional oracles that rely on third-party operators, which often results in slower and less reliable data transfers. The Pyth Network model provides low latency, high accuracy, and resistance to price data hacking. 4. Scalability and broad coverage Pyth Net

First-party data model

Pyth Network's innovative approach involves obtaining data directly from reputable third-party data providers. This method differs from traditional oracles that rely on third-party carriers, which often results in slower and less reliable data transfers. The Pyth Network model provides low latency, high accuracy, and resistance to price data hacking.

Scalability and wide coverage

Pyth Network is designed to scale without speed, pricing and distribution limitations, making it well suited for DeFi's expansion into new markets and asset classes. It currently offers over 350 low-latency price feeds across a variety of asset classes, including cryptocurrencies, equities, FX and commodities.

Decentralized data aggregation

The Pyth protocol aggregates data from different vendors into a single price and confidence interval. This aggregation process is designed to be robust to outliers and manipulation, weighting each data source appropriately based on its accuracy.

Pull Oracle Model

Pyth Network presents a unique architecture where data users can request or "pull" price updates from the protocol when needed, making it more cost-effective than traditional "push" oracles that update prices at regular intervals regardless of demand.