Pyth Network sets out to break the mold in oracle solutions, and PYTH is one product helping with that. Given that the token is not even a year old in the industry, it's understandable that it still has some work to do. Currently, staking is the token's primary utility, but users can expect more over time.
A Bit About Pyth Network
Decentralized financial services require a wide range of data. Oracles fetch information from the real world and send it to the blockchain. Pyth Network is an oracle solution that attempts to solve the traditional issues of low latency, data inaccuracy, and the risk of centralization. The PYTH token supports the network by providing a way for the public to contribute to the protocol's success. Providers are responsible for publishing data on the Pyth network. Part of the token distribution goes to publisher rewards. Tokens are used for various grant programs and reward mechanisms to encourage data providers to publish quality information.
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Think of the Pyth network as a news source for blockchains, and $PYTH as the means to participate in that world. Owning Pyth Network (PYTH) gives you certain powers you can leverage to contribute to the growth of the protocol. $PYTH is the network's governance token. It presents an excellent opportunity for crypto enthusiasts interested in the DeFi sector. Swapping other virtual currencies for $PYTH enables you to invest in the network. Pyth Network (PYTH) doesn't pinpoint specific founders but is a result of collaborations between industry experts. The token enjoys strong security courtesy of the project's community-driven measures and advanced technology.
Utility of Pyth Network?
While PYTH is an interesting token for crypto enthusiasts, most of the utility is in the network itself. The token doesn't have many use cases, which can discourage some users. However, PYTH serves basic roles for Pyth Network that might have you considering it worth including in your crypto portfolio.
On-Chain Governance
A constitution and a concise governance system are necessary for any distributed system, such as Pyth Network. PYTH allows holders to vote on elements that guide protocol development. It's how the project guarantees a successful move towards a permissionless state and self-sustainability. Owning a specified number of tokens allows you to vote on various high-level parameters.
On-chain governance involves different decisions and actions. The community can determine how to reward data providers and the permissions they have to deliver data to the network. As a token holder, you can help determine the size of update fees for network users. The DAO establishes new topics for on-chain governance. Staking for governance is on a 1:1 basis, meaning one staked token equals one vote. If you intend to use PYTH to add your voice to important project matters, conduct the relevant research to help you act from an informed position.
Staking
Most crypto holders stake their digital assets to earn passive income. You can do the same with Pyth Network (PYTH). After locking tokens for a particular period, you can get them back with additional tokens as rewards. Besides growing your digital assets, staking lets you play a part in growing the network. Staking strengthens the system's security and reputation. Integrity staking rewards publishers for maintaining data accuracy on the network.
If you prefer other ways to make your tokens work for you, then trading is an activity you can try. $PYTH is available on more than a dozen reputable crypto exchanges as a trading pair. Hence, if you wish to diversify your portfolio, Pyth Network (PYTH) is worth considering.
Pyth Network Price details
SOL Contract address: HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3›› Details & Tokenomics
Advantages of Pyth Network
+ Running on Solana allows PYTH to offer low-cost transactions to users+ The fast-growing Pyth network instils investor confidence, which PYTH taps into
+ Ready availability of $PYTH on reliable exchanges means easy acquisition for token holders
+ Advanced security measures and regular audits of the network protect PYTH users from common threats
+ Solana provides the token with a high throughput capacity, guaranteeing fast transactions
Disadvantages
- The PYTH token has limited use cases, with not much utility beyond governance and staking- PYTH's performance, security and stability are tied to Solana's
- The technological complexity of the Pyth network and its token can be a barrier to entry
- $PYTH is still new, which poses some challenges in adapting to existing systems
- Pyth Network (PYTH) operates in a highly competitive sector with other more prominent tokens
Costs
▪ Rated at 9/10A comparison of several exchanges showed that the average you can expect to pay as withdrawal fees is 2 PYTH, approximately $0.66 at the time of writing.
The costs range from 1 PYTH to 15 PYTH. These fees depend on an exchange's minimum withdrawal amount. So, when picking a crypto exchange, compare these rates for the best offers. As for trading fees, expect to pay an average of 2.5% of your transaction.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9.5/10
Pyth Network (PYTH) is not the first token in the Oracle solution scene. However, its entry into the market still drew significant interest. Crypto experts, developers, and enthusiasts wanted to see what the project has in store. Pyth Network used social websites and other media to generate buzz for its protocol and token. Granted, the token is not as popular as the network due to its limited utility.
Nonetheless, $PYTH is steadily building a name as a strong contender in the DeFi space. The token's availability on major exchanges speaks highly of its reputation. Support from recognized organizations and investors contributes to the token's positive rating as well.
FAQ
Is Pyth Network (PYTH) safe for staking?
The token is safe thanks to the network's robust security. If you are staking directly on an exchange, choose a reputable provider with reliable security features. Also, research PYTH staking to understand the risks.
How do I buy PYTH tokens?
Pyth Network (PYTH) works like cryptocurrency when it comes to token purchases. Find a licensed exchange, create an account, fund it, and then buy or sell PYTH. Exchanges have guides for token purchasing that should help.
Which crypto exchanges offer Pyth Network (PYTH)?
A majority of centralized exchanges have PYTH as a trading option. Binance and OKX are among the most popular places to purchase Pyth tokens.
Can I use a credit card to buy PYTH?
Yes. A majority of crypto exchanges accept credit cards as payment methods. When selecting an exchange, confirm if it supports the card you intend to use.
History of Pyth Network
November 2023 – While Pyth Network launched in April 2023, it wasn't until November that the token became available. 1.5 billion tokens were released into the circulating supply.
February 2024 – The Pyth Network ended the initial phase of its Retrospective Airdrop, where it distributed tokens to 90,000+ wallets across 27 blockchains.
March 2024 – $PYTH reaches its highest recorded price of $1.20.
Screenshots from Pyth Network
More sites where to buy/sell/trade Pyth Network
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
