DeFi enables individuals to take control of their finances, transforming traditional financial systems. However, traditional oracles fell short in providing ultra-low-latency, institutional-quality market data, which is necessary for advanced financial services on the blockchain. In 2020, the Pyth Network was created to address this gap.
Pyth Network was launched on Solana's Pythnet, a fork of the Solana codebase. It serves as a decentralized oracle that sources financial market data from 90+ publishers, including major exchanges and firms worldwide. The data is then distributed across 40+ blockchains.
This guide by Everstake provides a comprehensive overview of staking PYTH in 2024.
An investment in knowledge pays the best interest." This resonates with the transformative potential of DeFi, enabling individuals to take control of their finances and reshape traditional financial systems.
By Benjamin Franklin
This guide by Everstake provides a comprehensive overview of staking PYTH in 2024.
Blockchain oracles act as intermediaries between blockchain platforms and external systems, allowing smart contracts to be executed based on real-world inputs and outputs. Oracles enable interoperability between blockchains by connecting them to off-chain data and computation, playing a foundational role in the verifiable web.
Legacy oracles struggle with latency issues, data manipulation concerns, and a lack of decentralization that threatens trust in the system. As blockchain technology advances and applications mature, robust oracles that deliver ultra-low-latency and highly reliable data feeds become vital.
PYTH’S SPECIAL SOLUTION
Pyth Network is a decentralized oracle network that provides high-fidelity, real-time financial market data. It serves DeFi apps by sourcing data from various providers, making it a significant player in the blockchain oracle space.
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Joanne Theresa
great article
replay