What Is Pyth Network? Pyth Network Token Price Prediction

KEY TAKEAWAYS

• Pyth Network is an oracle solution providing high-fidelity market data from professional traders and exchanges for smart contracts.
• Pyth Network encourages users to update prices for various types of assets.
• The Pyth Network Token (PYTH) is the native token of the Pyth Network.
• Determining the future success of Pyth Network Coin remains uncertain at this early stage.

1. WHAT IS PYTH NETWORK?

Pyth Network is an oracle solution providing high-fidelity market data from professional traders and exchanges for smart contracts. The goal of Pyth Network is to furnish prices for all assets on the blockchain and empower owners and data users. Pyth currently specializes in pricing data for crypto, stocks, forex and commodities markets. Additionally, the project offers a data solution for developers to build decentralized applications in the Web3 space.

What is Pyth network? | Source: Kraken Blog

2. ADVANTAGES OF PYTH NETWORK

• Quickly: Pyth Network Ecosystem provides reliable and continuously updated market data with low latency (400ms, meaning 200 thousand updates per day). Pyth's data includes various asset types, including hard-to-obtain assets like US stocks, forex pairs, and metal prices.
• Free: Pyth Network is open-source, and its data is entirely free. However, protocols can choose to pay for data to protect themselves from the risk of data theft.
• Accuracy: Pyth Network's data is sourced from various outlets, including exchanges, brokers, and financial institutions. The data is always up-to-date and accurate.
• Security: Pyth prioritizes security and reliability standards. Pyth's data is protected by security measures such as trust bands, minimal Publisher rules, strict source compliance checks, and economically incentivizing protocol developers.

3. HOW DOES PYTH NETWORK WORK?

Pyth Network encourages users to update prices for various types of assets. There are three main user groups in the Pyth Network:

• Publishers: Those who provide price data and receive a fee. Publishers can be traders, exchanges, or other organizations with access to accurate price data.
• Consumers: Those who use the price data provided by Publishers. Consumers can be blockchain protocols, decentralized applications (dApps), or other organizations needing price data to operate.
• Delegators: Those who stake PYTH tokens and earn fees from that activity. Delegators can help enhance the security and reliability of the Pyth Network.

These user groups interact with each other through four main mechanisms:

• Price Aggregation Mechanism: This mechanism aggregates prices from different Publishers to create a single, accurate, and reliable price. It helps limit price manipulation by intentional entities.
• Data Staking Mechanism: This mechanism determines the stakeholder's share in staking, allocating fees from staking activities in the Pyth Network. Users receive rewards upon completing staking tasks.
• Reward Distribution Mechanism: This mechanism fairly and transparently distributes rewards to Publishers, encouraging them to provide accurate and reliable price data.
• Governance Mechanism: This mechanism is responsible for managing other mechanisms in the Pyth Network ecosystem. Tasks include approving tokens, determining input data fees and common usage, identifying PYTH tokens in the staking mechanism, etc.

4. WHAT IS PYTH NETWORK TOKEN

The Pyth Network Token (PYTH) is the native token of the Pyth Network.

4.1. Pyth Network Price

As of now, the Pyth Network is valued at $0.5, and it has recorded a 24-hour trading volume of $138,850,210 USD. Our PYTH to USD price is continuously updated in real-time. Over the last 24 hours, Pyth Network has seen a significant increase of 28.99%.

PYTH Price | Source: Klarda

4.2. Pyth Network Tokenomics

• Name: Pyth Network
• Ticker: PYTH
• Blockchain: Solana
• Contract: HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3
• Total Supply: 10,000,000,000 PYTH

4.3. Pyth Network Token Allocation

PYTH Token Allocation and Distribution:

• Publisher Rewards - 22%: Locked for 6 months, followed by linear vesting over the next 42 months. Vesting occurs once every 12 months.
• Ecosystem Growth - 52%: Locked for 6 months, followed by linear vesting over the next 42 months. Vesting occurs once every 12 months.
• Protocol Development - 10%: Locked for 6 months, followed by linear vesting over the next 42 months. Vesting occurs once every 12 months.
• Private Sales - 10%: Locked for 6 months, followed by linear vesting over the next 42 months. Vesting occurs once every 12 months.
• Airdrop - 6%: 100% unlocked at Token Generation Event (TGE).

Pyth Network Token Allocaton | Source: Coincarp

4.4. Pyth Network Token Use Cases

The PYTH token is used for:

• Rewarding Publishers.
• Staking to secure the network.
• Governance.

5. IS PYTH NETWORK A GOOD INVESTMENT?

Determining the future success of Pyth Network Coin remains uncertain at this early stage. Despite attracting attention since its launch in November, the extent of its adoption is still unknown. As is customary in the crypto space, conducting thorough research is crucial before considering any investment in PYTH.
Predicting whether Pyth Network's value will rise or fall is currently challenging. Although crypto price forecasts for Pyth Network are generally positive, such predictions often prove unreliable. It's important to acknowledge the inherent volatility in cryptocurrency prices, which can fluctuate both upwards and downwards.
Investing in Pyth Network requires careful consideration and individual research, not only on PYTH but also on other cryptocurrencies like The Graph (GRT). Regardless of your choice, it is imperative to invest only what you can afford to lose.

6. PYTH NETWORK TOKEN PRICE PREDICTION

pyth network news
Utilizing the historical price trends of Pyth Network and considering the BTC halving cycles, the projected annual minimum Pyth Network price for 2025 stands at $0.420161. Simultaneously, the forecast suggests a potential peak for Pyth Network at $0.609527 in the same year. Employing a similar approach, the following are the Pyth Network price predictions for each subsequent year up to 2030.

PYTH network Price Prediction | Source: Coincodex

7. HOW TO BUY PYTH NETWORK?

Currently, you can purchase PYTH on centralized exchanges such as OKX, BingX, Bybit, and decentralized exchanges like Orca. Additionally, you can also buy PYTH in the form of derivative contracts.

How to by PYTH? | Source: Klarda

8. PYTH NETWORK FAQS

8.1. How to get Pyth network airdrop?

Pyth Network recently unveiled its Retrospective Airdrop, allocating over 255 million PYTH tokens to contributors and users of 200+ dApps on 27 blockchains. With 90,000 eligible wallets, check the airdrop status at https://airdrop.pyth.network/. Eligible recipients include DeFi users, community members holding Pyth NFTs, and DApps leveraging Pyth Network data. The screening process involves compiling wallet lists, using anti-Sybil measures, and ranking based on interaction frequency. The claim period starts on November 20, 2023, until February 18, 2024, with no specified claiming details yet.

8.2. How to do Pyth network staking?

The launch of Pyth Network's permissionless mainnet on November 20, 2023, now allows PYTH Token holders to actively engage in Pyth Governance.
As an essential contributor to the Pyth ecosystem, you have the chance to play a significant role in shaping the future of the Pyth protocol. By participating in the official staking program and staking your PYTH, ecosystem members can accumulate voting power, enabling them to influence crucial decisions through on-chain voting. Seize this opportunity to contribute to the direction of the Pyth Network through collaborative decision-making and discussions.

8.3. What is Pyth network ICO price?

Pyth Network(PYTH) IEO on BitMart Details

• Type: Single Ticket
• Sale Price: 1 PYTH = 0.2805 USDT 
• Offered: 25,300 PYTH
• Total Number of Tickets: 359

8.4. When Pyth Network On Binance Listing?

Pyth Network (PYTH) will be listed and opened trading on Binance for these spot trading pairs at 2024-02-02 12:00 (UTC).
In conclusion, the Pyth Network unfolds as a dynamic player in the blockchain ecosystem, aiming to revolutionize how market data is accessed and utilized. With its advantages of quick and accurate market data, coupled with a commitment to security and openness, Pyth Network provides a robust foundation for decentralized applications. The native PYTH token serves as the fuel for rewarding publishers, securing the network through staking, and contributing to governance. As the Pyth Network evolves, potential investors are advised to conduct thorough research, considering the volatility inherent in the cryptocurrency landscape and making investment decisions based on informed choices.