What is Pyth Network (PYTH) Coin?

The cryptocurrency space is constantly evolving with new projects, and in this article, we'll explore Pyth Network, a recent standout project, and its native asset PYTH Coin.

What is Pyth Network?

Pyth Network presents a unique approach to price oracles, utilizing secure data intervals to provide a more comprehensive view of market conditions. It collects price data directly from exchanges, market makers, and trading firms, offering a nuanced perspective, especially during periods of high volatility or low liquidity.

Pyth Network stands out for its versatility and broad applicability, integrating with multiple blockchain ecosystems, including Solana and non-Solana chains. The network's stake weighting, quality score, and reward system based on calibration aim to encourage accuracy and reliability among publishers and delegates. In this article, we'll delve into what Pyth Network is, PYTH coin's role as the native asset, and how to acquire PYTH coin, listed on Binance.

Key Features of Pyth Network:

1. Third-Party Publisher Oracle: Ensures high accuracy and timeliness in price data streams by directly sourcing data from primary providers.
2. Secure Data Intervals: Allows users to measure not only the price but also the degree of uncertainty surrounding it, particularly valuable in highly volatile markets.
3. Multi-Chain Integration: Initially launched on Solana and its own Pythnet (a fork of the Solana codebase), Pyth Network provides solutions for non-Solana chains through integrations like Wormhole.

Stakeholders in Pyth Network:

1. Consumers: Users of price streams, primarily smart contracts, and DeFi protocols.
2. Publishers: Responsible for the price stream, earning PYTH coin rewards and data fees.
3. Delegates: PYTH coin holders with a stake in the price stream, influencing publisher weights, and facing the risk of PYTH coin deductions in case of errors in supported publications.

PYTH Coin Overview:

PYTH coin serves as the native asset of the Pyth Network, designed to serve various purposes such as staking, supporting the network's operation, and ensuring security. As of February 2, 2024, the total supply of PYTH coin is 9,999,989,237, with a circulating supply of 1,499,989,237.

At the time of writing, PYTH coin's all-time high (ATH) was recorded on November 20, 2023, at $0.6544. It is currently trading 24.27% below its ATH.

How to Buy PYTH Coin:

PYTH coin can be securely bought and sold on Binance, the world's largest cryptocurrency exchange. To purchase PYTH coin, users need to first register on the Binance exchange, complete the registration process, and then transfer either cryptocurrency or fiat currency to their Binance wallet. Once the transfer is complete, users can buy PYTH coin using the five trading pairs available: PYTH/BTC, PYTH/USDT, PYTH/FDUSD.

This article aims to provide fundamental information about Pyth Network and PYTH coin, elucidating their position and significance in the cryptocurrency world. However, it's essential to conduct your own research before making any investment decisions.