Bittime - In the rapidly growing era of decentralized finance (DeFi), Pyth Network comes as an innovative solution that promises transformation in financial data management. As the largest blockchain oracle network, Pyth Network plays a key role in providing accurate and real-time financial market data to support DeFi applications.
What is Pyth Network?
Pyth Network is a blockchain oracle network that provides real-time financial market data for DeFi (decentralized finance) applications on more than 40 blockchains. The network collects data from more than 90 first-party data providers, including the largest exchanges and market makers, and provides real-time price feeds for various assets such as cryptocurrencies, stocks, foreign currency pairs, ETFs, and commodities.
Pyth Network is designed to address several challenges faced by traditional blockchain oracles, such as high latency and limited data availability. By providing fast, accurate, and reliable data from institutional sources, Pyth Network enables smart contract developers to build more sophisticated and secure financial applications.
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What is PYTH token?
The PYTH token is a crypto asset that is part of the Pyth Network. The PYTH token itself has a market cap of around $1,506,109,908 USD and a 24-hour trading volume of $613,401,066 USD. Currently, the total circulating supply is around 1,499,989,213 PYTH with a maximum total supply of 9,999,989,213 PYTH. The token allows users to "pull" the latest prices to their blockchain as needed and has been used by more than 250 applications to secure $100 billion in trading volume.
Why is Pyth Network Important for DeFi?
Pyth Network took a revolutionary step by collecting data from more than 90 first-party data providers, including leading exchanges and market makers. By providing real-time price feeds for various assets such as cryptocurrencies, stocks, foreign currency pairs, ETFs, and commodities, Pyth Network enables smart contract developers on more than 40 blockchains to access important market information.
Since April 2021, Pyth Network contributors have committed to providing hundreds of real-time price feeds, with the goal of making global financial market data available on the blockchain to developers around the world. This initiative is critical as the blockchain industry moves towards a high-throughput DeFi future, where the need for low-latency and high-frequency on-chain data is increasing.
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Challenges Faced by Blockchain Oracles
Pyth Network emerged in response to existing blockchain infrastructure deficiencies, which were identified during the Summer 2020 DeFi season. Traditional pricing oracles often don't update data quickly enough to meet dynamic financial needs, with updates happening every 10-60 minutes. This creates the risk of inaccuracies and vulnerability to attacks in DeFi services.
In addition, the limited scope and availability of price feeds on traditional oracles often hinders developers from providing the financial services they want. These limitations can hinder the development of DeFi protocols and services.
Transparency, Key to Trust in DeFi
Data quality and transparency are important aspects that are often overlooked by traditional oracles. Pyth Network addresses this problem by providing data coming from trusted sources and verification, allowing developers and users to have full confidence in the prices they receive.
Conclusion
Pyth Network stands at the forefront of the DeFi revolution, providing solutions to challenges faced by traditional blockchain oracles. By providing fast, broad, and transparent financial market data, Pyth Network enables developers to create more sophisticated and secure financial services. This initiative not only increases trust in the DeFi ecosystem but also opens up new opportunities for future innovation.
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How to Buy Pyth Network (PYTH) on Bittime
You can buy and sell Pyth Network (PYTH) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Pyth Network (PYTH) is available on Bittime with the PYTH/IDR market pair. To be able to buy PYTH IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Pyth Network (PYTH) on Bittime.
Monitor the price chart movements of Pyth Network (PYTH), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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