Solana

Secure

DeFi

Pyth Network

Coin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-pyth-network-a-new-oracle-solution-for-accurate-market-data/" data-wpel-link="internal">Exploring Pyth Network: A New Oracle Solution for Accurate Market Data</a><br></p>
<p style="text-align: justify">Pyth Network presents a unique approach to price oracles by utilizing secure data ranges, providing a more comprehensive view of market conditions. Its integration across multiple blockchain ecosystems, including Solana and non-Solana chains, showcases its versatility and wide applicability. The network’s reward system is based on stake weight, quality score, and calibration, promoting accuracy and reliability among publishers and delegates. In this article, you can find answers to many questions such as what is Pyth Network, what is its native asset PYTH coin, and how to purchase PYTH coin, recently listed on <a href="https://www.binance.com/en/register?ref=M8RGDITW" data-wpel-link="external" target="_blank" rel="noopener nofollow noreferrer">Binance</a>.</p> 
<h2 style="text-align: justify" id="strong-what-is-pyth-network-strong"><strong>What is Pyth Network?</strong></h2> 
<p style="text-align: justify">Pyth Network stands out as a new oracle solution that collects price data directly from exchanges, market makers, and trading firms. By providing data at secure intervals, Pyth Network offers a more nuanced view of market prices and uncertainties, especially during periods of high volatility or low liquidity.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-310480" src="https://coin-turk.com/wp-content/uploads/2024/02/pyth-network-pyth-coin-nedir.jpeg" alt="" width="2560" height="1440"></p> 
<p style="text-align: justify">Recognizing the challenge of defining a “true” price for assets traded on various platforms with different participants and liquidity profiles, Pyth Network addresses this by using secure data ranges. This approach goes beyond the limitations of a single price point, ensuring a more realistic representation of the market and current liquidity conditions.</p> 
<p style="text-align: justify">The functionality of Pyth Network is based on several key components, which can be listed as follows:</p> 
<ul style="text-align: justify"> 
 <li>First-Party Publisher Oracle: Pyth Network ensures high accuracy and timeliness in price data streams by sourcing data directly from primary sources.</li> 
 <li>Secure Data Ranges: This innovative feature allows users to measure not only the price but also the degree of uncertainty around it, which is particularly valuable in highly volatile markets.</li> 
 <li>Multi-Chain Integration: Initially launched on Solana and its own Pythnet, a fork of the Solana codebase, Pyth Network also offers solutions for non-Solana chains through integrations like Wormhole.</li> 
</ul> 
<p style="text-align: justify">Pyth Network operates based on three main stakeholder groups, which can be listed as follows:</p> 
<ul style="text-align: justify"> 
 <li>Consumers: These are the users of price streams, primarily smart contracts and DeFi protocols. On Solana (Pyth v1), these streams are free, while off-chain access via Pythnet (v2) is subject to small fees.</li> 
 <li>Publishers: They are responsible for the price stream and receive PYTH coin rewards and a portion of the data fees. They must stake PYTH coins and accept the risk of PYTH coin deductions for errors.</li> 
 <li>Delegates: PYTH coin holders who have a stake in the price stream, influence publisher weights, and earn insurance fees. They also face the risk of PYTH coin deductions in case of errors in the broadcasts they support.</li> 
</ul> 
<p style="text-align: justify">Publishers within the Pyth Network are evaluated and rewarded based on three criteria:</p> 
<ul style="text-align: justify"> 
 <li>Stake Weight (s): The stake delegated to a publisher is measured on a scale from 0 to 1.</li> 
 <li>Quality Score (q): Reflects the accuracy of a publisher’s price predictions, varying between -1 and 1.</li> 
 <li>Calibration (c): Assesses the accuracy of the secure data range reported by a publisher, scored from 0 to 1.</li> 
</ul> 
<h2 style="text-align: justify" id="strong-pyth-coin-overview-strong"><strong>PYTH Coin Overview</strong></h2> 
<p style="text-align: justify">PYTH coin is the native asset of the Pyth Network. It is designed to serve many purposes, such as staking, operation, and maintaining the network’s 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.</p> 
<p style="text-align: justify">At the time of writing, data indicates that PYTH coin reached its all-time high (ATH) of $0.6544 on November 20, 2023. The current price is trading at 24.27% below the ATH.</p> 
<h2 style="text-align: justify" id="strong-how-to-purchase-pyth-coin-strong"><strong>How to Purchase PYTH Coin?</strong></h2> 
<p style="text-align: justify">PYTH coin can be securely bought and sold on <a href="https://www.binance.com/en/register?ref=M8RGDITW" data-wpel-link="external" target="_blank" rel="noopener nofollow noreferrer">Binance</a>, the world’s largest cryptocurrency exchange by trading volume. PYTH coin was listed on <a href="https://en.coin-turk.com/breaking-news-binance-delivers-fourth-bad-news-whats-happening-in-crypto/" data-wpel-link="internal">Binance</a> on February 2, 2024, and is available for trading in pairs such as PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY.</p> 
<p style="text-align: justify">To purchase PYTH coin, one must first become a member of the Binance exchange if not already. After completing the registration process, funds such as cryptocurrency or fiat <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a> like Turkish Lira should be transferred to the account wallet on Binance. Following the transfer, PYTH coin can be bought in any of the above trading pairs.</p> 
<p style="text-align: justify">To buy using the PYTH/USDT trading pair on <a href="https://www.binance.com/en/register?ref=M8RGDITW" data-wpel-link="external" target="_blank" rel="noopener nofollow noreferrer">Binance</a>, one should first navigate to the interface of this trading pair. In the limit tab of the trading interface, the desired amount to purchase should be entered. After entering the amount, the purchase is completed with a PYTH Buy order.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/exploring-pyth-network-a-new-oracle-solution-for-accurate-market-data/" data-wpel-link="internal">Exploring Pyth Network: A New Oracle Solution for Accurate Market Data</a></h5>

Exploring Pyth Network: A New Oracle Solution for Accurate Market Data

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