Pyth Network, known as one of the largest first-party oracles on Solana, has recently launched its token, PYTH. It boasts a large market capitalization of $712,236,785 as of 23rd November 2023, 6:00 UTC+1. This launch has propelled the Pyth Network token to the 74th place in crypto market capitalization rankings, with the current token price of $0.47.
Pyth Network claims its oracle delivers real-time market data with high precision and speed. Major DApps using Pyth data include Serum, Raydium, and Synthetix. Now, the question arises: What role will the Pyth token play?
Utility of PYTH
The Pyth Network token offers several benefits to its holders and those utilizing Pyth data. These include:
- The Pyth Token will enable holders to participate in the governance of the Pyth Network.
- The token will be used to reward contributors who provide data updates and other forms of contribution to the Pyth Network.
- It could be used for airdropping to loyal users who believe in the Pyth Network.
Pyth Network Tokenomics
The total current market cap of Pyth $712,236,785 which puts it on the 74th place. The available supply is 1.5 billion, with a total and maximum supply of 10 billion.
The Pyth token has been made available on several centralized and decentralized exchanges, with a significant amount allocated for liquidity and other uses. Centralized exchanges currently trading the token include OKX, Kucoin, Bybit, Bitget, Gate.io, MEXC, Lbank, and Bitmart. Decentralized Exchanges where the Pyth Network token has launched include Raydium, one of the biggest DEXs on Solana, as well as Jupiter and Orca.
Trading volumes are higher on centralized exchanges, as usual, but a significant amount is also seen on Orca.
Final Thoughts
For more information about the Pyth Network, visit their official website. Before the token launch, Pyth Network contributed to data oracles for over 35 blockchains, including Ethereum, Binance Chain, and Cosmos. It has significantly aided developers by allowing seamless integration of Pyth data into various DeFi applications, such as derivatives, lending and borrowing protocols, and decentralized exchanges, including orderbook and AMM models.
This is seen as a significant success for the Pyth Network community and the team. We look forward to what more they can offer.