What is Pyth Network (PYTH)? How Does It Work?

BtcTurk | Global
2 min readApr 5, 2024

Pyth Network (PYTH) is a decentralized oracle platform. The Pyth Network’s oracle infrastructure securely distributes both on- and off-chain data to blockchains, including global exchanges and financial centers, from over 95 data providers. In this article, you can find answers to questions like what is Pyth Network (PYTH) is, how does Pyth Network (PYTH) works, how do you buy Pyth Network (PYTH), and how do you trade in the PYTH/TRY and PYTH/USDT trading pairs.

What is Pyth Network (PYTH)? How Does It Work?

Pyth Network (PYTH) is an oracle infrastructure that collects data from more than 95 data providers, including global exchanges and financial centers, and distributes it to 150 protocols and over 40 blockchains. Oracle infrastructures like Pyth Network ensure the accurate and reliable operation of applications on blockchains.

Pyth Network simultaneously operates its oracle infrastructure on the Solana blockchain and its independent blockchain called Pythnet. While the system on the Solana blockchain powers applications on the Solana network, the system on Pythnet serves blockchains outside of Solana.

Pyth Network aims to provide decentralized oracle services as an alternative to centralized oracle solutions used by applications on blockchains.

Pyth Network was founded by Michael Cahill, Jayant Krishnamurthy, and Ciaran Cronin.

PYTH is the governance token of Pyth Network. Changes to be made on the platform are determined by the votes of PYTH holders.

PYTH is a Solana Program Library-based token, operating on the Solana network. Because of the Pyth Network’s cross-chain services, PYTH tokens can also be found on many blockchains outside the Solana network. You can access the current blockchains where PYTH tokens are active and their contract addresses here.

The total supply of PYTH is limited to 10,000,000,000 units.

You can access the Pyth Network (PYTH) website via the link https://pyth.network/.

To view technical documentation (whitepaper) about PYTH, you can click here.

How do you Store Pyth Network (PYTH)?

PYTH is an SPL-based token. You can manage your PYTH balances using browser, desktop, mobile, and hardware wallets that support the Solana blockchain.

For other blockchains where PYTH tokens are active, you can also use browser, desktop, mobile, and hardware wallets, provided they support the respective blockchain.

How do you Buy and Sell Pyth Network (PYTH)?

You can buy and sell Pyth Network (PYTH) with Turkish Lira or Tether on the BtcTurk | Kripto website or the BtcTurk | Kripto mobile app. If you are not a member of BtcTurk | Kripto, you can sign up immediately on our website or mobile app and buy Pyth Network (PYTH). You can deposit Turkish Lira 24/7 using one of our seven affiliated banks.

We remind our users to conduct necessary research and examination within the scope of risk management principles and to trade according to their own risk-return levels.

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