Most of the #Solana users waiting for $PYTH airdrop, but how many of us actually understand what the pyth network does ?
Pyth has stated that when the airdrop opens on November 20 at 2:00 pm UTC, over 90,000 wallets will be able to claim PYTH tokens through it.
The token distribution is as follows:
- Data providers: 22%
- Ecosystem growth: 52%
- Protocol development: 10%
- Community and token launch: 6%
- Private sales: 10%
Pyth Network is a blockchain oracle, that supplies financial market data. It is intended to provide low-latency, high-frequency data updates, focusing on financial applications. More than 90 first-party data providers, including significant exchanges and market makers, provide data to Pyth. By concentrating on first-party data providers, the accuracy and directness of the data are guaranteed, improving the information’s transparency and dependability.
Data users on the Pyth Network request price updates on a need basis, utilizing a ‘Pull Oracle’ model. Because it doesn’t require pointless updates and can be tailored to the requirements of decentralized applications (dApps), this method uses less gas. Pyth provides real-time price feeds for a variety of assets and supports over 40 blockchains.
Pyth makes sure that the data closely follows the external markets by providing over 350 price feeds with an update frequency of every 400 ms. This frequent update is essential for applications that require quick responses.
Pyth vs. Competitors
Pyth specializes in financial market data with a strong emphasis on first-party data providers, while Chainlink provides a more generalized framework suitable for a wide range of data types and applications.
Pyth uses a Pull Oracle model that prioritizes gas efficiency and need-based data retrieval. Chainlink, follows a more traditional path with its decentralized oracle network.
For financial applications, Pyth’s high-frequency data updates (every 400 ms) are essential, while Chainlink’s update frequency is not specified and is intended for a wider range of use cases.
Pyth’s architecture is more specifically designed for financial data, and Chainlink’s architecture is renowned for its adaptability and flexibility to customized oracle networks.
Whereas Chainlink provides a generalized framework for a variety of data types and applications, Pyth focuses more on financial data. The main distinctions between the two are in their data focus, oracle model, update frequency, and architectural flexibility.,
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