The Pyth network is a next-generation oracle solution that aims to bring this valuable financial market data to the general public.
The network does so by incentivizing market participants — trading firms, market makers, and exchanges — to share the price data collected as part of their existing operations.
The network aggregates this first-party price data on-chain and makes it available for use by either on- or off-chain applications.
End-users of Pyth data can elect to pay data fees to protect against potential oracle failures.
Delegators choose which product (price feed) and a specific publisher to back to earn data fees in exchange (or lose their stake if the oracle is inaccurate due to publisher faults).
The incentivization system operates through (PYTH) token staking by network participants and fees voluntarily paid to data publishers.
The goal of the design is to make the Pyth network self-sustaining and decentralized.
8/ We look forward to supporting exciting Polygon zkEVM apps like @0vixProtocol and the overall expansion of the Polygon ecosystem 🔮 To learn more, visit our dedicated blog post:
7/ We invite the Polygon ecosystem to explore what Pyth data can do for them: Pythnet: Cross Chain Data: https://t.co/9Nayi7jbbj Pyth on EVM: https://t.co/DKVVgZ6hM6
6/ With Polygon zkEVM now #PoweredByPyth, dApps now have access to never before seen assets and markets 🔮 And as a matter of fact, @0vixProtocol, the first borrow-lending protocol, is already #PoweredByPyth 🔮