Introduction

The vast majority of smart contracts need external data from the real world to perform their services. Oracles perform as gateways between the blockchain and these external data sources.

Pyth network is an oracle which unlocks once-exclusive financial markets data and makes it available for DeFi and the general public.

The goal of Pyth is to make every asset price available on every chain for the world, and in doing so, empower data owners and users. Pyth currently specializes in pricing data for crypto, FX, equities, and commodities.

You may think current oracle solutions already meet the requirements of decentralized finance. Unfortunately, this is not true.

Legacy oracles update infrequently, use questionable (and sometimes illegally procured) data sources, usually cannot hold their data sources accountable, and often just scrape data from free internet resources and charge users for this service. Downstream users pay the price.

Pyth, on the other hand, sources its data directly from best-in-class global financial market participants, including market makers, global exchanges , and trading firms. These include some of the biggest names in traditional and decentralized finance who truly know what the price of any asset is at any time.

By gathering data directly from the widest range of experienced data owners, Pyth provides highly accurate financial data on-chain and at the lowest latencies. In fact, data of this quality is often accessible only to a select group of users. This type of data is critical for DeFi to scale to global adoption.

Anyone betting on Web3 (and DeFi in particular) to grow needs to first solve the oracle problem and solve for scalability. The solutions before Pyth were incomplete and unlikely to scale in robustness to support multiple asset classes at high fidelity.

The future of blockchain needs the best financial markets data, delivered securely, transparently, and reliably. That’s why we built Pyth.