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Get to know Pyth Network, Chainlink's rival

Pyth Network is an oracle project built on top of the Solana network. Blockchain and smart contracts are closed systems where there is a strict process for connecting with external data sources.

 Oracle projects such as Pyth Network provide a way to securely provide off-chain data to a blockchain (onchain) environment.

This article discusses in detail about Pyth Network from understanding to tokenomics.

What is Pyth Network?

Pyth Network is an oracle that provides financial market data primarily for decentralized finance (DeFi). The platform combines an accurate and real-time price database for various assets including cryptos, stocks and commodities.

Purpose of Pyth Network

Its main goal is to connect traditional financial markets with the DeFi space, promote transparency, and support various blockchain-based financial applications.

Founder of Pyth Network

Pyth Network was founded in 2021 by the Pyth Data Association team with director Mike Cahill. Prior to serving as director, Cahill had 13 years of experience in the conventional financial services sector, including working at Nomura Securities and Cboe Global Markets (CBOE), he then joined Jump Crypto in 2019.