Pyth Network (PYTH)

Pyth Network was founded in 2021 by a talented group of developers, including specialists who previously worked at Jump Crypto and other decentralized financial (DeFi) institutions. They noticed a growing need for more accurate price data on blockchain networks. Most users lacked access to real-time price data for their smart contracts. Therefore, the developers wanted to create a system that could provide professional data feeds to casual crypto enthusiasts. Pyth Network aims to give the general public access to on-chain, accurate financial data by collecting crypto pricing data directly from financial institutions and then bringing it to multiple blockchain networks. In doing so, the network hopes to provide free, accurate data to anyone who needs it. The Pyth network operates with PYTH tokens, which are used to pay traditional financial institutions for the real-world data they publish on their price feeds. Additionally, the PYTH token facilitates transactions, smart contract execution, and can be used to vote on matters such as software updates and rate changes.