Pyth Network

In September 2026, 138 data publishers supplied prices to more than 720 data consumers, and applications using Pyth had handled more than $5 trillion in transaction volume, according to Pyth Network. Pyth names Jane Street, Jump, DRW, Optiver, Cboe, LMAX and Revolut among the more than 125 institutions that contribute proprietary prices. Pyth combines the submissions of several publishers into one price per feed, and each feed also carries a confidence interval that shows how far the publishers disagree.

A first-party design removes one step from the data path: the trading firm that sees a price in its own order book signs and sends it. In a third-party design, independent node operators collect the same price from public sources first. DefiLlama counted $3.6 billion in value secured by Pyth feeds across 320 protocols in September 2026.

The standard Pyth price feeds, called Pyth Core, work as a pull oracle. An application requests the latest signed price update from an offchain service, and anyone can then submit that update to the Pyth contract on the target chain. The contract verifies the update before it stores the price, so an application can refresh a price and use it within one transaction. Since the Pyth Core upgrade of August 26, 2026, the Hermes service that hands out these updates requires an API key.

The pull model moves the gas cost to the moment a price is used. A push oracle writes every update onchain on a schedule, whether a contract reads it or not. Under the pull model, a lending protocol has to check how old a price is before it acts on it, because a stale or manipulated price can trigger wrong liquidations.

Pyth Pro, formerly called Pyth Lazer, is a subscription for market data that launched on September 24, 2025. At launch it covered more than 2,000 feeds for equities, futures, ETFs, commodities, FX, crypto assets and fixed income. The tiers were a free crypto feed with one-second updates, Crypto+ at $5,000 a month, and Pyth Pro at $10,000 a month with redistribution rights. Jump Trading Group took part in the early access program, and Douro Labs, a company that builds for Pyth, wrote the launch announcement.

By April 2026, Pyth Pro carried more than 3,000 feeds on update channels of 1, 50 and 200 milliseconds, and Pyth plans to retire Pythnet, its older appchain, later in 2026. Pyth names Nasdaq, Tradeweb, Euronext FX, Coinbase Derivatives and Kraken among its partners. The US Department of Commerce chose Pyth in August 2025 to publish official economic data such as GDP figures onchain.

PYTH has a maximum supply of 10 billion tokens and went live in November 2023, when about 250 million tokens went to early users in an airdrop. Token holders vote in the Pyth DAO on fees, reward rates and upgrades of the network. Since September 2024, publishers and holders can stake PYTH in Oracle Integrity Staking, where a publisher earns rewards for accurate prices and loses part of its stake for faulty ones.

In April 2026, about 1 billion PYTH sat in roughly 120 publisher pools, and no slashing proposal had been filed since the program began. A governance proposal from the same month sets the staking reward rate to zero before the reward pool of 100 million PYTH runs out, while staking and slashing continue. Since December 2025, the PYTH Reserve has turned protocol revenue into token purchases: each month the DAO spends one third of its treasury balance on PYTH from the open market.

Pyth crypto usually means the PYTH token or the Pyth Network as a whole. Pyth Network is a blockchain oracle for market prices, and PYTH is the token that governs it through the Pyth DAO and backs its publishers through staking.

Holders use PYTH to vote in the Pyth DAO on fees, reward rates and network upgrades. They can also stake PYTH with a publisher in Oracle Integrity Staking, where the stake can be slashed if that publisher submits faulty prices.

Staking rewards came from a pool of 100 million PYTH that the Pyth Data Association set aside for Oracle Integrity Staking. A governance proposal from April 2026 sets the reward rate to zero before that pool runs out, and stakers can withdraw their tokens at any time.

The maximum supply of PYTH is 10 billion tokens, and about 15 percent of them circulated at the launch in November 2023. The locked tokens are released in yearly steps until May 2027, and since December 2025 the PYTH Reserve buys tokens back with protocol revenue.

Entropy is a random number generator for smart contracts on more than 20 EVM chains. Games and NFT mints use it when they need a result that no participant can predict or influence in advance.