Oracle projects are designed to provide live data for the blockchain - based projects to conduct their operations on chain. They are specifically designed to work as a service that distributes the sources of information and rewards the information providers for providing reliable and correct data.
In terms of Oracle operations, LINK is the leading project in the crypto ecosystem with its wide range of cooperations. It has always been speculated that LINK does not allow any Oracle projects to grow and compete with itself to protect its strong tyranny. However, the debut of PYTH might be a sign of a new paradigm.
What is PYTH & How it Works?
It is a Solana - based project that operates cross chain in Crypto, Commodities, Forex, and Equities. Pyth Network promises low - latency market data from the main source of the input.
It aims to broaden its network and be the first choice of decentralized exchanges, AMM projects, and many others.
PYTH claims that it is the largest Oracle project of the crypto ecosystem in the project's Twitter profile.
Largest First Party Oracle Network
90+ data providers
270+ dApp integrations
390+ price feeds
45+ supported chains
Actually, I see the sign of PYTH quite often when I use DeFi projects on SUI.
Here is an example from Turbos DEX on SUI. Also, the oracle is used by Trader Joe of Avalanche, as well.
Obviously, the priority of the PYTH team is to establish partnerships with the hottest chains and projects in crypto to create their client portfolio based on hype and trending projects.
Investors & Token Details
I care about the VC projects that are funded well. On CryptoRank, there is no clear data regarding the amount of investment the team received. However, when we look at the early investors, we see the market maker giant Wintermute.
So far the coin is not listed on Binance or Coinbase and I believe it is cheap at $0.33 - $0.50 price levels. While there is ongoing Solana hype, the token stays a bit undervalued with such a strong utility and product.
The utility of the token is also straightforward. The data providers are rewarded with the native token, the token holders can delegate their PYTH and become a stakeholder of the data providers and you may get the service of PYTH Network by using its token for data fees.
All in all, the project has a real product with a promising future. The market loves coins that may "kill" another project and the bets on it may exceed the intrinsic value of the token. I'll make my first purchases from the level of $0.33 and apply the DCA strategy if it goes below or above that price level.
There will be a massive token unlock in May 2024. It might be a bearish case for it at the beginning of Q2 2024 but I still see bullish sentiment in its upcoming months until the unlock time. Meanwhile, an exchange listing may easily take the price to higher levels if the coin can go viral with the power of Oracle and Solana hype.
Cross - chain operations, Arbitrum, Solana, SUI & Avalanche integrations, and reliable data services. PYTH sounds bullish to me.
What do you think about PYTH Network and its oracle services?
Share your thoughts below 👇
Hive On ✌🏼