Pyth is a decentralized data infrastructure designed to power the future of finance on chain. It functions as a data marketplace where providers can contribute proprietary pricing data to the Pyth oracle, which is then made permissionlessly available to developers. With over 80 supported blockchains and 500 price feeds, Pyth secures more than $5 billion in value on ledger and has facilitated over $900 billion in cumulative traded volume in the past year.
Marc Tillement takes us on a journey through Pyth’s evolution—from launching on Solana in 2021 to becoming the industry’s go-to oracle provider. He shares how Pyth leveraged its early positioning to meet the growing needs of DeFi while addressing challenges like Solana’s downtimes and scaling to a cross-chain ecosystem.
Marc introduces the concept of a pull oracle, a system that enables on-demand price updates, where the data is fetched or "pulled" by the application (or user) that needs it, rather than being pushed to the application automatically at regular intervals. This breakthrough not only slashes costs compared to push models but also ensures developers can build more efficient and user-friendly applications that are better customized for different use cases.
Marc also talks about Pyth’s Oracle Integrity Staking (OIS), a feature designed to ensure the quality and reliability of data provided by its oracle network. The main purpose of Oracle Integrity Staking is to incentivize good behavior from the data providers and network participants.