Pyth Network (PYTH): how it works, supply and reviews
In short
- Type
- First-party price oracle for crypto, equities, FX, rates and commodities
- Maximum supply
- 10 billion PYTH
- Risks and caveats
- Price aggregation now relies on five Pyth Pro routers (3-of-5 signatures) and a limited set of semi-trusted publishers.
- Checked
- 31 October 2026
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Key facts
- Ticker
- PYTH
- Official site
- pyth.network
Key facts checked on 31 October 2026 against official sources.
What is Pyth Network
Pyth Network is a financial data oracle: trading firms, market makers and exchanges publish prices, which are aggregated and signed by Pyth Pro routers and delivered to 100+ blockchains for smart contracts to use. PYTH is the governance token of the Pyth DAO and is also staked for oracle integrity.
Network and consensus
| Parameter | Details |
|---|---|
| Type | First-party price oracle for crypto, equities, FX, rates and commodities |
| Consensus | Since the 26 August 2026 Pyth Core upgrade, five Pyth Pro routers each sign price aggregates; contracts accept an update when at least 3 of 5 signatures verify |
| Pythnet (retired) | The original Pythnet appchain, a Solana-based proof-of-authority chain run by publishers, has shut down as part of the Pyth Core upgrade |
| Delivery model | Pull oracle (Pyth Core): apps fetch signed prices from Hermes and verify them on-chain; Hermes requires an API key since 26 August 2026 |
| Fees | Per the 2023 whitepaper, consumers pay a fixed fee per price update on a target chain |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | 10 billion PYTH |
| Initial distribution | 15% (1.5 billion) circulating at launch in November 2023; 85% unlocking 6, 18, 30 and 42 months after launch |
| Allocation | Ecosystem growth 52%, publisher rewards 22%, protocol development 10%, private sales 10%, community and launch 6% |
| Staking rewards | Oracle Integrity Staking rewards were set to 0 on 22 April 2026; staking and slashing remain active |
What PYTH is used for
- Governance: staked PYTH votes on Pyth DAO proposals (one token, one vote)
- Oracle Integrity Staking: publishers self-stake and others delegate PYTH as slashable collateral for data quality
Who develops and governs Pyth Network
- Foundation
- Pyth Data Association: a Swiss association founded by Pyth Network participants
- Governance
- Pyth DAO under a published constitution; proposals need 0.25% of staked PYTH and run for 7 days
- Developer
- Douro Labs operates the relayer service for Pyth Pro
- Open source
- The DAO constitution and governance code are published on GitHub (pyth-network)
History
| Date | Event |
|---|---|
| September 2023 | Second version of the Pyth whitepaper, describing the cross-chain Pythnet model, is published. |
| November 2023 | PYTH token launches with 1.5 billion tokens circulating. |
| 22 April 2026 | Governance (OP-PIP-103) pauses Oracle Integrity Staking rewards. |
| 26 August 2026 | Pyth Core upgrade: prices now come from the Pyth Pro architecture and the Pythnet appchain is shut down; contract interfaces are unchanged. |
Security and audits
- The 2023 whitepaper says Pyth's aggregation is designed to limit any single publisher's influence on the aggregate price.
- Stake assigned to publishers remains subject to slashing for inaccurate data even while OIS rewards are paused.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 20 September 2021 | Oracle incident: Pyth's root cause report says that between 12:21 and 12:23 UTC on 20 September 2021 the Pyth BTC/USD aggregate price dipped as low as $5402, because two publishers published near-zero prices and the aggregation logic gave them too much weight. | pyth.network |
| 22 May 2026 | Network halt: Pyth's status page says that on 22 May 2026 Pythnet validators stopped creating blocks, so no prices were produced for Pyth Core and Sponsored Feeds; validators coordinated a restart, Hermes endpoints recovered later the same day, and Pyth Pro (Lazer) kept operating. | status.pyth.network |
Official PYTH contracts
| Network | Contract address |
|---|---|
| Solana | HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3 |
| Ethereum (wrapped) | 0xeFc0CED4B3D536103e76a1c4c74F0385C8F4Bdd3 |
| Base (wrapped) | 0x4c5d8A75F3762c1561D96f177694f67378705E98 |
PYTH is a native Solana SPL token; wrapped versions on other chains exist through bridges such as Wormhole.
Risks and caveats
- Price aggregation now relies on five Pyth Pro routers (3-of-5 signatures) and a limited set of semi-trusted publishers.
- Most of the 10 billion PYTH supply was locked at launch and unlocks in stages up to 42 months after November 2023.
- Wrapped PYTH on non-Solana chains depends on bridges such as Wormhole.
- Pyth Core no longer runs on some chains listed as no longer supported, and the Hermes API now requires an API key.
Official links
- Website: www.pyth.network
- Docs: docs.pyth.network
- Whitepaper: pythdataassociation.com/whitepaper.pdf
- Source code: github.com/pyth-network
- Staking and governance: staking.pyth.network
- Governance forum: forum.pyth.network
Questions and answers
What is Pyth Network?
Pyth is a financial data oracle in which trading firms, market makers and exchanges publish prices that are aggregated on Pythnet and delivered to 100+ blockchains.
What is the PYTH token used for?
PYTH is staked to vote in the Pyth DAO and can be staked or delegated to publishers as slashable collateral under Oracle Integrity Staking.
What is the supply of PYTH?
The total supply is 10 billion PYTH; 1.5 billion circulated at launch in November 2023 and the rest unlocks 6, 18, 30 and 42 months after launch.
Who is behind Pyth?
The Pyth Data Association, a Swiss association founded by network participants, supports development; the Pyth DAO governs the network.
Does Pythnet still exist?
No. The Pythnet appchain shut down with the Pyth Core upgrade of 26 August 2026; Pyth Core now gets prices from the Pyth Pro routers.
Sources
- Pyth Network — Home
- Pyth Docs — llms.txt overview
- Pyth Docs — PYTH token
- Pyth Docs — PYTH token distribution
- Pyth Docs — PYTH token addresses
- Pyth Docs — Oracle Integrity Staking
- Pyth Docs — Whitepaper
- Pyth Docs — How Pyth Pro works
- Pyth Data Association — Home
- Pyth Data Association — Whitepaper (PDF)
- Pyth Docs — Pyth Core upgrade
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