[Crypto projects](https://revain.org/projects/) › Pyth Network

# 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

## Key facts

- **Ticker**: PYTH
- **Official site**: [pyth.network](https://www.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](https://pyth.network/blog/pyth-root-cause-analysis) |
| 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](https://status.pyth.network/incidents/01KS77NK1AMS0P796ZK80YAVV9) |

## Official PYTH contracts

| Network | Contract address |
|---|---|
| Solana | [HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3](https://solana.fm/address/HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3?cluster=mainnet-solanafmbeta) |
| Ethereum (wrapped) | [0xeFc0CED4B3D536103e76a1c4c74F0385C8F4Bdd3](https://etherscan.io/token/0xeFc0CED4B3D536103e76a1c4c74F0385C8F4Bdd3) |
| Base (wrapped) | [0x4c5d8A75F3762c1561D96f177694f67378705E98](https://basescan.org/token/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](https://www.pyth.network/)
- Docs: [docs.pyth.network](https://docs.pyth.network/)
- Whitepaper: [pythdataassociation.com/whitepaper.pdf](https://pythdataassociation.com/whitepaper.pdf)
- Source code: [github.com/pyth-network](https://github.com/pyth-network)
- Staking and governance: [staking.pyth.network](https://staking.pyth.network/)
- Governance forum: [forum.pyth.network](https://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](https://www.pyth.network/)
- [Pyth Docs — llms.txt overview](https://docs.pyth.network/llms.txt)
- [Pyth Docs — PYTH token](https://docs.pyth.network/pyth-token)
- [Pyth Docs — PYTH token distribution](https://docs.pyth.network/pyth-token/pyth-distribution)
- [Pyth Docs — PYTH token addresses](https://docs.pyth.network/pyth-token/pyth-token-addresses)
- [Pyth Docs — Oracle Integrity Staking](https://docs.pyth.network/oracle-integrity-staking)
- [Pyth Docs — Whitepaper](https://docs.pyth.network/whitepaper)
- [Pyth Docs — How Pyth Pro works](https://docs.pyth.network/price-feeds/core/how-pyth-works.mdx)
- [Pyth Data Association — Home](https://pythdataassociation.com/)
- [Pyth Data Association — Whitepaper (PDF)](https://pythdataassociation.com/whitepaper.pdf)
- [Pyth Docs — Pyth Core upgrade](https://docs.pyth.network/pro/pyth-core-upgrade.mdx)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/pyth/