Pyth Network

Pyth initially launched on the Solana blockchain in 2019 as a way to make it easier for first-party financial firms and exchanges to distribute pricing data to blockchains more quickly than incumbent oracle platforms. The project was initially incubated by Jump Crypto, the blockchain arm of Jump, a large Chicago-based trading firm, but it is now operated by the Pyth DAO – the community of PYTH token-holders.

In 2023, Pyth moved from Solana to Pythnet, its own blockchain built using Solana's codebase. Pyth's novel "pull"-based approach to pricing is supposed to make it easier for traders to get up-to-the-moment pricing information, bringing decentralized financial (DeFi) applications closer in line with legacy finance.

Pyth data is sourced from first-party data providers called "publishers," and DeFi applications can use Pyth's data feeds to power their applications.

The platform became "permissionless" with the launch of Pythnet, meaning any publisher can add a price feed to it.

Pyth started as an internal project from Jump Crypto, the blockchain arm of Jump, a large Chicago-based trading firm. Pyth has since spun out into an independent, decentralized protocol governed by the Pyth DAO, holders of the PYTH token.

A group of the project's creators left Jump in 2023 to form Duoro Labs, which is the main engineering firm focused on the development of the Pyth protocol. The project is also supported by the Pyth Data Association, which launched in 2023 and supports development of the wider Pyth ecosystem.