Pyth is an oracle network for decentralized applications (dApps). This means that Pyth provides data from external sources to smart contracts. This helps the smart contracts to execute rules based on the data from the real world.
The Pyth platform supports over 40 blockchains and price feeds from over 380 price feeds. Participants in the Pyth network include industry leaders like Binance, OKX, Jane Street, Bybit, etc.
This article is your one-stop guide to understanding the Pyth oracle network and its native utility token PYTH. I will talk about the important features of the platform, and the economics of the token, and make some educated forecasts about the future prices of PYTH. Let’s dive in without any further ado.
Pyth Network Key Features
As I have said, the Pyth platform serves as an oracle network. In doing so, Pyth offers the following features.
Pyth Tokenomics
Pyth has a maximum supply of 10 billion PYTH and at 9,999,989,218, most of the tokens have made it into the total supply. The initial circling supply of Pyth coins was 1.5 billion and still only 1,510,359,219 tokens are in circulation.
The locked tokens are supposed to be unlocked in 6, 18, 30, and 42 months from the date of initial launch. Notably, 52% of the tokens are allotted for ecosystem growth.
Pyth Past Performance
In less than a year of its inception, Pyth has secured over $1 billion in total value. The network is used by over 250 apps and has already surpassed $100 billion in trading volume.
As I am writing this line, the Pyth token is traded at $0.618 and has a 24-hour trading volume of $77,249,985.
The market capitalization stands at $934 million, making it the 80th largest cryptocurrency. In the past week, PYTH continues to show signs of recovery from end-of-last-year prices.
Pyth Price Prediction 2024
In the last week, PYTH has been in a good upward trend, going up by around 7%. If we take the last month’s performance, it can be observed that the returns are close to 95%. Pyth Network has also appreciated in popularity.
The real-time technical indicators suggest that in 2024, the minimum price of Pyth will be around $0.84 and the maximum will be $1.03, averaging at around $0.87. This would still be a good 70% return on investment compared to the present prices.
Pyth Price Prediction2025
The technical analysis of Pyth suggests that its prices in 2025 will lie between a lower bound of $1.20 and an upper bound of $1.48, averaging at around $1.24. If the prices hit the expected maximum, it will be translated into a 145.4% return to the investor.
Pyth Price Prediction 2030
Though we are now in the speculative territory, we have worked out the expected prices of Pyth in 2030, based on the cyclic nature of crypto markets and emission schedules.
The forecasted price of PYTH in 2030 is $8.22, on the lower end and $9.79 on the upper end, averaging at around $8.52 in the year. The potential return on equity from the upper band price is a whopping 1523%.
| Year | Average Price |
|---|---|
| 2024 | $0.87 |
| 2025 | $1.24 |
| 2030 | $8.52 |
Where to Buy PYTH?
PYTH can be bought from a centralized exchange (CEX) like Binance, OKX, Bybit, CoinTR Pro, and DigiFinex or from a decentralized exchange (DEX) like Uniswap.
How to Buy PYTH?
Here’s how you can buy Pyth tokens from OKX.
- First, go directly to the OKX website and sign up for a new account. Complete the necessary KYC (Know Your Customer) procedures mandated by the platform. If you already have an account, use that.
- Deposit your funds either as cryptocurrency or fiat currency, and buy USDT stablecoin.
- Go to the trading section and search for PYTH/USDT. Alternatively, you can also use the contract address of the Pyth token.
- Place a buy order with a limit order. Enter the number of Pyth tokens you want to buy and click ‘confirm’.
- Your PYTH coins will now be reflected in your OKX wallet. For extra security, you may choose to move it to a personal wallet.
Conclusion
Owing to the increasing need for real-world data for dApps, oracle networks like pyth have significant potential in the foreseeable future. Pyth is used by some of the largest players in the crypto space and is expected to expand its services to more blockchains and data sources.
The increase in value of PYTH, its native token, heavily depends on the growth and adoption of the network. Additionally, the token has also got some tailwinds this year, thanks to a booming crypto market. The cryptocurrency signals a neutral bullish stance shortly.
Even though we express a bullish consensus, it is important to note that crypto markets are highly volatile and small changes in fundamentals or market sentiments can create drastic changes in prices.
The reader is advised to do comprehensive research before attempting to invest in PYTH or any other cryptocurrencies. As always, never invest with money you don’t have.
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