Pyth Network (PYTH) Preț

The competition in the oracle field has long been dominated by Chainlink alone. Despite the presence of many other types of oracles such as API3, Trellor, and others attempting to carve out niche markets, none have been able to challenge Chainlink's leadership in the oracle space.

This is because data acquisition takes a very long time, and Chainlink has been deeply entrenched in this field for a long time. Despite Chainlink's technology being considered outdated and criticized for its slow speed, it continues to maintain its dominant position.

Pyth Network is the new challenger to Chainlink, and its biggest difference from Chainlink is its approach to data retrieval.

Chainlink requires data providers to regularly submit data to nodes, which then need to verify the reliability of the data in order to earn Link tokens as rewards. Any data provider can join Chainlink, set up nodes, and upload data.

Chainlink is an oracle on the Ethereum chain, and in order to save on gas fees, nodes typically update data only once every 60 minutes. Furthermore, the data held by nodes is quite extensive. When data consumers need data, they read it from the nodes and pay Link tokens as usage fees.

Pyth Network, on the other hand, does not set up any nodes, and all data is off-chain. When data consumers need data, they retrieve it directly from the offline data source in real-time. Curators are responsible for verifying the accuracy of the data. Pyth Network is an oracle on the Solana chain, and with the help of Solana's high speed and concurrency, it can achieve real-time and cost-effective data retrieval. Pyth Network was designed to address the slow data updates and high gas fees associated with Chainlink.

However, Pyth Network still cannot provide the same level of data diversity as Chainlink. Pyth Network primarily offers data from exchanges such as LMX, traditional securities exchange futures data, and Binance's cryptocurrency price data. This makes Pyth suitable for DEX and decentralized derivatives trading. Chainlink, on the other hand, is better suited for traditional financial transactions, DeFi, AI, and more.