We are pleased to announce the launch of Pythnet, a network built on the Solana codebase that enables the Pyth network to aggregate first-party data at sub-second speeds and deliver pricing to other chains via the Wormhole cross-chain messaging protocol.
The Pyth network chose to build on Solana because of the network’s demonstrated ability to process thousands of transactions per second with fast finality. Furthermore, Solana’s 400ms slot time allows the Pyth network price feeds to update faster than most other layers one technology. These properties are critical for Pyth, which aims to scale thousands of price feeds for cryptocurrencies, equities, FX, and other financial products.
“Pyth cut its teeth on Solana bringing high-fidelity pricing data into Solana DeFi, and today is the most widely used Oracle on the network.” Said Anatoly Yakovenko, Co-Founder of Solana. “Pythnet, built on the Solana codebase, creates greater ability to compute prices while publishing even higher fidelity data to Solana.”
On Solana, Pyth supports 80+ price feeds by aggregating data from over 65+ data providers, resulting in over 700 price update operations per second. With Pythnet, the network can scale 20x to perform tens of thousands of price updates per second. This launch enables Pyth to take the next step in its evolution by adding new financial data and continuing to grow its network of high-quality first-party data providers. These additional high-fidelity feeds will be available on other chains, including Solana, via the Wormhole protocol.
“Pythnet will improve core Solana price feeds, deepening the partnership between the Pyth network and Solana,” said Mike Cahill, Director of the Pyth Data Association. “Furthermore, the Pyth network continues to develop its staking and governance technology on the Solana network and is excited to announce the launch of its PYTH governance token as an SPL token.”