Pyth Network

PYTH is a token associated with the Pyth Network, a platform that aims to decentralize and make financial data permissionless. This token is central to transitioning the Pyth Network towards a decentralized, self-sustainable state and is integral in enabling on-chain governance where token holders guide the protocol's development​​.

The Pyth Network is a blockchain-based solution designed to overcome the limitations in latency, asset coverage, and data quality faced by traditional financial data oracles. It marks a significant advancement in the DeFi space by integrating price owners and creators into the DeFi ecosystem through its Pull Oracle architecture​​.

In the Pyth Network, the PYTH token is crucial for on-chain governance. It allows token holders to guide various aspects of the network, including determining high-level network parameters, setting update fees and reward distribution for data providers, approving software updates across blockchains, managing the listing of new symbols along with their reference data, and overseeing the contribution of data providers to price feeds.