Everything you need to know about $PYTH

Current price: $ fetching data...

Contract Address: HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3

Ticker: $PYTH

Blockchain Network: Solana

Apr 11, 2024

What is $PYTH?

The Pyth Token is the native cryptocurrency of the Pyth Network, a decentralized oracle designed to provide high-fidelity, real-time market data to smart contracts across various blockchain platforms. The Pyth Token is used to incentivize data providers, validators, and other network participants, ensuring the accuracy and reliability of the data supplied to decentralized finance (DeFi) applications. The primary goal of the Pyth Network and its token is to enable DeFi applications to access accurate and timely price information from traditional financial markets.

The Pyth Network sources data from a diverse range of leading financial institutions, trading firms, and exchanges, aggregating this data and securely transmitting it to blockchain networks. The network leverages a decentralized system of validators who verify and corroborate the data before it is delivered to smart contracts, reducing the risks of manipulation and single points of failure. By decentralizing the data provisioning process, Pyth ensures robust and trustworthy data feeds crucial for various financial operations, including lending, borrowing, trading, and derivatives.

While Pyth Network is particularly notable for its integration with the Solana blockchain due to Solana's high throughput and low latency, it is also designed to be cross-chain compatible. This allows Pyth to serve multiple blockchain ecosystems, enhancing the functionality and security of DeFi applications across the industry. The Pyth Token plays a vital role in this ecosystem by incentivizing accurate data reporting and maintaining the integrity of the network. Through its commitment to transparency, reliability, and real-time data delivery, the Pyth Network and its token have become essential components of the DeFi landscape.

This chart visualizes the current price of $PYTH to the US dollar.

Here's a step by step guide on how you can buy $PYTH.

Option 1: Download Tori Wallet.

Tori is the simplest self custodial mobile wallet that allows you to access crypto opportunities. Instead of buying crypto on a centralized crypto exchange (like Kraken, Coinbase, or Crypto.com), setting up a self custody wallet (like Phantom, Metamask, or Coinbase Wallet), and the 5+ other steps with accessing the world of crypto, Tori simplifies the entire experience into one simple app.

Step 1: Setup Your Account

With Tori, you'll have to do the following:

  1. Create your account with passkeys.

  2. Upload your ID to authenticate your account.

  3. Connect your bank account.

Tori Wallet is currently available on IOS and Google Play Store, but only limited to U.S residents at the moment.

Step 2: Deposit money into your trading wallet.

Once you've connected your bank account, you're able to deposit up to $50,000 USD with no fees.

It takes approximately 1-3 days for your money to settle. From there you can start accessing the world of crypto!

Step 3: Select $PYTH to trade.

Once you have money in your trade balance, you can click trade.

Select $PYTH.

*Token prices in the screenshots below are outdated*

Step 4: Buy $PYTH.

Once you select $PYTH, you can now swipe to confirm your purchase.

*Token prices in the screenshots below are outdated*

Step 5 (Optional): Sell $PYTH whenever you want.

Whenever you're ready to sell, you can sell $PYTH and get USDC, which you can withdraw right into your bank account.

*Token prices in the screenshots below are outdated*

Option 2: Use a centralized exchange, self-custody wallet, and DEX's.

To buy $PYTH as a crypto beginner, you can follow these steps:

1. Get a Crypto Wallet: You'll need a digital wallet to store your $PYTH tokens. Popular options include Phantom, Solflare Wallet, or Coinbase Wallet. Download and set up your chosen wallet.

2. Purchase Solana (SOL): $PYTH is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $PYTH. Use a reputable exchange like Coinbase, Binance, or Kraken to purchase SOL with your local currency.

3. Transfer SOL to Your Wallet: Withdraw your SOL from the exchange to your wallet. Make sure to double-check the wallet address before confirming the transfer.

4. Choose a Decentralized Exchange (DEX): You can use a DEX like Raydium, Orca, or Serum to swap your SOL for $PYTH. These platforms are like marketplaces where you can trade cryptocurrencies directly with other users.

5. Connect Your Wallet to the DEX: Follow the DEX's instructions to connect your wallet. This usually involves clicking a "Connect Wallet" button and selecting your wallet type.

6. Swap SOL for $PYTH: Once your wallet is connected, you can swap your SOL for $PYTH. Enter the amount of SOL you want to trade, and the DEX will calculate how much $PYTH you'll receive. Review the details and confirm the transaction.

7. Wait for the Transaction to Complete: The swap might take a few seconds to a few minutes to complete. Once it's done, you should see the $PYTH tokens in your wallet.

Remember to be cautious when dealing with cryptocurrencies. Always double-check addresses, transaction details, and use secure, reputable platforms.

Certain content has been prepared by third parties not affiliated with Utopia Labs Corp. or any of its affiliates and Utopia Labs Corp. is not responsible for such content. Utopia Labs Corp. is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information on content could be out-dated. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Utopia Labs Corp. makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary.

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