Pyth Oracle Network's Post-Airdrop: Industry Giants Join Governance

• Pyth Distributes New PYTH Governance Tokens
• Results of Strategic Fundraising Round
• Allotments of PYTH Tokens
• Expansion of the Pyth Community
• Pyth's Launch and Growth
• Comparison of Pyth and Chainlink
• Origins of Pyth and Duoro Labs

Pyth Distributes New PYTH Governance Tokens

Pyth, a blockchain oracle service known for delivering low-latency pricing data, has rolled out its latest PYTH governance tokens to over 90,000 cryptocurrency wallets in November. Introduced to decentralize Pyth's governance process, these tokens empower holders with voting rights regarding the future evolution of the platform.

Results of Strategic Fundraising Round

In a strategic fundraising round held recently, some of the most prominent players in the cryptocurrency industry, including renowned venture firms and market makers, could soon have a significant influence in this new governance system. The Pyth Data Association, a Swiss non-profit committed to Pyth's growth, revealed this week that it has secured investments from prominent crypto entities like Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global and Delphi Digital.

Allotments of PYTH Tokens

Michael Cahill, CEO of Pyth developer Duoro Labs and director of the Pyth Data Association, noted that these new partners received PYTH tokens, which also serve as voting rights in the protocol's governance system. While specific details about the funds raised in this round were not disclosed, the new investors could potentially utilize their PYTH tokens to shape the platform's future development.

Expansion of the Pyth Community

The latest initiative expands the Pyth community, welcoming new stakeholders and advocates committed to the advancement of decentralized capital markets. The new partners will contribute to the growth of the network through increased access to fresh capital sources, participation in governance, protocol enhancements and strategic guidance.

Pyth's Launch and Growth

Launched on the Solana$104 5.03% blockchain in 2021 and now expanded to 45 blockchains, Pyth services 25% of all applications that integrate oracles, as revealed by Cahill. Oracles are essential components of blockchain infrastructure which import real-world data onto blockchains. Pyth specifically brings in price data for commodities, stocks, and both fiat and crypto currencies.

Comparison of Pyth and Chainlink

Unlike Chainlink$15.6 -4.61%, a leading oracle provider, Pyth sources its data directly from first-party financial firms instead of third parties. The original source data gathering, coupled with other aspects of Pyth's structure, is designed to offer superior speed. This could potentially enable Pyth to challenge Chainlink's dominant market position and bring crypto markets up to speed with modern financial demands.

Origins of Pyth and Duoro Labs

Jump Crypto, the crypto wing of a prominent trading firm in Chicago named Jump, initially incubated Pyth. Later, it became an independent entity mid-year with the establishment of Duoro Labs. Currently, Duoro Labs focuses solely on the development of the Pyth protocol.

Edited by Jonathan Stoker