Where is Python now | Looking ahead to 2024

Author: Python Network

In 2023, Pyth Network finally took off.

Now is the perfect time to act. Data will become increasingly valuable and increasingly difficult to obtain for free. The open Internet is shrinking, and traffic from public datasets is being lost to mining services such as LLMs. Data that was once publicly accessible is now moving to a paid model.

Especially for the DeFi industry, this trend means obtaining financial data from public sources.Traditional reporting oracleThere will be fewer and fewer resources available each year. We urgently need a new solution. Enter Pyth Network, a data oracle designed with storing and incentivizing data ownership as first principles.

Python Network is a general-purpose data primitive designed to allow everyBlockchainintelligence oncontractApplications are more advanced. existObtainPyth is fundamentally different from traditional oracles in the way it transmits financial data. Pyth Network is not after extracting data from off-chaindeliverGiveBlockchain, but instead incentivizes valuable market data creators and owners to directly contribute this data to on-chain applications. This design makes Python the true source of financial data at time t(0) or the initial time. All the data in the world is destined to enter the world on the chain through the Pyth oracle.

Since April 2021, Pyth contributors have been leading the network toward this goal. This early start includes welcoming new data providers, deploying the first real-time oracle price feeds for DeFi protocols, and finally deploying a scalable cross-chain pull model oracle to support EVM, Move, and Cosmos Ecosystem applications.

These efforts create a positive feedback loop between the owners of exclusive financial data and the on-chain users of the data. Opening new markets for DeFi applications can attract more users and transaction volume, which in turn incentivizes more data owners to join the Pyth Network and contribute their price data.

In the fourth quarter of 2023, Pyth Network launchedPermissionless mainnet. Looking to the future,On-chain governancewill passTokenDiscussions and decisions by holders guide the development of the protocol. On-chain governance allowsCommunityAble to guide the development of the Pyth protocol, starting fromOracle fee structureto the rightdata publisherdistribution of rewards. In 2024 and beyond, governance will be the main focus of the Pyth ecosystem.

This article summarizes Pyth’s achievements in 2023 and how they will impact development and ecosystem plans for the new year. The purpose of this article is to provide Pyth Communityprovide aComprehensive guide, to achieve their common mission - to build a decentralized, sustainableXiaobai NavigationA continuous oracle will protect the future of services on the global chain.

The development of oracle network

2023 sees the Pyth Network Permissionless mainnet and token-led governance system的推出。这个部署意味着现在 Pyth 协议将由 Pythian 社区直接控制。The technical layer of the Python governance system has been launched: On-chain proposals can be passed with additional executable code to shape the development of the network. The Python governance system is expected to help protocols determine the following properties:

• The structure and amount of oracle update fees.
• Reward distribution mechanism for data publishers.
• Python in anyBlockchainSoftware updates for on-chain programs.
• The price feed data and its data source that should be put online in Python.
• Approval of data publishers to publish data to each price feed.

The social layer deployment of the Pyth governance system is also coming online - social protocol proposals will be discussed by the community, submitted for on-chain verification and voted on.

January 9, 2024First version of Pyth DAO charter draft — the social layer protocol document that defines how the Pyth governance system operates — has been publicly released for feedback. Community members can visit the official Discord community for discussion.

The largest cross-chain airdrop program in history

November,Pyth Network Retroactive AirdropSuccessfully launched, setting a record for the most extensive cross-chain airdrop to date.

The airdrop program spans 27 EVM, Rust, Cosmos and Move ecosystemsBlockchain, with more than 90,000 eligiblewalletand covers 200 dApps.An outlook on decentralized finance and the broader Web3 landscapeBringing Pyth contributors together: creating a seamless cross-chain experience that simplifies the complexity and fragmentation issues associated with the current blockchain industry.

Data-Driven 2023

On December 5th, Pyth contributors hosted aTwo-day online summit, bringing together leaders, opinion makers, and dApp builders from the Pyth oracle ecosystem. This year Data-Driven Conference The topic revolves around Web3 capital markets and how to ensure on-chain data for global financial dataSafety, to promote the arrival of a new era of high-throughput DeFi.

from Douro Labs Mike Cahill and Jayant Krishnamurthy gave keynote speeches on the history, product line and on-chain governance of Pyth Network respectively.

Longtime Pyth ecosystem partners—including Synthetix, Injective, Movement Labs, Vela Exchange, SynFutures, Composability Labs, Matter Labs, HMX, Backpack, Helius, Gelato Network, and more—presented their latest developments and updated roadmaps .

Attendees can see exclusive seminars from market leaders such as VanEck, OKX, Gate Ventures, Auros, LTP, Flowdesk, Kronos Research, Alphalab Capital, Selini Capital and Solana Foundation. Some of Pyth Network's backers, including Multicoin Capital, Castle Island Ventures, Borderless Capital, Delphi Digital, Bodhi Ventures and Wintermute, are also participating in their own industry workshops.

Video replays of each presentation are available at YouTube channelCheck.

Pyth Entropy: A disruptive new force

Douro Labs CTO Jayant Krishnamurthy in his Data-Driven 2023 Keynote Speechannounced in Pyth Entropy release, this is aSafetyOn-chain random number generation protocol.

Random number on the chainis one of the frequently requested requests to Pyth Network, as this service can provide support for a wide range of Web3 application scenarios from NFTs to games.

Traditional oracle providers first introduced systems based on VRF (Verifiable Random Function) orSafetyEnclave solution. But these solutions have their own complexities at the encryption or hardware layer.

Pyth Entropy Change the current industry situation by taking a different approach. Entropy applies a bilateral commit-disclose protocol, a well-known protocol in the field of cryptography, for generating random numbers. Its advantages include low latency and ease of integration. The Entropy solution has currently been launched on several test networks.

Better price feed data

In Q4 2023, Pyth contributors released a series of comments on Pyth price feed dataCore system improvements. These upgrades are based on user feedback and the need for oracle networks to serve the growing DeFi ecosystem.

Python feeds data faster than ever.

Pyth contributors have located and removed several sources of latency in the oracle protocol. Therefore all Python price feed dataLatency reduced 20%.lower latencyMore granular price updates can be achieved, allowing for moreSafety, more accurate on-chain transactions.

Each Pyth price feed supports up to 64 data publishers.

The Pyth Network is home to over 90 data publishers who provide data for different price feeds depending on the assets they can support. Each Pyth feed pulls data from multiple data publishers to ensure consistent uptime and accurate output values. Previously, price feed data could only be obtained from up to 32 data publishers. In the oracle system, this is already a very high threshold.

Price data for eachThe data publisher threshold is nowIncreased from 32 to 64. Increasing this threshold greatly enhances Reliability and security of Python price feed data. More data publishers further enhance the activity of price feed data and make it more difficult for ecosystem participants to collude with each other to do evil.

The era of on-chain market transaction time has arrived.

One of the biggest advantages of Pyth Network over other oracles is that the Pyth price oracle provides insights into traditional and real-world asset prices such asUS stocks) real-time price feed data on the chain.

However, in the TradFi or Web2 world, assets are not likecryptocurrencyThat's 24/7 trading. Traditional assets will be in a specificMarket opening hoursTrading. Sometimes these assetsNot trading, so alsoNo price data. This characteristic of the traditional financial system has been a source of concern for users of Pyth's traditional asset price feed data. These developers must build a separate system to track trading hours in external markets.

Python Network now supportsOn-chain market opening hours for all price feed data. intelligentcontractThis data can now be read on-chain when a specific asset is market-open, and attributes of market-open hours are incorporated into the price feed data integration logic, easing friction for developers building real-world assets on-chain.

A better testnet for all developers.

In response to feedback from the developer community, the Pyth testnet received additional upgrades. Mainnet Pyth data now**Can be used in all supported testnet environments**. intelligentcontractDevelopers can use the same price data as mainnet for testing. This improvement provides builders with a smoother QA and stress testing process.

Better Benchmarks Benchmark data

Pyth Benchmarks benchmark dataAllows users to integrate historical asset price data for a specific date and time. Benchmarks benchmark data provides an important service for obtaining standardized historical prices of digital and traditional assets - a service that is completely new to Web3, although it is already a fundamental part of the global financial system in the traditional field.

Pyth contributors have released two core improvements to the Pyth Benchmarks benchmark data:

More Beautiful Pyth: Chart Library Integration Features.

There is now a new simplified integration for charting libraries that support python benchmarking. Users of Pyth Data can see a custom multi-color candle chart suitable for Instagram.

A new Pyth Benchmarks benchmark dataIcon librarySimplified integration support has been launched. Pyth data users can now easily build customized, multi-color, beautiful candle charts through this feature.

Charting Library is a software library created by TradingView that allows developers to easily create custom skinned or colored candlestick charts.Integration of charting library and Pyth dataIt was very troublesome in the past. And this new integrated feature abstracts that initial complexity into just a few lines of code. Smart contract developers can now leverage the Pyth Benchmarks API endpoint to visualize data that matches their aesthetic and brand!

Provable only price update.

Decentralized options libraries, structured product platforms, and perpetual contract protocols often choose to integrate with Pyth Benchmarks benchmark data for on-chain settlement and prevent front-running and lagging trades by backfilling prices to historical timestamps.

Pyth Benchmarks benchmark data allows usersProvably unique price retrieved for any timestamp. Data users can more easily retrieve signed time-specified price data packets by calling the HTTP endpoint. A signed price packet at any time isonly.

Each Python price packet spans a time interval and has a set of start and end timestamps. The interval is located in the price packet signed byInside, and divides the timeline into non-overlapping segments.

Gaps in signed price packets can be confirmed. This verification proves that at any time, there is and is only one unique price.

The unique price data package is designed to improve the way on-chain settlement-type applications are built, as these applications require this type of verification service.

Blessing of Hermes makes data simpler

**Hermes** is a web server that will Python application chainThe data generated and Wormhole's signature are packaged and encapsulated for use by downstream protocols.

Although Hermes is a permissionless service that anyone can run, running the service on an ongoing basis is operationally challenging.Python Data Association A public version of the service is currently available, but there is still room to add functionality and application scenarios.

Triton One and P2P Now also launching their own license-free Hermes products. Integration is as simple as using an RPC node on your native blockchain.

Highlights

Day after day, year after year

of this section KPI key data indicatorHelps give you a visual representation of where the Pyth ecosystem will be in 2023. These key figures reflect the network's year-over-year growth, market share gains, and current market share.

Heed Pythia's call

Pyth introduces a major improvement over traditional oracle architecture. Compared with the traditional push model oracle, the oracle needs to rely on charging gas fees to continue on the chain.PushThe data is different, Pyth runs aPull model oracle, support protocols are only requested when needed orPullPrice updates.

This structure brings gas efficiencyThis means that Pyth oracles can bring lower latency, higher frequency and higher resolution price data to DeFi users. These advantages can help DeFi operate more securely and accurately. In addition, Pyth oracles can be expanded to support any number of blockchains, and new Pyth price feed data can be launched simultaneously on all supported blockchains.

Every time when an application or ecosystem participant starts from Pyth call (pull)When prices are updated, they pay the Pyth protocolA small data fee. *

Daily Average Price Updates (DAUs) refers to the number of oracle price updates requested from Pythnet and transmitted across the chain through Wormhole. In December 2023, daily average price updates (DAUs) peaked at 4 million paid updates. DAUs are directly related to the activity of DeFi applications, because the protocol needs to pull prices to the chain in real time to settle transactions and calculate real-time transactions.

Milestone: $ US$100 billion transaction volume

December is a particularly active month for on-chain transactions, as evidenced by the sharp surge in Pyth data-supported transaction volume. In December, monthly support transaction volume surged to $$22.7 billion. By the end of the year, the cumulative supported transaction volume reached $120 billion.

Considering the prominence of perpetual contract protocols in the DeFi industry and the rapid multi-chain deployment throughout 2023, supporting transaction volume best illustrates the use of Pyth price feed data in perpetual contract protocols.

Revitalized: Support Total Locked Volume (TVS)

Supports Total Locked Volume (TVS) indicator, also known asOracle supportedThe total lock-up volume (TVL) once again emphasizes the cycle of lock-up volume in the past. This time the explosion is closely related to the new L1 and L2 Related to the explosion in blockchain adoption.

We can use TVS as a reference indicator of the market share of any chain, because this indicator represents a part of the DeFi value of that blockchain (the part supported by the oracle). A closer look at TVS on different chains reveals the dominance of Pyth, especially in the new blockchain ecosystem of EVM and Cosmos, while these chains focus on high-throughput financial activities.

New Users: Welcome to Pyth

Without interacting with Pyth data, you will find that using DeFi will become increasingly difficult. According to DefiLlama data, 1 out of every 4 dApps has completed #PoweredByPyth.

The dApp chart below is a conservative statistic of the number of applications integrated with Pyth data. In the Web3 world, integrating Python price oracleand Pyth Benchmarks benchmark dataIt’s permissionless: you don’t need to communicate with the sales team or sign any agreements to complete the data integration.

A list of all new integration partners is summarized in this past Quarterly Wrap-up blog. Due to space limitations, we will not go into details. you can December progress update blog postFind detailed information in .

New price feed data: meeting the greatest needs

One of the most powerful benefits of Pyth pull model oracles is that all Pyth price feeds are available on all supported blockchains.

for example,Arbitrum Development teams on may wish to extend their protocols to Base. On Base, the protocol can use the same set of Python price feeds as Arbitrum to provide the same trading market that users know and love. DeFi participants do not have to wait for new Pyth price feeds to be deployed individually on new blockchains. The rapid scalability of Python data support lays the foundation for a more unified and multi-chain Web3 experience.

Python now supports over 400cryptocurrency, price feed data for FX pairs, precious metals, US stocks and ETFs. At a later date, the new price feed data list will become a community-managed matter.

The New Data Publisher: True Data Ownership in Web3

The Pyth Network would not be possible without the contributions of its institutional-grade and decentralized community of data publishers. These data publishers areActive participant in price discovery; Whether they are liquidity venues or trading participants, their daily operations will generate valuable, timely, and detailed price data.

More data publishers means more price feed data and greater Pyth asset class coverage. More asset coverage means support for new markets on the DeFi platform, which encourages greater use and demand for Pyth data. This demand reflects the appeal of Pyth Network as a decentralized exchange market for owners of proprietary price data. The discussion about on-chain reward flow is another important issue within the scope of Pyth governance.

Conclusion

2023 is the final testing ground for Pyth Network. Pyth's mission is to pass all valuable data on-chain and is dedicated to solving the most common pain points of blockchain developers.

By focusing on primary data publishers* (original data sources)*, Pyth oracles are able to provide high-resolution price data that tracks the market more accurately than competing solutions. Thanks to the pull model oracle architecture, Python can support real-time price feed data updates for thousands of smart contracts on any number of blockchains. The need for slow, inaccurate and fragmented price feed data has also given way to high-frequency, high-fidelity and universally accessible oracle solutions.

While the Pyth Network’s goals have not changed this year, 2024 will be a new chapter in community-led decision-making.

We want to hear your thoughts! You can join PythDiscordandTelegram, and inXFollow us on and be the first to know about the latest developments in the Python ecosystem. you still canit's hereLearn more about Python.

Due to historical development issues, the Pyth price feed data on Solana mainnet-beta is pushed independently. Solana's pull model deployment is in development.

The article comes from the Internet:Where is Python now | Looking ahead to 2024

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