【AMA Recap】Pyth Network x SolanaTW
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Activity Information
Time: 2022/04/25 (Mon.) 21:00 (GMT+8)
Location: @solanatw (Telegram)
Host: Solana TW Admins
Guest: Mike — Director of the Pyth Data
Schedule
There are two sections:
- Answer pre-collected inquiries
- Questions from the community
Section 1 — Answer pre-collected inquiries：
Q1. Can you provide a short introductory description of the Pyth network?
Pyth network is an oracle that liberates once-exclusive data and brings it to DeFi and the world.
Pyth network has onboarded some of the biggest market players to share their data. Our publishers include Jump, GTS, Jane Street, LMAX, Virtu, FTX, Genesis, CTC, Two Sigma, Alameda, Serum, Raydium, 3AC and many more! https://pyth.network/publishers
These publishers submit their data to Pyth’s fully on-chain program, which securely aggregates and publishes data in a decentralized, transparent way — this straightforward design is very different from every other oracle. https://github.com/pyth-network)
Pyth has been streaming prices for crypto, US equities, FX, and even metals on mainnet since last August, and the network has secured $2.0 Billion in TVS, onboarded 53 publishers, and supports 63 price feeds with more incoming! Pyth is native to Solana and will soon publish to other chains — including Terra, BNB Chain, Ethereum, Avalanche, Polygon, Oasis, and more — thanks to Wormhole.
Q2. What motivated you to create Pyth? What opportunities did you recognize in the marketplace and the ecosystem?
We want to make DeFi capable of everything that traditional finance can do. We believe that DeFi, at its full potential, can easily span multiple trillions of dollars of TVL, serving individuals and institutions. To get there, we need the best data, delivered trustfully and transparently and reliably. That’s why we built the Pyth network.
Furthermore, financial data is a walled garden industry: only a select group of users and institutions have access to the most timely, accurate, and valuable information! Pyth is transforming the way we deliver the best data to those who need it, by empowering best-in-class financial players to contribute their data to the blockchain. Pyth’s unique design ensures the entire process is verifiable, on-chain, secure, and robust.
Q3. What are the ecosystem roles? How can we get involved?
You can get involved in the Pyth network as a publisher, data consumer, or delegator!
Publishers are data owners who are rewarded for publishing good data and penalized for bad data. Imagine FTX, Cumberland DRW, HRT, Jane Street (and more!) sending their pricing data to the BTC/USD price feed. These publishers also have skin in the game! They will need to stake $PYTH to provide data. This stake will serve as a repayment (via slashing) for consumers who pay data fees if something goes wrong with that price feed…
Consumers are end-user protocols using Pyth’s data! Consumers read Pyth’s price feeds and incorporate Pyth’s data into their smart contracts or off-chain apps. Consumers can elect to pay data fees in $PYTH for specific feeds, which go towards hedging against potential oracle failure. In other words, the consumer who pay data fees will be entitled to a payout in case of an oracle failure on that feed.
Delegators are people (like you and me) who stake $PYTH to support and earn data fees. We earn the data fees if the oracle performs as expected. If the oracle fails, the data fees are given to the consumers as compensation.
https://pyth.network/zh/whitepaper
Q4. Why Solana? Will Pyth go cross-chain?
Solana is the only chain that allows the compute bandwidth to apply heavy processing on the data to create more creative outputs (including price, confidence interval, and other valuable metrics).
Pyth is not just about Solana, of course. Pyth is about DeFi! Pyth network will go cross-chain via Wormhole, the communication bridge between Solana and other major chains, including Ethereum, Avalanche, Binance Smart Chain, Terra, Polygon, and Oasis. Innovation exists across the entire public blockchain space: we aim for Pyth network to become a crucial part of the infrastructure for applications across the global blockchain ecosystem.
Read more:
https://pythnetwork.medium.com/pyth-network-wants-to-go-fast-26596a7c1f97
https://pythnetwork.medium.com/pyth-x-wormhole-6b7c17e18469
Q5. What’s next for Pyth? What is your roadmap?
We’ve come a long way since our Hello World moment on April 7, 2021. We’re proud of what we’ve accomplished, but remember, it’s still early days!
We have a lot planned for 2022! One of the most important things we’re working on is becoming a multi-chain oracle. Pyth’s data will empower developers on Terra, BSC, Polygon, Avalanche, Ethereum and more. Pyth is already powering Ethereum developers through Neon EVM.
What’s next?
- Pyth becoming cross-chain: launching on Terra, Cosmos, BSc, and many more.
- Launching our governance contract. The Pyth community will start participating in the protocol’s governance.
- New types of data such as volatility, NFTs, and derivatives (providing more opportunities for developers hungry to build new kinds of Web3 products).
- Launching the staking and delegation mechanism. Staking allows the community to earn rewards and participate in the network at a deeper level.
- Adding more first-party data providers.
- Adding more price feeds!
- International community expansion: localizing developer materials, building local communities, and engaging supporters via more podcasts, Hackathons, Hacker Houses, conferences, and Pythian Parties. Want to get involved? Reach out!
Nevertheless, we’re still incredibly early in our journey. Now’s the time for you to get involved and help transform DeFi of the future.
Sections 2 — Questions from the community
Q1. What’s the difference between Pyth and other traditional oracles? What makes Pyth special? Is there any planned utility for the Pyth Serum Surfer?
1: A New Model for High Fidelity, Free Data → DeFi needs the best, up-to-date data
All of Pyth’s data publishers are first-party data providers: they own and create the data they publish. Remember, our publishers are reputable players of the global financial system, including exchanges and financial service institutions. These players own a lot of unique data, but selling data is not their primary business.
The result? The most up-to-date and accurate outputs on Pyth network — now free and accessible to the world. This is huge for DeFi.
(This data does not live behind an open API: it lives behind walled gardens. Pyth unlocks this data for the world!)
Legacy oracle solutions will utilize third-party providers — data middlemen or intermediaries — who aggregate data from opaque sources, sometimes from sources where the data is already delayed. You do not want to secure billions of dollars worth of smart contracts with this kind of data…
2: A New, Better Business Model
Pyth’s design gives rise to a new model that benefits everyone.
In traditional oracle solutions, users may have to pay for each oracle request.
In contrast, Pyth’s data is free and will remain free (https://github.com/pyth-network). Git clone, run.
Protocols can choose to pay for Pyth’s data to hedge against oracle risk
3: Transparency
Unlike legacy oracles, Pyth’s unique design ensures the entire process is transparent and on-chain. There are no off-chain actions.
More specifically, Pyth receives direct, on-chain inputs from independent publishers and aggregates them on-chain into a consolidated price feed. You can verify everything across this process.
We like Serum Surfers. Stay tuned
Q2. What’s the utility for Pyth tokens besides buying data?
Publishers must stake $PYTH to publish. If they submit accurate, timely data, they earn rewards. If they submit bad data, their stake will get slashed
Consumers can choose to pay data fees (in $PYTH). This hedges them against oracle risk: if something goes wrong with the prices, the Consumer gets a payout
Delegators can stake $PYTH to back specific publishers for any price feed they choose. Doing this contributes to network robustness and security. Delegators earn rewards; but if the price feed goes bad, they will get slashed
Governance: $PYTH will be used for voting in governance. Staked tokens will be able to be used for voting and making governance proposals
Claims: How can Pyth network identify when prices have gone bad in a trustless manner? How can we establish a trustless benchmark between the real world and Pyth’s data? The answer is in our partnership with HUMAN Protocol, and using $PYTH to vote on Claims in Pyth’s on-chain jury. Read our whitepaper for more
Q3. As an ordinary user, how can I participate in the project?
We’re always looking for Pyth supporters who take the time to learn about protocol, contribute to discussions, and help spread the good word about Pyth.
We’re always exploring new ways to get the community involved, both in the network itself and in general. We throw regular events for our Pythians, including quizzes, art and meme contests, NFT giveaways (and more!). A lot of the action happens in our Discord, and this will spread to our other social channels.
We also look forward to getting every community member up to speed on how to participate in the Pyth network and how they can tap into the various utility functions of the $PYTH token. Governance is another critical way to get involved with the network and shape Pyth’s future.
We also invite developers to start leveraging Pyth’s free, streaming data:
Rust: https://github.com/pyth-network/pyth-client-rs
Rust Crates: https://crates.io/crates/pyth-client
Javascript: https://github.com/pyth-network/pyth-client-js
npm: https://www.npmjs.com/package/@pythnetwork/client
Python: https://github.com/pyth-network/pyth-client-py
Solidity: https://github.com/pyth-network/pyth-neon
Go: https://github.com/Blockdaemon/pyth-go
Solnet: https://github.com/bmresearch/Solnet.pyth
Q4. You said that if Pyth does not perform as expected, Consumers may receive compensation, but how can we tell whether the oracle is working or not? Would this mechanism be centralized or decentralized?
This is a good question. I’ll keep the answer for this AMA simple:
We have a mechanism for this. It’s decentralized
Pyth network will launch an “On-Chain Jury mechanism” (made possible by HUMAN Protocol). The claims mechanism will be the first time a Solana project deploys such an on-chain jury system.
The purpose is to create a trustless benchmark between on-chain results and off-chain truth — a longstanding difficulty for oracles. We owe a lot to HUMAN Protocol for this solution
In the completed version of the Pyth network, anyone will be able to submit a claim against a price feed saying that it was wrong in the past in a specific period. They will use $PYTH to make this claim. (They get the $PYTH back if they’re successful). HUMAN and Pyth then asks a random sample of people in the world to participate in a thorough, open source, transparent checking and voting process to see if the price feeds were indeed wrong
That’s the very short version. …
Read more: https://pyth.network/zh/whitepaper
Q5. Is there any mechanism to prevent malicious price manipulation?
Yes there are. There’s a lot of mechanisms. I’ll keep it simple, for this AMA
Each data publisher must stake $PYTH in order to publish data for a product. If this publisher provides an erroneous market price which impacts the aggregated output, the publisher’s staked $PYTH gets slashed and returned to end-users who paid for protection on that product.
Pyth aggregates first party data directly on-chain. Pyth’s aggregation is designed to be robust against (intentional or accidental) manipulation by limiting the influence of outlier quotes.
https://pythnetwork.medium.com/pyth-price-aggregation-proposal-770bfb686641
The aggregate price appropriately weights data sources with different levels of accuracy; publishers with a wider confidence interval (more uncertain about the price they give) will have less weight.
https://docs.pyth.network/how-pyth-works/price-aggregation
Furthermore, there are over 50 data sources for Pyth: coordinating collusion among competing firms is extremely unlikely. And with every publisher publishing on-chain directly, collusion would be immediately detectable.
If anything, Pyth is an incredible opportunity for firms (that otherwise rarely, if ever, collaborate) to build together for the first time.
On top of this, each data source uses a static public key to underscore their reputation.
https://twitter.com/Bitstamp/status/1448997186612629505?s=20&t=gyC8geL2-Fo6ta64tR3zJw
Additional on-chain mechanisms will be introduced as well to continue to ensure that Pyth is the most trustworthy oracle possible.
Pyth Network Information
🐦 Twitter：https://twitter.com/PythNetwork/
✉️ Telegram: https://t.me/Pyth_Network
👥 Discord：https://discord.gg/PythNetwork/
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