Pyth Network (PYTH), leveraging direct data from financial institutions and providing asset pricing data to DeFi protocols with high accuracy and efficiency, stands out in the oracle space. With strong support from TradFi and crypto organizations and a community-driven governance model via PYTH coin, Pyth Network is well-positioned to continue its growth and expand its influence in the Blockchain ecosystem. In this article, you can find answers to two frequently asked questions: What is Pyth Network (PYTH) and how to buy Pyth Network (PYTH) with TRY.
What is Pyth Network (PYTH)?
Launched in 2021 as an oracle solution, Pyth Network was initially designed for the Solana Blockchain but has since expanded to support multiple blockchains. Oracles like Pyth Network play a crucial role in Blockchain ecosystems by bridging the gap between Blockchain systems and the real world and providing necessary data to on-chain protocols. Pyth Network differentiates itself from other oracles like Chainlink by sourcing pricing data directly from financial institutions instead of node operators.
Pyth Network was developed through an incubator program by Jump Crypto, a division of the leading trading firm Jump Crypto Group. This connection with traditional finance (TradFi) has been instrumental in establishing the necessary relationships to obtain real-world data. The team behind Pyth Network founded Douro Labs in 2023 to oversee the project’s development, with leadership coming from experienced professionals with backgrounds in finance and software engineering.
Since its inception, Pyth Network has partnered with and received investments from major players in both TradFi and the crypto space, including Jump Trading, Virtu Financial, Multicoin Capital, CoinShares, and the now-defunct FTX and Alameda Research. Pyth Network launched as a Solana-based protocol in April 2021 and had nearly 100 data providers by December 2023. As of March 2024, Pyth Network captured over $5 billion in TVL, representing about 10% of the oracle space, and tied approximately 10% of all Solana transactions to its operations.
Pyth Network operates by providing highly accurate and efficient asset pricing data to DeFi protocols. The network uses a two-participant system: Consumers (users of smart contracts) and publishers (market participants like trading firms and exchanges). Pyth Network ensures speed and accuracy by sourcing data directly from these first-party publishers, but it has faced scrutiny due to potential centralization. Pyth Network’s application chain, Pythnet, aggregates prices from all publishers and broadcasts them across blockchains using cross-chain messaging protocols.
Pythnet, a fork of Solana, uses a Proof of Authority (PoA) consensus mechanism where each publisher runs a validator. This system aggregates all publishers’ prices to provide a single reference price for each asset. These prices are then broadcast across blockchains only when requested by users, offering greater gas efficiency compared to other oracles that send data regardless of demand.
PYTH coin is central to the governance of Pyth Network. Community members can acquire PYTH coin to participate in votes that guide the network’s development. These votes cover various aspects such as setting fees, directing rewards for data publishers, approving updates, and defining how assets are listed on the network. This governance model aims to ensure that Pyth Network evolves according to the needs and preferences of its user community.
How to Buy Pyth Network (PYTH) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Pyth Network (PYTH). On Binance TR, where accounts can be created quickly, over 100 cryptocurrencies, including PYTH, can be traded. To buy Pyth Network (PYTH) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the drop-down menu, then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you and continue.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document. Make sure that the images are clear and that the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera is open, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and correctly, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. Deposits from other banks can be made up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information shown on the page of your preferred bank.
After your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy PYTH Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to PYTH coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. From the search section on the right side of this page, type “PYTH” and click on the PYTH/TRY option from the results to go to the TL to PYTH purchase page.
Now the following PYTH trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy PYTH in the first box and the number of PYTH you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy PYTH” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
