VanEck has launched the VanEck Pyth ETN on Euronext Amsterdam and Euronext Paris, allowing investors to gain exposure to the PYTH token without the complexities of direct ownership or storage.
The Pyth network is a decentralized oracle protocol that facilitates the interaction of smart contracts with real-world data. Reliable oracle protocols are crucial for preventing blockchains from becoming isolated entities, as they gather essential data such as asset price feeds, weather conditions, and sports results for smart contracts.
The Pyth network specializes in high-frequency data, making it well-suited for financial markets. Pyth sources data directly from exchanges, trading firms, and financial institutions, prioritizing quality and accuracy.
The Pyth ETN reflects the performance of the MarketVector Pyth Network VWAP Close Index and is fully collateralized, with assets held in cold storage by Bank Frick. The ETN is listed on regulated exchanges, providing accessibility and attracting a broader range of investors.
The Pyth network's focus on high-frequency data positions it as a key player in decentralized finance. As the demand for accurate and timely data grows, the Pyth network is well-positioned to shape the future of financial transactions and smart contract applications.