What Is Pyth Network? Pull Oracles and the PYTH Token

Pyth Network is a price oracle that delivers first-party market data, published directly by exchanges, trading firms and other institutions, to smart contracts on Sui and many other blockchains. It launched in 2021, uses a "pull" design in which apps fetch a fresh price only when they need one, and is one of the most widely used oracles in Sui DeFi.

Pyth Network at a glance

Attribute	Detail
Category	Price oracle and market-data network
Chain	Multi-chain; live on Sui since the Sui mainnet launch in May 2023
Native token	PYTH
Launched	August 2021
Key products	Price Feeds (pull oracle), Pyth Pro data subscriptions, Pyth Indices, Pyth Terminal
Scale	3,600+ live price feeds and 138+ data publishers (Pyth, figures as of September 2026); an oracle has no TVL of its own
Audits / security record	Bad BTC price on its first feeds in September 2021; a five-hour-plus feed outage reported in May 2026
Website	pyth.network
Integrated with JewelSwap	Yes (infrastructure): one of the price sources in JewelSwap's MultiversX oracle

What is Pyth Network?

Every lending market, perpetual exchange and leveraged farm needs to know what an asset is worth. Blockchains cannot see prices on their own, so they rely on price oracles to bring that data on-chain. Pyth is one of the largest.

Pyth went live in August 2021 with first-party data from firms including Jump Trading and CoinShares. Its core idea is that the firms that actually make markets should publish prices directly, rather than relying on third parties that scrape public exchange APIs. By September 2026, Pyth listed more than 138 publishers, with named contributors including Nasdaq, Fidelity Investments, Cboe, Kalshi and the US Department of Commerce.

Pyth came to Sui on day one. Its pull oracle went live with the Sui mainnet in May 2023, and Pyth said its SUI/USD feed was available within two hours of launch.

How Pyth Network works

1. Publishers submit prices. Exchanges, market makers and data firms publish their own price for each asset, along with a measure of how confident they are.
2. Prices are aggregated. Pyth combines the submissions into a single aggregate price plus a confidence interval, which tells apps how much the sources disagree.
3. Apps pull the latest update. Pyth is a pull oracle: anyone can fetch a signed price update from Pyth's off-chain service, Hermes, and submit it to the on-chain Pyth contract, which verifies it. Pyth says every feed updates every 400 milliseconds.
4. Update and use in one transaction. A lending app can bundle "update the price" and "check this loan" in the same transaction, so it never acts on a stale price.

Pyth changed its access model in 2026. From 31 July 2026, under the "Pyth Core upgrade", accessing any Pyth Price Feeds API requires a paid data plan, starting at $500 per month. Pyth said Sui and EVM chains stay supported by default, and Sui apps had to complete an early upgrade process.

Key features

• First-party data: prices come from the institutions that trade the assets, not from aggregator websites.
• Confidence intervals: each price comes with a range, so careful apps can pause or widen safety margins when sources disagree.
• Pull-based updates: apps pay to update a price only when they use it, which suits fast chains like Sui.
• Broad coverage: beyond crypto, Pyth publishes equities, FX, metals and indices, with the Pyth Pro catalog above 3,811 symbols in September 2026.

PYTH token

PYTH is the governance token of the Pyth DAO. It has a maximum supply of 10 billion, of which about 7.87 billion were circulating in October 2026, according to CoinGecko. The token launched in November 2023 with a retrospective airdrop to roughly 75,000 wallets that had used apps built on Pyth.

Holders stake PYTH to vote in Pyth DAO governance. Since the 2026 shift to paid data, which brought Pyth Pro to about $11.5 million in annual recurring revenue by September 2026, Pyth says subscription revenue goes to the DAO and a PYTH Reserve that buys PYTH on the open market; by late May 2026 the Reserve had bought about 12 million PYTH that way. PYTH traded around $0.07 in late October 2026, far below its all-time high of about $1.20 in March 2024.

Risks and track record

• Bad-price risk: on 20 September 2021, less than a month after launch, Pyth's BTC/USD feed briefly printed prices as low as $5,402. Pyth's post-mortem blamed two publishers that submitted near-zero prices and aggregation logic that overweighted them. Some apps that ignored the confidence interval allowed liquidations during the glitch.
• Availability risk: in May 2026, Pyth's core and sponsored price feeds went down for more than five hours, according to a report published on 22 May 2026. When an oracle stops updating, apps that depend on it may have to pause liquidations or borrowing.
• Integration risk: because Pyth is a pull oracle, each app must handle staleness and confidence checks correctly. Many Sui apps use a second oracle as a backstop for this reason.
• Cost and access changes: the 2026 move to paid API access changes the economics for smaller apps and adds a dependency on Pyth's infrastructure and pricing decisions.

Is Pyth Network integrated with JewelSwap?

Yes. Pyth is part of JewelSwap's infrastructure: the JewelSwap oracle contract on MultiversX draws on Pyth price feeds, alongside Umbrella, AshSwap and xExchange, to price assets for the health checks in its lending and farm contracts.

Those health checks decide when a position is safe and when it can be liquidated. Our guide to the health factor in DeFi lending explains the maths, and JewelSwap money markets explained covers how isolated and cross lending are designed. Market availability changes over time, so check the JewelSwap app for which markets are currently accepting deposits.

Pyth Network vs other Sui data sources

Pyth is rarely the only oracle a Sui app uses. NAVI Protocol combines Pyth with Supra, and Suilend uses Pyth with Switchboard, so a single bad feed is less likely to trigger wrong liquidations. Derivatives venues such as Bluefin and Typus Finance rely on Pyth for index prices and liquidations, and Kai Finance uses Pyth to guard its leveraged vaults against price manipulation.

Related Sui apps

• Sui: the Layer 1 behind the whole directory.
• NAVI Protocol: Sui lending market using Pyth and Supra prices.
• Suilend: Sui lending protocol using Pyth and Switchboard.
• Bluefin: perpetual futures and spot exchange priced by Pyth.
• Typus Finance: options and leveraged trading on Pyth feeds.
• Scallop: Sui money market that Pyth lists among users of its price data.

Learn more on the JewelSwap blog

• What is a price oracle?: push vs pull oracles and why they matter.
• JewelSwap money markets explained: isolated and cross lending on JewelSwap.
• Health factor in DeFi lending: how oracle prices decide liquidations.
• What is Sui?: the chain and its full app directory.

Frequently asked questions

Is Pyth Network safe?

Pyth is widely used, but it has had a bad-price incident in September 2021 and a feed outage of more than five hours in May 2026. Apps that use it safely check confidence intervals and price staleness, and often add a second oracle.

What is the PYTH token used for?

PYTH is used to vote in the Pyth DAO. It has a 10 billion maximum supply, with about 7.87 billion circulating in October 2026 according to CoinGecko, and the DAO's PYTH Reserve buys tokens with data-subscription revenue.

Is Pyth Network integrated with JewelSwap?

Yes, as infrastructure. JewelSwap's MultiversX oracle contract draws on Pyth price feeds, alongside Umbrella, AshSwap and xExchange, to price assets for its lending and farm health checks.

JewelSwap Sui Ecosystem directory · educational, not financial advice. Data as of October 2026. Browse all Sui apps.