Today, the Pyth Data Association releases the publication of the Pyth Network Whitepaper 2.0.
The new whitepaper presents the oracle network's new cross-chain model for price delivery, as well as the expected scope and responsibilities of the protocol's on-chain governance. The whitepaper is written to help the Pyth Network community govern the network after its transition to a permissionless mainnet stage.
This version introduces a number of developments that the first version did not cover. More specifically, Version 2.0 describes the network’s innovative “pull” oracle architecture for cross-chain price delivery, the Pythnet appchain for price aggregation and data broadcasting, and update fees paid by consumers to invoke price updates from the protocol.
The whitepaper also outlines the types of issues that on-chain governance will be responsible for, including the size and continuation of update fees, the reward distribution mechanism for data publishers, how publishers will be permissioned to contribute data to price feeds, and more.
It is important to note that this new whitepaper describes the current implementation and status of the Pyth Network. Accordingly, readers may notice that some concepts mentioned in the first whitepaper have changed or are now subject to the decision-making scope outlined for the future governance of the Pyth Network.
The Pyth Network has evolved significantly since its initial launch on Solana mainnet-beta two years ago. There will be many important upcoming discussions for the Pyth Network such as staking and slashing, the introduction of new network participants on top of publishers and consumers, and the purpose and structure of cross-chain update fees. The community will be able to bring these important ideas to governance.
The Pyth Data Association and other network participants will help initiate the Pyth Network DAO. This new structure will empower the broader community to actively participate in shaping the growth and direction of the Pyth Network securely and effectively.
You can read the Pyth Network Whitepaper 2.0 here.
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