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How To Buy Pyth Network (PYTH) In India? [2024]

By March 11, 20244 minute read

The Pyth Network has become a prominent invention in DeFi, which seeks to completely transform how financial data is accessible and used in blockchain. In this blog, we’ll have a detailed overview of Pyth Network and see how you can buy PYTH in India.

What is Pyth Network?

Pyth Network is a groundbreaking decentralized protocol that aims to democratize the availability of high-quality financial data within blockchain ecosystems.

Traditionally, crucial financial data, encompassing stock and commodity prices and currency exchange rates, predominantly remained within the purview of institutional entities like banks and hedge funds. Pyth Network disrupts this convention by extending access to such information to a broader audience, including individual users, developers, and Decentralized Finance (DeFi) applications.

The protocol serves as a crucial link between traditional finance’s often isolated data repositories and the open, distributed nature of blockchain technology. Pyth Network’s integration fosters an environment characterized by inclusivity, transparency, and equity in the domain of financial data accessibility.

How Does Pyth Network Work?

Pyth Network is a decentralized oracle that collates real-time data from various providers across multiple markets. The operational process of Pyth unfolds as follows:

  • Data Submission: Selected data providers for each price feed submit real-time pricing information onto Pyth’s Oracle program. This diversified provider approach enhances system accuracy and resilience, ensuring a more dependable aggregated price.
  • Oracle Program: Operating on the Pythnet, Pyth’s on-chain Oracle program processes and consolidates data from diverse providers. The outcome is a unified composite price along with a confidence interval. This combined information is then accessible on-chain for various applications.
  • Application Accessibility: The aggregated price data generated by the Oracle program is made public and accessible to blockchain applications. Utilizing Pyth, these applications can dynamically retrieve real-time pricing information as needed.

Pyth Network’s Integration: Pyth Network extends its functionality across more than 40 blockchains, providing crucial real-time data in sectors like cryptocurrencies, traditional equities, foreign exchange, and commodities. This integration facilitates the creation of high-fidelity Oracle feeds tailored to meet the stringent security, accuracy, and reliability standards demanded by Decentralized Finance (DeFi) applications.

Key Components:

  • Solana Blockchain Foundation: Pyth Network operates on the Solana blockchain, leveraging its robust data maintenance and distribution infrastructure.
  • Data Aggregation: Pyth aggregates data from over 90 prominent market entities, including major exchanges and market-making firms worldwide. This diverse data source set contributes to the accuracy and integrity of the pricing data.

Pyth Network Tokenomics

  • Total Token Supply: Pyth Network features a fixed total supply of 10 billion PYTH tokens.
  • Token Lockup Structure: Initially, 85% of the tokens are locked, with a controlled unlocking mechanism implemented over specific time intervals. This strategy ensures a systematic expansion of the token supply.
  • Initial Unrestricted Tokens: The remaining 15% of tokens are initially unrestricted, allowing flexibility in their utilization.
  • Circulating Tokens: Currently, 1.5 billion PYTH tokens are in circulation.
  • Current Token Price: The present price of PYTH is $0.7052.

Buying Pyth Network (PYTH) in India

Below are a few simple steps you can follow and buy the PYTH token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy PYTH tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy PYTH using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling PYTH, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy PYTH through P2P to the WazirX wallet. The PYTH will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy PYTH on WazirX.

You can now easily purchase PYTH tokens using INR Deposits. In the case of P2P trade, check PYTH to USDT from here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the PYTH Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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