New Solana-based oracle protocol aims to supply DeFi feeds across Ethereum, Terra, others

Pyth Network, the first cross-chain oracle capable of delivering real-time, institutional-grade market data, has gone live yesterday on the Solana Mainnet, as per a release shared with CryptoSlate.

With this launch, developers will be able to integrate Pyth’s real-time price feeds across new and existing decentralized finance (DeFi) platforms and applications. 

In addition to being built on Solana’s high-speed blockchain, in the coming weeks, Pyth will be able to broadcast market data through the Wormhole Network to communicate with dApps across the Ethereum, Binance Smart Chan (BSC), and Terra ecosystems.

“This is an exciting development for global market infrastructure,” said Dave Olsen, President and Chief Investment Officer of Jump Trading Group, one of the leading trading firms involved in the Pyth network. 

He added, “as DeFi and TradFi continue to converge on the Solana blockchain, we believe Pyth’s ability to connect high-fidelity, time-sensitive, real-world data with DeFi applications will play a critical role in the industry’s evolution.”

How does Pyth Network work?

Published at sub-second intervals, the Pyth Network provides the most robust coverage of high-fidelity streaming data from cryptocurrency, US equities, foreign exchange, and commodities markets. 

To date, some of the world’s most sophisticated professional traders and exchanges are contributing to the Pyth Network, including Jump Trading, GTS, LMAX, Virtu Financial, MIAX/BSX, Genesis Global Trading, FTX, CTC, Akuna Capital, IEX, CMS, CoinShares, DRW Cumberland, XR Trading, Bitso, KGI Securities and Hudson River Trading.

3/ And of course, we would like to send our massive gratitude to all of the data providers, the backbone of Pyth Network!@akunacapital, @bitso, @BSXbermuda, the Chicago Trading Company…

— Pyth (@PythNetwork) August 25, 2021

Composed of a combination of primary and derived data from trading firms and exchanges, the Pyth Network is able to cover a large share of global market activity while reducing the dependency on any single data source to reduce the likelihood of a single or group of data providers attacking or manipulating the aggregate price. 

Launched on Solana

Solana, the proof-of-stake blockchain that’s capable of matching the transaction speeds of Nasdaq, recently surged to a $2.5 billion total value locked across its ecosystem. In addition to its speed, which lends to Pyth’s ability to provide the most accurate snapshot of market data for smart contracts, Pyth’s ability to broadcast cross-chain through Wormhole in the coming weeks will make it the first real-time institutional-grade cross-chain oracle solution. 

“There is a tremendous amount of innovation happening in financial services, much of which is being driven by decentralized finance. As a company that has a long history in the traditional capital markets, it’s exciting to see DeFi start to challenge long-held ideas of what’s possible and offer novel solutions. The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth,” noted Chris Zuehlke, Partner at DRW and Global Head of Cumberland, in a statement.

Leading DeFi applications like Saber Labs, Mango Markets, Bonfida, Zeta Markets, and Hero will integrate or are already using the Pyth network to strengthen their protocols’ uptime guarantees and automate critical on-chain functions in a highly reliable, fully decentralized, and cost-efficient manner.

We are very excited to announce that @HxroNetwork will integrate with the Pyth network and leverage its HiFi price feeds for its groundbreaking SAMM & THEO protocols!https://t.co/Dcj4F78tG4 pic.twitter.com/EERJy9LAJu

— Pyth (@PythNetwork) August 25, 2021

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Source: https://cryptoslate.com/new-solana-based-oracle-protocol-aims-to-supply-defi-feeds-across-ethereum-terra-others/