Solana-based data oracle Pyth Network is going live

Aug 25, 2021 | The Block News | 0 comments

solana-based-data-oracle-pyth-network-is-going-live

Pyth Network, a decentralized, cross-chain data oracle built on the Solana blockchain, is going live tomorrow, August 26.

In other words, Pyth Network is launching on the Solana mainnet. Until now, the network has been available on the Solana devnet as a playground to test it. The mainnet launch will allow developers to integrate Pyth Network’s “real-time” market data into decentralized finance (DeFi) applications.

Pyth Network was incubated by Jump Trading and has received contributions from other high-profile trading firms as well, including GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading, and KGI Securities, a wholly-owned subsidiary of China Development Financial Holding Corporation. Other contributors in the project include LMAX, MIAX/BSX, Genesis Global Trading, FTX, CMS, CoinShares, and Bitso.

As for its specific offering, Pyth Network connects market data from these trading firms and exchanges to any smart contract through the Solana blockchain. The decentralized nature of Pyth Network means it does not rely on any single data source which could be manipulated. Pyth Network supports real-time data at “sub-second intervals” of various financial markets, including crypto, U.S. equities, foreign exchange or forex, and commodities.

Some of the projects currently using or are set to use Pyth Network include Solana-based decentralized exchanges Saber Labs, Mango Markets, and Bonfida.

While Pyth currently supports Solana-based projects, it plans to integrate with the Wormhole interoperability protocol “in coming weeks” to support three other blockchains — Ethereum, Binance Smart Chain (BSC), and Terra.

“The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth,” said Chris Zuehlke, partner at DRW and global head of Cumberland. “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.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

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