#12 Pyth Publisher Metrics
This edition will cover some of the recent exciting developments on the Pyth website including the launch of the Publisher Metrics Page, as well as highlight some key new consumers of our data.
About:
The Pyth network is a vision coming to life: one that imagines the world of decentralized finance (DeFi) gaining comprehensive access to high-fidelity (HiFi) financial markets data securely and reliably.
In other words, the Pyth network is a specialized oracle network that focuses on sourcing continuous real-world and crypto-related market data originating off-chain and streaming it on-chain at sub-second speeds for smart contract consumption regardless of their blockchains.
This is an ambitious goal because financial market data is sufficiently unique: there are very few available sources, and those sources have very tightly controlled distributions. In addition, the oracle network needs to be able to combine such latency-sensitive data in a way that optimizes accuracy and increases security given how dependent many blockchain applications are on the accuracy of this type of data.
Website, Medium, Twitter & Discord
Pyth Metrics
On the 15th of February, Pyth launched the Publisher Metrics Page, a tool that brings an entirely new level of transparency to the DeFi ecosystem. Providing detailed publisher reports, and core network insights to empower developers, publishers, and delegators, Publisher Metrics underscores Pyth’s commitment to transparency and delivering timely, accurate, and valuable first-party data for everyone.
Why do we need Publisher Metrics? How to access and understand those?
Check out our detailed Medium blog post that explains it all.
Convergence Hackathon by Project Serum & Wormhole
The Convergence Hackathon (3rd Jan — 15th Feb), which gathered close to 800 participants and 100 submissions, has now rendered its verdict!
Results were shared during the Serum x Wormhole Twitter space, with the full details available here. Among them, we have disclosed the $30K Pyth award winner: Congrats to qPools!
qPools is a risk-adjusted yield protocol with which you can provide liquidity to several DEXes, each generating passive yields through trading fees. Pyth is used for the price calculations of the QPT token with regard to the reserve. To discover the other Pyth honorable mentions, check out our thread below.
Riptide Solana Hackathon
Following the end of the Convergence Hackathon, it was only normal to participate in another one: the Solana Riptide Hackathon. Riptide is an online hackathon with $5M+ in prizes and funding for winning teams. There are 5 majors track across this hackathon:
Payments presented by Visa
DeFi presented by Jump Crypto
Web3 presented by Google
DAOs presented by Mango Markets and MonkeDAO
In addition to these 5 tracks, 28 projects decided to also individually sponsor Riptide with a prize of $30K USD up for grabs. Among the sponsors, we have of course the Pyth network but we can also spot a handful of partners and Pyth users with Bonfida, Drift Protocol, Jet Protocol, Mango Markets, Serum, Solend, Wormhole, Zeta Markets, 01 Exchange, and Tulip.
Pyth End-Users
Symbology Update
On the 3rd of February, a symbology update for Pyth product accounts was successfully pushed on Solana mainnet. This new symbology aimed to resolve several conflicts between US equities and crypto pairs, for example, STEP/USD (crypto, equity), UST/USD (crypto, equity), and SBR/USD (crypto, equity). These changes enable to be much more scalable regarding products available within the network while ensuring that anyone leveraging these price feeds can quickly and confidently understand which asset is linked to the account.
All details can be found in our blog or docs.
Ideal Prediction
Early February, we announced our 1st official off-chain integration with Ideal Prediction!
Reminder, if you do not tell us, we cannot know, so please let us know here if you use Pyth data.
Ideal Prediction is a decision intelligence firm that helps trading teams optimize their performance. Ideal solutions illuminate meaningful insights and clear action steps, empowering users to take proactive action today to stay ahead tomorrow. “The high-quality, real-time market data provided by the Pyth network opens up a world of opportunity for crypto trading firms. We are thrilled to build upon Pyth’s innovation with our plug-and-play analytics. Our Impact API uses Pyth’s data to calculate market impact costs instantly and reveal what spreads traders are paying,” commented John Crouch, Ideal CEO.
Pyth x Zeta
Weeks pass by, and the Zeta futures volume continuously increases despite users' deposit limits. For example, the first two weeks of February saw $1.9M (from 10K contracts) and $2.4M (from 16K contracts) USD worth of trading.
In addition, we had the chance to spend some time with the Zeta team on the 27th of January in a Twitter space during which we chatted about: Zeta x Pyth, Zeta performance during Solana downtime, the Pyth whitepaper, outlook for DeFi apps in 2022, Zeta & Pythia: Greek origins and what we learned as a team.
Pyth x Zeta x Katana x Ribbon
On February 11th, Zeta Markets announced the launch of Zeta FLEX alongside Katana and Ribbon Finance (2 DOVs). The latter is a permissionless protocol, enabling customizable options creation and auctions, that incorporates Pyth's price feeds to settle options contracts automatically.
This program aims to foster the best-in-class DeFi option vault experience with a considerable boost in performance and efficiency for users. Katana collected about $30M in total value locked in its first day following their launch.
Tap Finance x PsyOptions
Continuing in the options ecosystem, we witnessed a relatively rare event in crypto: a protocol acquiring another one. In this case, it involved PsyOptions and Tap Finance. Tap Finance is a Decentralized Options Vault, DOV, built on Solana that utilizes PsyOptions to automate options strategies for their users. These automated options strategies enable depositors to earn attractive yields by capitalizing on option premiums.
With the upcoming launch of European-style options, we look forward to the PsyOptions x PsyFinance x Pyth relationship strengthening further.
New Publishers
This month (so far), we have welcomed two new data providers onto the Pyth network, as the roster continues to scale with the best minds in financial markets. As the network continues to scale, so will the continued need for high-quality first-party data providers – please reach out if you think you can contribute on this front! See existing publishers on the Publishers tab.
AAX is a cryptocurrency exchange powered by LSEG Technology’s Millennium Exchange — the same matching engine that powers London Stock Exchange. It is also the first of its kind to have joined the London Stock Exchange Group’s (LSEG) Partner Platform.
Launched in November 2019, AAX Exchange now serves more than 100 crypto-to-crypto trading pairs to over 2 million users spread over 100 countries.
AAX trading volume grew exponentially during 2021 Q4 as it reached a 24-hour daily trading volume average of $1 billion.
Three Arrows Capital, established in 2012 in Singapore by Su Zhu and Kyle Davies, has become a leading voice in the crypto ecosystem.
Three Arrows Capital focused on quantitative FX, Options, Equities, and Crypto trading before eventually fully pivoting to crypto in 2018.
Three Arrows Capital has been known to selectively invest in top-tier crypto projects, with portfolios like Polkadot, DY/DX, Aave, Lido, MINA, Avalanche, Solana, and many more. Recently they led a $150M funding round for developing on NEAR Protocol, a promising L1 with proof-of-stake technology. They are also actively investing in equities of prominent crypto companies such as Deribit, Fireblocks, and BlockFi.
That is all for our 12th newsletter — Thank you for reading, and don’t forget to subscribe and share!
We can’t wait to hear what you think! Feel free to join the Pyth Discord server, follow Pyth on Twitter (and our new Chinese Twitter), join the Telegram and the Substack or the Medium to learn more, and ask any questions you may have.
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