#14 Pyth Around the World
This edition reflects upon Pyth’s involvement and leadership in recent events around the world, as well as highlight some of our new publishers and project integrations.
The Pyth network is a next-generation oracle solution that aims to bring valuable financial market data to the general public. The network does so by incentivizing market participants — trading firms, market makers, and exchanges — to share directly on-chain the price data collected as part of their existing operations. The network then aggregates this first-party price data (still on-chain) and makes it available for use by either on- or off-chain applications.
Build with Pyth
NYC Solana Hacker House
Since inception, we have taken pride in committing to building the Pyth network in transparency (all in here), and this was on full display through our attendance of the NYC Solana Hacker House earlier this month (Mar 14-18)!
Before that, there was the Solana Bootcamp (Mar 7-11), a six-day offline event with in-person guidance and mentorship from Solana Labs engineers and many other partners like Wormhole, Jump Crypto and Multicoin Capital. Be on the lookout, as the content will be publicly shared shortly.
The Pyth team was also a proud platinum sponsor at this year’s FIA Boca Conference in Florida (Mar 15-17). Historically an institutional TradFi conference, it was electric to see the infiltration of crypto this year, including other platinum sponsors like Jump Crypto, Cumberland, and FTX. It was great to connect with existing, prospective, and curious Pyth participants as our network cemented itself in the minds of the traditional finance marketplace.
This conference was a beautiful manifestation of our mission to be an ultimate bridge!
To recap the conference, we recommend The Block article from Frank Chaparro.
You might have missed it, but the Pyth network was also present at the first Avalanche Summit in Barcelona, Spain (Mar 22-27). With about 1,000 participants, it was a great success, and we cannot wait to finally deliver the Pyth HiFi data to this fast-growing blockchain (4th blockchain in TVL with $12B).
During the week, Mike Cahill, Director of the Pyth Data Association, participated in a panel: On-Chain Data Deep Dive. Surprisingly (or not), another panelist: Tongtong Gong, COO of Amberdata, is also a Pyth network contributor. In addition, several other Pyth mentions were made in both Kanav Kariya (Jump Crypto President) Keynote and Hendrik Hofstadt (Director of Wormhole Foundation) Keynote and Director of Special Projects at Jump.
Chicago Terra Hacker House
Another event, this time in the future, so don’t forget to mark it down in your calendar, is the month-long Hacker House in Chicago hosted by Jump Crypto, Terra, Delphi Digital, and Hashed. Starting from April 25th, come build the future of DeFi on Terra — who knows, by then, Pyth data may already be live on Terra. More details here.
Ribbon Finance is a protocol that creates structured crypto products for decentralized finance and is currently a leading actor with about $230M in TVL. Structured products are packaged financial instruments that use a combination of derivatives to achieve some specific risk-return objective. Expanding to Solana (already live on Ethereum), Ribbon, in partnership with Zeta Markets, is leveraging the Zeta FLEX program that will automatically settle their vaults (on Solana) with the Pyth’s price feeds.
DFlow, the first order flow markets protocol on Solana, is built to replace legacy payment for order flow systems with new market mechanisms that provably safeguard retail traders and enable new DeFi market-making strategies. As market makers fill order flow, their fill prices must be within a governable threshold of the best available, absolute price, as currently determined today by Pyth, where the threshold is a function of market volatility and liquidity.
Apricot is a next-gen lending protocol that supports leveraged yield farming on Solana. Apricot's mission is to help users maximize yield while protecting their downsides with Apricot Assist. With over $90M in TVL, Apricot is among Solana's leading borrow-lending platforms and looks forward to strengthening its lending operations.
Hubble is leveraging Pyth price feeds to enable users to borrow and mint $USDH, Hubble’s algorithmic stablecoin, with crypto assets. Borrowing $USDH allows users to access the liquidity (cash on hand) in their long-term holding assets through zero-interest borrowing. Hubble has gathered $30M in TVL and looks to grow through a $USDH expansion on platforms like Solend, Port Finance, Apricot, Mango Markets, Zeta Markets...
The Alpha Version of Everlend is now live on Solana mainnet. Everlend is a decentralized meta-lending protocol with a built-in money market and yield/loan aggregator. Everlend aims to continuously provide users with the best yields and interest rates available. Everlend uses Pyth's on-chain price data for assets to correctly identify the value of collateral and liquidity loans.
Everlend @EverlendFinance1. We are super excited to announce that our closed Alpha Version of Everlend is now live 🔥 Feel free to try it out, join our Discord and follow the instructions 🤓 https://t.co/tqhQf3HRHV
The HXRO Network released its Dexterity whitepaper presenting a collection of smart contracts that enables a fully decentralized liquidity, risk, and margining primitive system on Solana. Dexterity is the DeFi first protocol with built-in support for complex and straightforward spread products, enabling exchange-supported spread markets. Catch up on our Twitter Space with the HXRO team here.
Crux is a cloud-based data integration platform specializing in external data and has been implementing the Pyth price feeds within their platform to easily offer the Pyth HiFi data to any existing Crux customers. Pyth being the first on-chain crypto supplier on Crux is very exciting and a great testament to the Pyth data quality.
March has been another productive and perhaps even monumental month, as we welcomed seven new data providers to Pyth, helping the network officially surpass 50. Fifty! The top trading firms, exchanges, and crypto players unite to support Pyth and build a more fantastic future for DeFi and Web3. We want to take this opportunity to express our immense gratitude for this growing and dynamic community. Believe it or not, this is still just the beginning, and we cannot wait to welcome more first-party data providers, many of which will soon be announced, and for others interested, you know where to find us. The journey to building a decentralized and self-sustainable marketplace of institutional grade, high-fidelity financial data continues.
ML Tech was founded in 2020 in Chicago, Illinois, by Leo Mindyuk (CEO) and Markus Leballeux (CTO).
ML Tech allows researchers to test and execute their strategies with institutional investors looking for novel strategies to deploy their capital.
In 2021, ML Tech’s monthly trading volume grew 57 times: from $42M to $2.4B.
Wintermute is a proprietary trading firm in digital assets, active across over 60 centralized and decentralized exchanges, with daily volumes over $5bn.
The firm facilitates OTC trading in spot and derivatives for over 250 tokens.
Being a very active player in the blockchain ecosystem, Wintermute supports many high-profile blockchain projects with investment, integrations, co-development, and partnerships.
Wintermute was founded in 2017 by Optiver alumni, where CEO Evgeny Gaevoy was head of ETF market making.
Raydium was among the first AMMs to go live on Solana in early 2021. Since then, Raydium has established itself as the Solana leading AMM with about $600M of Total Value Locked and over $43B in volume traded.
Currently, 35 trading pairs on Raydium have over $2.5M in liquidity and 60 over $1M.
With 35+ years of global market-making experience, the firm was founded by Johann Kaemingk in 1986 as an options market maker on the European Options Exchange (known as Euronext).
As a market maker, Optiver trades derivatives, cash equities, bonds, forex, and exchange-traded funds (ETFs).
Kaiko was founded in 2014 to become the foundation of the new digital finance economy by serving as a single source for market information from both centralized and decentralized marketplaces.
Kaiko collects data from over 100 centralized and decentralized exchanges, makes 100 million API calls per week, and supports +120,000 spot, futures, and options data points.
Aquanow is a leading infrastructure and liquidity provider that enables institutional and enterprise use-cases for digital assets.
Each month, billions pass through the platform enabling a broad range of financial services for the world’s fastest-growing financial institutions, fintech platforms, and global companies.
Geneva Trading is a leading principal trading firm with a history of consistent success in the derivatives markets. Founded in 1999, the firm fosters an environment of innovation, entrepreneurship, and a disciplined approach to trading and investing.
With offices in Chicago and Dublin, the firm prides itself in having core foundational pillars of prominent businesses in trading, market-making, and risk management.
That is all for our 14th 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.