#15 HackerHouses, End-Users, and Pyth Metrics
This edition will fill you on the latest Pyth news: from our participation in Hackathons and HackerHouses to new Pyth end-users and to relevant metrics about the Pyth network. Enjoy!
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. Discover more in our whitepaper.
Build with Pyth
Solana Riptide Hackathon
After many weeks of building, submissions to the Solana Riptide Hackathon (with up to $5M in prizes) have closed. Over 400 projects were submitted, with about 60 on the Pyth track! Results and honorable mentions will be released tomorrow, so stay tuned.
The new Solana HackerHouse took place in Miami during the 1st week of April. With more than a thousand people attending, hundreds of developers, and about fifty project demonstrations, the Miami HackerHouse was a great success. We had a wonderful time meeting so many of you.
If you were there, you may snagged some Pyth merch. But if you didn’t, don’t worry, more events are coming!
Solana @solanaYou made #SolanaMiami the success it was. Thousands in person Hundreds of devs 40+ project demos Plus, the announcement of @SolanaConf 2022 in Lisbon! Stay tuned as @hackerhouses World Tour continues - RSVP at https://t.co/rOSvCzFl6v https://t.co/oU8efYeGXG
The next Solana HackerHouse is set to take place April 24-29th in the Bahamas. Sponsored by Pyth, Serum, and the Solana Foundation, the HackerHouse will be happening at the same time as FTX x SALT Conference, which will welcome many of the ‘leaders’ in the crypto space. Details about FTX x SALT Conference can be found here and who knows, we may even have a Pythian speaker.
Chicago Terra HackerHouse
On April 25th, Jump Crypto, Terra, Delphi Digital, and Hashed are kicking off the month-long HackerHouse in Chicago. Come build the future of DeFi on Terra, perhaps by then, Pyth data may already be live on Terra. More details here.
Pyth End Users
Friktion, with Entropy Markets, expanded its offering with three new products: Perpetuals, Power Perpetuals, and Volatility Perpetuals. The regular & Power Perpetuals will leverage Pyth's feeds to determine the index price and funding rate.
Friktion was the winner of Project Serum and PsyOptions Ignition Hackathon prizes and has now established itself as the leading DeFi Options Vaults on Solana. In less than four months, Friktion Volts have gathered over $130M in TVL and generated over $1.3B in options volume. For options settlement, Friktion generates a 30-minute TWAP by collecting Pyth's streaming prices.
Katana, another Solana DOV with about $30M in total value locked, released a new strategy that leverages power perpetual and is built upon the original protocol that launched those innovative products: 01 Exchange.
Synthetify, a decentralized synthetics platform, just released the 1st product on Solana to track gold! We’re excited to see protocols slowly releasing products tied to more traditional assets, and we expect a lot more to arrive this year!
Synthetify 🧪 @synthetifyThe first $GOLD on the #Solana blockchain is live on our app now! 🔥 Thanks, @PythNetwork for your oracles, without it wouldn't be possible! Learn more: https://t.co/rxDme6d9jo https://t.co/hNXvz5lkxM
Neon, the first cross-compatibility and scaling solution for Ethereum built on Solana, has launched its Alpha version on mainnet! It’s exciting to see the first wave of EVM-native dApps leveraging Pyth data on Solana.
Snowflake, a decentralized on-chain automation platform for Solana, has also released its program on mainnet. We expect users and protocols to leverage the powerful features of automation. You can already schedule recurring payments or create automation with Orca (AMM) and/or Pyth's price feeds.
01 & Drift
Supporting new assets on the Pyth network means empowering downstream applications for the betterment of their product and offerings. With this in mind, as we announced a brand new price feed going live on the network - 01 and Drift - both derivatives platforms quickly spun up a new perpetual market!
Since we have not welcomed any new data publisher to the network within the past two weeks (this might be our longest drought ever), we will focus on the Pythian metrics (you can read more on this in our Monthly Medium Blog: the Pythiad).
Total Value Secured
One of the most important metrics is the Total Value Secured (TVS) by the Pyth’s price feeds. Price feeds are crucial for your operations, whether you are a borrow-lending protocol or a synthetics platform.
At the end of March 2022, Pyth feeds secured about $2B!
Consider the amount of trading volume dependent on Pyth data. Each protocol has its Pyth integration: perpetual contracts use a CLOB and a vAMM use Pyth as their index reference to set the funding rate. Synthetics platforms use Pyth price feeds as the exchange rate basis for swaps in between synthetic assets. Finally, futures or options protocols (specifically DOVs) integrate Pyth feeds for their derivatives settlement.
Pyth has enabled over $3.7B in volume traded in March!
Data is king, and the Pyth network is committed to onboarding only high-quality data sources and establishing a natural bridge — without intermediaries — between these sources and end-users.
The Pyth network currently has 53 publishers!
NPM & Rust Downloads
Pyth network is open-sourced, and its data is freely queryable. Thus, one way to check Pyth’s adoption rate is by looking at NPM and Rust downloads. In 2022, Pyth seems to be taking on an ‘up only’ trend…
That is all for our 15th 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 Chinese Twitter). Join the Telegram, the Substack, or the Medium to learn more and send us any questions you may have.