#17 May the Pyth be with you
This edition will provide the latest Pyth developments as well as highlight some of the wonderful downstream applications leveraging our price feeds for exciting projects and protocols.
The Pyth network is a first-party financial oracle solution that aims to bring valuable 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 or wiki page.
The Pyth team wants to acknowledge the challenging market conditions. The performance of Pyth during these volatile times has been sturdy and reliable, for which we express gratitude to our nearly 60 data providers. The mission at Pyth remains the same - create the most robust, secure, and reliable oracle to help enable a powerful DeFi and Web3 world. Recent turbulence will not set us off course. Let's build! The Pyth community is here for you.
Build with Pyth
Pyth x Trading View Charts
One of the perks of open source development is that newcomers get to stand on the shoulders of giants and fast-track development to production. At Pyth, we’ve been lucky to benefit from external contributors building new clients and from new features bettering our network.
The latest contribution comes from the Bonfida team which released a public repo that enables anyone to build TradingView charts with Pyth data. As DeFi protocols mature and UI/UX gets more prevalent, offering a lean interface to users will soon be a must.
Pyth DeFiLlama Wiki
One of the biggest challenges in crypto is an uneven understanding of the different technologies and projects being built. To alleviate this issue, DefiLlama, the largest TVL aggregator/tracker for DeFi, released an open sourced Wiki environment that allows everyone to contribute knowledge and empowers those wishing to develop a better understanding of new technologies.
We jumped at this wonderful opportunity and created the Pyth network page. From our origin story to the mechanics of the network and the ecosystem participants, our wiki page covers all things Pyth.
In an effort to expand high-quality content, we’ve joined the latest MarginFi initiative: Fedaykin. Fedaykin is a closed trading community consisting of retail, protocol & institutional traders whose aim is to foster high-quality content and discussion about the markets.
The Pyth network is a fast-growing protocol, and in order to maintain its fast-paced growth, the Pyth Data Association is constantly looking for dedicated individuals to contribute to the project.
In just one year, Pyth went from 0 data publishers to 60+. We reached $2B in Total Value Secured (TVS) after less than 6 months of mainnet and continue to grow our users.
If you are a dedicated individual with a deep interest in DeFi, oracle networks, financial market data, or blockchain technology - with or without a technical background - we would be glad to welcome you in our quest. Apply here.
Since day one, Pyth’s mission has been to deliver previously inaccessible data to empower the next generation of financial applications. With this in mind, we’re excited to see the first Solana application Fabric leveraging all the types of assets supported by the Pyth network: crypto, equity, FX and metal.
Earlier this month, Everlend, a meta lending protocol with an in-built money market and yield/loan aggregator, launched on Solana mainnet. Everlend uses Pyth's on-chain price quotes for assets to correctly identify the value of collateral and liquidity loans. This allows Everlend to estimate the position’s health and establish the borrow limits liquidation threshold.
Everlend @EverlendFinanceWe are extremely excited to announce that Everlend is live on #Solana mainnet and now open for the public to use. This is a big milestone for us and we can’t be happier to share what we have been working on for such a long time. Try it out and LFG 🔥🚀 https://t.co/ar1QjTcjUa https://t.co/VTgoKg6wnD
Hxro’s protocols enable different types of financial products, including perpetual & expiring futures, standardized and exotic options, and parimutuel markets. To make this happen, Hxro provides primitive layer infrastructure for risk, margin, clearing & settlement. Market protocols (derivatives & parimutuels) are the network infrastructure while liquidity protocols (SAMM & THEO) fill this infrastructure with liquidity. Pyth is integrated into Hxro’s Spandex Risk Engine and its parimutuel protocol. In the parimutuel markets, Pyth prices are used to resolve and settle the market at contract opening and expiration. If you want to learn more, check out Gunny’s (founder of HXRO) presentation during Pyth week.
The Solana Name Service (SNS) is one of the many products released by the Bonfida team. The mission of the SNS is to provide a decentralized, affordable, and human-readable name to help users identify a specific Solana address. To offer a better experience, Bonfida allows users to purchase an SNS with 9 different assets, including $SOL, $FIDA, $USDC, and $SRM. Bonfida has integrated Pyth price feeds to further ensure that fair prices are applied despite differing currency options.
Get your first Solana domain name here.
Zeta (ζ) is an under-collateralized DeFi derivatives platform that provides liquid derivatives trading to everyone. Not only is Zeta an interface where anyone can interact with options or futures, but it is also a framework for other options protocols to build upon. Stellar teams like Katana and Ribbon have built their product atop Zeta tech stack. Together, they have settled close to $30M in options a week for months now.
Lifinity is a highly optimized proactive market maker designed to improve capital efficiency as well as reduce impermanent loss. How do they do it? Concentrated liquidity, proactively market-making using an oracle, and implementing a rebalancing mechanism. Overall, Lifinity uses Pyth’s price feeds as a key guide in the pricing mechanism rather than relying on arbitrageurs to adjust the pool balance. Since its inception, Lifinity performed close to $1B in trading volume with merely $5M in available liquidity.
Pyth Publisher Application
We are excited to launch our application process for institutions looking to become a Pyth network data publisher. Powered by nearly 60 first-party data publishers and with over $2B in TVS, Pyth continues to grow rapidly. As the network expands and the community strengthens, it is paramount that we retain the integrity and quality of the network while successfully scaling the number of publishers.
This Application Process will not last forever. Rather, it will accompany the network until it is feature-complete and achieves its decentralization and self-sustainability goals. For more information check out our blog, or directly access the registration form here.
As mentioned above, as the network continues to scale, so will the continued need for high-quality first-party data providers. This month, Pyth has again attracted a top-class data owner to the network, with many more in the pipeline.
WOO X is a centralized exchange specializing in deep liquidity, made possible by its algorithmic aggregation techniques that integrate liquidity from top institutional and retail exchanges.
WOO X is powered by WOO Network, a leading institutional liquidity provider incubated by Kronos Research. Kronos Research is a leading market maker and high-frequency trading team with between $5 and 10 billion dollars per day in volume.
WOO Network closed a $30 million Series A fundraising round in November that included investments from Avalanche, BitTorrent, Crypto.com Capital, and Three Arrows Capital.
Maven Securities is a leading market maker and proprietary trading firm that was founded in 2011 and now employs over 250 people worldwide from New York, London, Amsterdam, to Sydney and Hong Kong.
Maven holds memberships on a number of global exchanges including Eurex, Euronext Amsterdam, Euronext Paris, The Intercontinental Exchange, The Chicago Mercantile Exchange, Borsa Italiana, Singapore Exchange Membership, The Stock Exchange of Hong Kong, and Hong Kong Futures Exchange.
Market slow down does not affect building or the need to get together and talk about a better future (we would even argue it does the opposite). In early May, we joined 4 wonderful teams to talk about a wide variety of topics.
Pyth x Neptune Space: discussed the trove of new features Neptune - winner of the Pyth prize of last Solana hackathon - aims to bring to the borrow-lending landscape.
Pyth x Cypher x MarginFi Space: the Fedaykin community initiative, security, and on-chain trading were the main topics covered.
Pyth x Mango Markets Space: discussed perpetuals, cross-margin, governance, and brightly colored hats with one of the OG Solana dApps
That is all for our 17th 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. Join our Telegram channel or the Medium to learn more, and send us any questions you may have. More information is available at the Pyth Directory.