#18 A May to Remember
This edition will focus on one of the most significant developments in the Pyth network: the deployment of Pyth data on BNB Chain. We also provide a pithy overview of other recent developments!
About:
The Pyth network is a first-party financial oracle solution that aims to bring valuable market data to the general public. The network incentivizes market participants — trading firms, market makers, and exchanges — to share directly on-chain the price data collected as part of their 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.
Build with Pyth
Pyth First Cross-Chain Deployment with BNB Chain and BNB Sidechains
We are delighted to announce the Pyth network’s deployment on the BNB Chain (Testnet) and our integration into the Binance Smart Chain Application Sidechain (BAS) Testnet. As a result, BNB Chain users and applications can now leverage Pyth’s first-party financial data.
Thanks to Wormhole, Pyth now streams high-fidelity financial data to BNB Chain. This deployment is a significant step in Pyth’s mission to empower developers across all ecosystems, whether they are building on- or off-chain.
We’re proud to join the BNB ecosystem at a crucial stage in its development towards mass adoption, and we very much look forward to supporting BNB Chain’s developers in their quest to build the future of finance.
Mike Cahill, Director of the Pyth Data Association, said, “Pyth’s integration with BNB Chain is a significant milestone in our mission to empower developers across all ecosystems with hi-fidelity data. With its energy efficiency and ultra-low-cost, instantaneous transactions, it is no surprise that BNB Chain has become one of the most popular blockchains in the world. We are proud to join the BNB ecosystem and look forward to supporting developers as they build the future of finance [– powered by Pyth].”
Patrick Degenhardt, Vice President at BNB Chain Labs, said, “Pyth has quickly established a strong reputation for its high-quality, uncompromising data that developers and dApps rely on to fuel visionary projects. We are thrilled to partner with the Pyth network as we continue to build the infrastructure underpinning Web3.”
Brad Harrison, CEO of Venus, said, “We are pleased to serve as the launch partner to Pyth on BNB Chain, which represents an exciting development for the dApp community. Access to time-sensitive, real-world data is critical, especially in times of volatility, and Pyth’s game-changing precision and reliability will usher in a new era of innovation for the BNB community.”
If you’re a developer looking to leverage Pyth’s high-fidelity price feeds, check out these resources and learn how to:
Read Pyth prices from BNB Chain 👉 Pyth Solidity SDK
To celebrate this milestone, we’ll be hosting an AMA on Pyth and BNB Chain on our Twitch channel on June 1, at 2 PM UTC, with Ed Zuo and Saeed Badreg, two Pyth contributors.
Pyth End-Users
Exotic Markets
Exotic Markets is a platform that offers structured products so that users can earn sustainable yields on their assets. Structured products are pre-packaged investments that generally include assets linked to interest and one or more derivatives.
Exotic Markets aims to provide its users with the most flexible structured product protocol experience, the broadest range of payoffs, and the most diverse underlyings. In addition, the platform leverages the Zeta Markets tech stack to automatically settle the options at their expiry following the Pyth price.
Lift Markets
Decentralized Options Vaults (DOVs) have garnered great success over the past year. DOVs reached over $200M in total value locked on Solana and currently sit around $100M.
Lift’s innovations in the DOV landscape come from its strategy customization - depending on one’s risk profile, the strategy (and potential return) will be automatically selected. Today, 2 assets are supported on the platform - $SOL and $GMT - with 3 different strategies - Yield Snipers, Metal Bulls, and Super Bear Bros.
Lift is built upon the Zeta FLEX stack and leverages Pyth’s streaming prices to settle options contracts at their scheduled expiry automatically.
Hedge
Hedge is a platform that enables users to access liquidity at a 0% interest rate without having to sell long-term holdings. Anyone can take a loan by depositing collateral on the platform and minting Hedge stablecoin $USH. By redeeming your $USH against the platform’s underlying collateral, $USH aims to be fully decentralized with a soft $1 peg. Hedge utilizes Pyth’s feeds to determine a user’s collateral and to position health to ensure a robust and safe platform.
#PoweredByPyth
The constant profusion of new applications makes it difficult to track all the going on in the wild world of DeFi. But fear not. At Pyth, we aim to educate everyone on the upcoming financial revolution! So we kickstarted a brand new # to show just how Pyth enables crucial operations in financial applications.
Check out our 1st recap thread highlighting 9 projects #PoweredByPyth.
Find all the applications #PoweredByPyth on our website.
Pyth Publishers
New Publishers
As the network continues to scale, so does the need for high-quality first-party data providers. In the past 2 weeks, many top-class data owners have joined Pyth, and more are in the pipeline. Find all our amazing publishers on our website and join us.
Maven Securities was founded in 2011 and now employs over 250 people worldwide from New York and London to Amsterdam, 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.
Maven implements both fundamental and quantitative trading strategies derived from its multi-strategy hedge fund & it provides liquidity across global financial markets from its various synergistic business units.
M@zel, one of the many funds backed and operated by Eisler Capital, is specifically focused on crypto assets.
Eisler Capital is an investment management firm seeking to provide attractive risk-adjusted returns with low levels of correlation to risk assets.
The firm leverages proprietary technology systems, advanced trade screening processes, and a disciplined risk management framework to express its views. It also uses fixed income, foreign exchange, equity, credit, and commodity instruments as its related derivatives.
Launched in September 2017, KuCoin is a global cryptocurrency exchange.
KuCoin offers over 700 digital assets and provides spot trading, margin trading, peer-to-peer fiat trading, futures trading, staking, and lending services to 18 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million at a total valuation of $10 billion.
Pythian Community
Pyth x Serum x Burnt Finance NFT
NFTs have been one of the key drivers in crypto/Web3 adoption in the past 2 years, bringing about a novel form of community engagement. Since our Hello World moment last April, we’ve created and given away multiple Pyth NFTs (from the infamous wen-token to the recent Talisman for Discord Quiz Winners). And just this past week, Pyth’s stepped up its NFT game even further! In collaboration with Burnt Finance and Project Serum, Pyth network is the first partner project collection in the Serum NFT Ecosystem!
Presenting: the Pyth Alligators—a 100-piece NFT collection generated directly on the Burnt Finance platform. Holding a Pyth Alligator NFT will give access to Pyth swag rewards, exclusive Discord channels, priority access to special Pyth offline events, and much more!
Pyth x Business Insider
Last week, Pyth was featured in Business Insider. Mike Cahill, a Director of the Pyth Data Association, discussed the enormity of the market data business and how, thanks to Pyth, firms that used to compete are now collaborating to build an entirely new composite stream of market data.
Pyth x FTX Podcast
The FTX Podcast, hosted by Tristan Yver, is one of the top crypto podcasts. The show recently had Kanav Kariya, President of Jump Crypto, who spoke at length about the Pyth mission.
Pythian Gospel
That‘s it for our 18th newsletter. Thanks 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.