#19 High-Quality Data Around The World
This edition will provide the latest Pyth developments as well as highlight protocols that are #PoweredByPyth and the ongoing Solana Hacker House worldwide tour!
About:
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.
Build with Pyth
The Solana Austin Hacker House took place June 4th-9th and was sponsored by the Solana Foundation and Jump Crypto. It was a wonderful opportunity to meet all the (hungry) developers looking to bring web3 to the world.
On June 8th, Pyth took to the stage alongside many leading Solana projects like Orca, Friktion, and Syndica.
We’ll be partaking in the Solana London Hacker House happening this week (until Saturday 18th).
On June 16th, we led the panel “Dare to DeFi” where you could hear from Pyth contributors as well as Pyth ecosystem participants such as Solend, Hubble, and Woo Network.
The London Hacker House is the 1st of many HHs to happen in Europe this summer. Others include Barcelona (June 22nd-26th), Paris (July 15th-19th), and Krakow (August 3rd-7th). Find more details here.
In order to further empower builders around the world, we co-led a free online live-coding session with SolMeet. We’ll release the recording very soon.
Pyth x BNB Chain Twitch AMA
Pyth network price feeds went live on the BNB Chain and BAS (BNB sidechains) Testnet. We used this opportunity to kickstart our Twitch channel and engage directly with the community!
Replay of the AMA is available on our Youtube channel here.
BattleFin: The Future of Digital Assets
Are you in New York? Are you coming to the BattleFin conference on the Future of Digital Assets? We’ll be there. Come say hello on Wednesday the 15th and Thursday the 16th!
Pyth network participants Kaiko and Valour (former DeFi Technologies) will be there too. Don’t miss their panels.
The Pyth team will be at NFT week in New York City, June 20-25. Come join the fun.
Goldman Sachs Crypto
Pyth is also headed to the Goldman Sachs Summer Digital Asset Conference on June 23rd, so if you are planning to go, come find us there.
Pyth End-Users
Cega is the first decentralized exotic derivatives protocol to offer superior yield generation opportunities while increasing protection against market downturns. Exotics are a class of options that combine standard options like calls or puts with more advanced characteristics (different strike prices, expiries…). What’s in Cega's first fixed coupon note (FCN)? 2 or 3 Short Puts to generate yield, a knock-in barrier to provide protection against market downturns, and a knock-out barrier that increases the compounding rate of investment when markets rally.
Cypher is a decentralized synthetic asset protocol on the Solana blockchain that facilitates price and demand discovery in nascent markets. And it’s about to go live on the Solana mainnet!
Cypher will initially offer coin-denominated dated futures to users, starting with SOL/ETH, SOL/AVAX, and BTC/ETH. This new kind of offering will further empower users to express their market views. Ie. by going long on SOL/ETH, you expect SOL to outperform ETH & by taking a short position, you expect the opposite, with ETH outperforming SOL.
Another exciting Cypher development is their SOL&P index comprised of the most notable Solana ecosystem projects — more details on the index.
Drift, a Solana leading derivatives platform, has just released information about their v2! Leveraging Pyth as its market index referential (funding rate & liquidations), the Drift platform v1 saw 15K users trading over $10B in volume in less than 6 months. We are eager to see their v2 go live, as it aims to provide deeper liquidity for traders, a smarter market maker mechanism, and overall greater protocol collateralization.
More details here.
Dual’s flagship product, Dual Investment Pools (DIPs), improves the standard implementation of Decentralized Option Vaults (DOVs)! Currently, options vaults conduct individual auctions of 7day options every Friday. Rather than having users pool into single strikes, maturities, and prices that are executed all at once, DIPs offer a live price (thanks to Pyth) that can be executed at any time.
Dual Finance Website.
GooseFX is a full suite DeFi platform built on the Solana blockchain and Serum DEX that offers a variety of unique decentralized peer-to-peer financial products. From NFTs, Perpetuals, Fractionalization, and re-imagined AMM pools, GooseFX leaves no stones unturned.
To offer perpetual trading for crypto assets, GooseFX leverages Pyth as its oracle for its index price. Another GooseFX development is Single-Sided Liquidity Pools. Those price curves concentrate most of the liquidity around the current Pyth price and prevent traders from getting more favorable fills than the current oracle price.
Earlier this month, we had the chance to meet up with the Hedge team to chat about their platform on #PoweredByPyth — recording. By depositing collateral for Hedge stablecoin, USH, Hedge enables users to borrow at a 0% interest rate for a one-time fee. USH aims to maintain a soft $1 peg by enabling users to redeem the platform collateral backing USH. Hedge secures its vaults through Pyth feeds as its primary oracle source, determining a user’s collateral and position health to ensure a robust and safe platform.
Lifinity is a highly optimized proactive market maker designed to improve capital efficiency as well as reduce impermanent loss. Lifinity uses Pyth’s high-fidelity market data as a key guide in its pricing mechanism.
Earlier this month, Lifinity reached the $1B trading volume milestone! We are proud to see the Pyth price feeds enabling new kinds of innovations within DeFi. This is the 1st of many billions that will be traded by Lifinity. Lifinity has also launched this pool for trading.
Neptune is a next gen lending and borrowing protocol aimed to become a truly permissionless digital bank. Neptune is not your traditional borrow-lending platform, as it offers a plethora of services: Variable, Stable, and Fixed Rate Loans, Collateral Swapping, Liquid Staking, Bonding Mechanisms, Liquidation Vaults, and Self-Repaying Loans.
Neptune was the recent winner of the Solana Riptide Hackathon and the $30K Pyth prize. We had them on our first Twitter space and our newly refactored Pythiad.
Squads is a multisig management protocol on Solana that allows any team, DAO, or investment club to spin up a multisig. A multisig wallet requires more than one private key to sign and authorize a crypto transaction, or, in some cases, several different keys can be used to generate a signature. Pyth powers the price feeds in Squads vaults to make sure teams always have the most accurate dollar value of their portfolio.
In our last Pythiad, we revealed our deployment on the BNB Chain and sidechains BAS (Testnet) thanks to Wormhole. As a result, BNB Chain users and applications can now leverage Pyth’s first-party financial data.
We have since taken the opportunity to engage with various BNB applications and start working on potential integrations. The most notable advancement is with Venus Protocol, the leading borrow-lending protocol on BNB Chain with over $600M in Total Value Locked. We made a formal proposal on the Venus Forum — available here. In addition, we had the chance to meet the Venus community during a Discord AMA. We can’t wait to have the Pyth network high-quality price feeds available on the BNB Chain mainnet and further empower teams to build the future of finance.
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, two top-class data owners joined Pyth. Find all our amazing publishers on our website and join us.
Founded in 2017, QCP Capital is a full-suite crypto trading firm that bridges institutional and crypto ecosystems. It provides 24/7 trading services to both high-net-worth individuals and institutional clients and is one of the largest derivative market makers globally.
Pioneers in crypto options and derivatives, the firm currently runs a $2 billion global book. QCP Capital is also a specialist in Asian local markets, particularly Southeast Asia, where the firm has a 60-strong team strategically based in Singapore.
In 2021, QCP was involved (with B2C2) in the first-ever crypto-related transaction of a non-deliverable forward (DNF) — a type of financial contract that is common in foreign-exchange markets.
Founded in 2018, MEXC Global is known as the exchange of high-performance and mega transaction matching technology.
Currently, MEXC Global caters to 6 million+ users in more than 70 countries around the world. This magnificent achievement is a significant milestone, and MEXC Global aims to become the go-to platform for new traders and experienced investors as they move forward in their financial journey.
The exchange at MEXC Global is a high-performance trading engine that has been developed by experts from the banking industry and is capable of completing 1.4 million transactions per second, which results in groundbreaking efficiency and enhanced performance.
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.