#22 Pyth's Got Confidence…and Equities!
This edition details the latest Pyth developments and highlights our wonderful, ever-growing ecosystem of data publishers and users!
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 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
Don’t be confident, be Pyth Confident!
Not all oracles are built the same. The Pyth network has taken a unique approach in designing a high-quality financial price oracle. Pyth has become the largest and most advanced publisher oracle network: all of Pyth’s data sources are first-party, meaning they own and create the data that they submit to the network (instead of purchasing or collecting it from other sources).
The result? Data middlemen costs are eliminated, data is timely and licensed, there is pure accountability, and the network is maximally scalable. As part of its design and functionality, Pyth is able to source additional information from all of its publishers beyond just the price. Today we are highlighting one of those features: The Pyth confidence intervals!
In our quest to refactor how market data is distributed and further empower financial applications with sophisticated data points, we released a primer on Pyth Confidence Intervals and how are they constructed or leveraged by applications. Blog.
In addition, we have been running Twitter polls to visualize some common beliefs held (on hotly debated topics) with everyone’s aggregated confidence!
For instance, to the question — How confident are you that aliens have visited our planet? — using the poll replies as independent inputs, we can confidently (66% ; +/-33%) say that aliens did visit us!
For more details, check out our thread. Pyth confidence intervals are part of what makes Pyth, Pyth, and it’s just the beginning.
Pyth is proud to announce the expansion of its product set to include all 30 Dow Jones Industrial stocks. Once again, you could have dug up this alpha by lurking around the Pyth network website and looking at the feeds in “testnet”!
Pyth supports equities, crypto, FX, and metals and continues to add symbols throughout. Our expansion in the equities space is made possible by our premier set of data providers and new network scalability functionality.
Stay tuned for more price feeds announcements!
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.
And this week, Bonfida released a neat upgrade to their Solana Name Service, and it’s now easier than ever to find everything Pyth.sol related. For more details on how the .sol domains resolve to a website, check out the thread from Bonfida. Meanwhile, you can now find us at pyth.sol-domain.org.
The Solana Paris Hacker House took place July 15th-19th 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 July 18th, Pyth took to the stage alongside many leading Solana projects like Raydium, Marinade, Mango Markets, Orca, and Xenon for a DeFi panel!
We are looking forward to meeting many new builders and Pyth users at the Solana Seoul Hacker House (21st-25th September).
Pyth is unlocking some of the best financial data for the world, and it would be a shame not to make this available to everyone looking to build the future of finance. With that said, we're excited to see Pyth data go live on Paloma (testnet #6)!
Paloma is the fastest, most secure cross-chain communications blockchain. For cross-chain software engineers who want simultaneous control of multiple, cross-chain-deployed, smart contracts, Paloma is decentralized and consensus-driven message delivery. Paloma is fast state awareness, low-cost state computation, and a powerful attestation system. Polama blockchain enables scalable, cross-chain, smart contract execution with any data source.
We look forward to enabling any of the Cosmos-based chains to leverage HiFi data to power their highly valuable operations.
The Pyth network is an oracle that performs all its operations directly on-chain on Solana. With the support of Solscan, a leading Solana blockchain explorer, anyone may now easily understand the various Pyth on-chain instruction directly from Solscan explorer!
Check out our thread explaining how to review on-chain transactions involving Pyth and/or its publishers. Meanwhile, the Solscan team released a Pyth Oracle Explained blog.
#PoweredByPyth
Dual Finance flagship product DIPs advance and improve the crypto market standard implementation of Decentralized Option Vaults (DOVs) by removing the auction process and enabling anyone to compete for the premiums.
Dual Finance has also been relentlessly working to innovate and design the next generation of sustainable yield products. Their breakthrough token incentive mechanism, called Staking Options (SOs), aligns participants' incentives by granting those who provide liquidity or participate in governance the right, but not the obligation to purchase tokens for a future price.
As of now, Dual Finance reached out to a handful of Solana communities for them to onboard on this journey: Hubble, Mango.
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. Friktion Volts currently gather about $50M in TVL and generated over $2.5B in options volume in their lifetime. For options settlement, Friktion generates a 30-minute TWAP by collecting Pyth's streaming prices.
This week, Friktion released a new type of Volts called Capital Protection! They are designed to generate returns in volatile market conditions while offering protection on deposited principal. Thus they should perform best in rising or high volatility environments. Check out their thread for more details.
GooseFX is a full suite DeFi platform offering a variety of unique decentralized peer-to-peer financial products. In other words, a complete DeFi experience where you can trade cryptocurrencies, futures, NFTs all through one interface!
Goose FX utilizes the Pyth network price feeds throughout a majority of the platform, namely their CLMM. GooseFX built an on-chain proactive market maker that is tied into their AMM/SSL pools, which utilizes Pyth price feeds to give the best real-time quotes.
We were lucky to catch the Goose team in Paris for the Solana Hacker House and took the opportunity to write about them in our recent Confidentia.
Katana is building the yield generation layer for DeFi. They offer a comprehensive suite of yield products across the spectrum of risk, enabling users to access the best risk-adjusted yields in DeFi from a single platform.
In the past week, Katana reached an incredible milestone: $600 million in options volume traded through the Katana platform!
Pyth assists Katana in price settlement at the end of its vaults’ auction periods. More specifically, Katana’s DOVs is built on the Zeta Markets FLEX stack, incorporating Pyth’s price feeds to settle options contracts automatically.
Neon EVM is a tool that allows Ethereum-like transactions to be processed on Solana, taking full advantage of the functionality native to Solana, including the ability to execute transactions in parallel.
As such, Neon EVM allows dApps to operate with the low gas fees, high transaction speeds, and high throughput made possible by Solana, as well as access to the growing Solana market. Prominent protocols like Aave and SushiSwap have announced that they will port their protocols to Solana via Neon.
Pyth plays a crucial role in the Neon ecosystem. By providing a feed of high-quality external data, it allows for accurate and real-time asset pricing on the Neon EVM. Without this oracle, activities such as decentralized swaps on Neon would be impossible. With Pyth, developers on Neon can make their smart contracts work even smarter.
Looking to deploy Pyth within your Neon program? You are in luck! Neon just released this guide, so take your fate into your own hands!
Publishers
Pyth now has 64 official data providers, including the world’s top trading firms, exchanges, and crypto-native companies. Believe it or not, this is still just the beginning. As Pyth continues to scale - new asset classes, more symbols, more functionality - the quest to continue integrating top publishers persists. Think you have the right data to contribute? Reach out. Today we highlight three new Pyth publishers that joined the network since mid-July!
Established in 2013, the company’s Huobi Global exchange accumulates a turnover that places it among the leading global exchanges. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.
Huobi Global is part of Huobi Group, a world-leading blockchain company. It was founded to make breakthroughs in core blockchain technology and further the integration of blockchain technology with other industries.
bitbank is a certified cryptocurrency exchange in Japan, serving more than 550,000 users and 30 available trading pairs, with approximately 20~30% spot-volume share domestically.
bitbank traded an average monthly volume of 3.7 billion yen in 2018 and 7.2 billion yen in 2021 with 50~70% volume share for altcoins among Japanese crypto exchanges
bitbank is ISMS certified and abiding by every financial regulation standard prescribed by the Japanese FSA.
IMC is a leading global market maker with more than three decades of experience and with offices in Europe, the US, and Asia-Pacific.
IMC’s core business is to provide liquidity in financial assets on trading venues and to deliver the best outcome in value and risk to investors. To do so, IMC employs state-of-the-art algorithms, statistical techniques, and innovative low latency technologies to execute its strategies.
We can’t wait to hear what you think! Feel free to join the Pyth Discord, follow Pyth on Twitter, and join Telegram to learn more and ask any questions. Take fate into your own hands.