#29 It’s a Builders Market
What’s happening in the Pyth ecosystem? Catch the latest developments here on all things Pyth, including new chains, new publishers, and new #PoweredByPyth apps!
The Pyth network unlocks valuable financial market data for DeFi and the world. The network incentivizes market participants—exchanges, market makers, and trading firms—to share their pricing data directly on-chain. Pyth then aggregates this data on-chain and makes it available for on-chain and off-chain apps. Read our wiki and whitepaper.
This has undoubtedly been a turbulent, disappointing, and frustrating moment for the entire crypto ecosystem, and our thoughts are with those dealing with negative fallout from the FTX collapse. We at the Pyth Data Association have a first-row seat into the amazing innovation and development happening in the space and, as such, remain incredibly confident in the future of our industry. Pyth is here, Pyth is building, and Pyth is helping builders build.
The network remains fully operational, robust, and continues to power the projects and applications that have come to rely on its high-quality data. Certainly given the volatility and fluidity of the situation, the team had to proactively compose with many moving parts. They can be summarized in two points:
En route to bankruptcy, FTX and Alameda were depermissioned from the Pyth on-chain program. In other words, they cannot submit any price data to Pyth anymore.
As markets started dislocating on FTX (and other subsidiaries: FTX.us) due to the halt of withdrawals, the other Pyth publishers were notified to exclude the impacted markets from their inputs.
As always, the Pyth Data Association continues to actively monitor all live price feeds and ensure the appropriate risk controls are in place to ensure the reliability and robustness of the network.
What’s New in the Pyth Ecosystem?
Pyth is Live on Ethereum and Optimism
Pyth price feeds are now available on both Ethereum and Optimism (layer-2) mainnet!
Thanks to the support of Wormhole and many prominent contributors of the Ethereum ecosystem, we are proud to empower builders across Ethereum and Optimism.
It didn’t take long for the EVM community to start integrating with Pyth!
Synthetix is a financial primitive that enables the creation of on-chain derivatives contracts. Synthetix has been a spearhead for the expansion of on-chain synthetic trading and has already enabled over $7.5B in trading volume this year on its platform. Following this SIP, the network looks forward to its off-chain fast oracles powering Synthetix Perps V2 on Optimism.
Ribbon Finance is a suite of DeFi protocols that help users access crypto-structured products. By combining derivatives, lending, and a proprietary on-chain options exchange (Aevo), Ribbon aims to be the one-stop solution for users who want to improve a portfolio’s risk-return profile. Ribbon is already integrated with Pyth data on Solana, and will further integrate Pyth feeds to settle the options vaults on Ethereum.
Hashflow is a decentralized exchange designed for interoperability, zero slippage, and MEV-protected trades. Hashflow will integrate Pyth feeds to further inform users whether their trades are at a fair rate.
MANTRA is a first-of-its-kind, vertically-integrated and regulatory-compliant blockchain ecosystem. The OMniverse includes Mantra Chain, a protocol for regulated assets for the Cosmos ecosystem, and MANTRA Finance, which aims to be a globally-regulated platform bringing the benefits of Defi to the TradFi world.
Flexa is a global leader in pure-digital payments thanks to its fast, fraud-proof payment network.
AMP is a universal collateral token that facilitates fast and efficient transfers for any real-world application. The Flexa network, the global leader in pure-digital payments, uses Amp to enable anyone to spend their digital assets with real-world merchants like Shopify or Clover.
Infinity is a non-custodial, permissionless interest rate protocol offering a full floating and fixed rates trading experience across the entire yield curve. By leveraging the Pyth price feeds on testnet currently, Infinity aims to give both borrowers and lenders a better rate than anywhere else.
SOMA.finance is the first fully compliant multi-asset DEX and Issuance platform. Through SOMA.finance, users will get access to a first-of-its-kind legal and regulated framework for the trading of token issuances, exclusive projects, and more! With a secure onboarding process and comprehensive encryption protocols, SOMA.finance aims to help bridge investors from the traditional brokerage to the rapidly expanding world of DeFi.
“Ethereum is among the earliest and most prominent blockchains in existence, which is one of the many reasons why this integration is significant,” said Mike Cahill, a director of the Pyth Data Association. “We are excited to officially join the Ethereum and Optimism ecosystems as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth.”
More DeFi for Solana
Despite recent turbulence in the broader crypto ecosystem, we continue to see new and exciting products being built on the Solana ecosystem. Where there are builders, there is Pyth.
Friktion is a decentralized options vaults protocols enabling users to deposit assets and enjoy an automated strategy weekly selling options to collect premiums. Launched at the beginning of 2022, Friktion surpassed $3B in options trading volume — all settlements being #PoweredByPyth.
The alpha and omega: Zeta Markets. Initially launched with dated futures and options, Zeta expanded to the perpetuals world this month surpassed $100M in trading volume in its first week! This is all made possible thanks to Pyth data.
They’re back! Drift Protocol announced at Breakpoint that its long-time awaited Drift v2 is going live. Initially reserved for v2 alpha ticket holders, Drift’s gated mainnet will soon open its doors to all. W'e’re excited for futures markets #PoweredByPyth.
Pythians in Lisbon
Earlier this month, the Solana community congregated in Lisbon for Breakpoint 2022.
The conference was packed with excellent speakers and worldwide community members. You can already find all the recordings on the Solana Youtube page here.
Jayant Krishnamurthy took the stage to give a sweet and pithy presentation on Pyth network, its past year results,, and its roadmap. You can watch Jayant’s presentation below:
What’s Happening on the Publisher Side?
Binance joins the Pyth network!
We’re thrilled to announce that Binance Oracle will contribute price data directly to Pyth. Binance Oracle is an official data service provided by Binance to provide reliable, secure, and timely on-chain data feeds to the projects on the BNB chain. This collaboration will greatly bolster Pyth market coverage from the major crypto assets to most of the BEP tokens.
“We built Binance Oracle with the goal to support the growth of the blockchain ecosystem by laying a foundation for supporting more exciting dApp projects,” said Jack Chan, Engineering Lead of Binance Oracle. “We are glad that Pyth shares the same mission with us, and we look forward to the collaboration. We believe this partnership can help us to deliver reliable, secure, and timely on-chain data feeds to more consumers, benefiting the developer community.”
Sit Down with Our Data Provider Community
What inspires so many leaders in crypto and traditional finance to join the Pyth mission? Tune into some deep discussions with our data providers. Their amazing contributions make the Pyth project possible!
Stephen Kaminsky at Jump Crypto on The Tie Fundamental Value Podcast
We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.