#3 Pyth now live on the Solana mainnet
Welcome to the 3rd issue of the Pyth newsletter: HiFi for DeFi. Today's blog focuses on our recent main development: the official launch of the Pyth network onto the Solana mainnet.
About:
The Pyth network is a vision coming to life: one that imagines the world of decentralized finance (DeFi) gaining comprehensive access to high-fidelity (HiFi) financial markets data securely and reliably.
In other words, the Pyth network is a specialized oracle network that focuses on sourcing continuous real-world and crypto-related market data originating off-chain and streaming it at sub-second speeds for smart contract consumption regardless of their blockchains.
This is an ambitious goal because financial market data is sufficiently unique: there are very few available sources, and those sources have very tightly controlled distributions. In addition, the oracle network needs to be able to combine such latency-sensitive data in way that optimizes not only accuracy but which increases security as well given how dependent many blockchain applications are on the accuracy of this type of data.
Website, Medium, Twitter & Discord
Mainnet Release
On August, 26th 2021, the Pyth network protocol was officially launched on the Solana blockchain mainnet thus propelling us into an exciting new stage: one that will allow decentralized applications to leverage HiFi financial data directly sourced from some of the most renowned actors in the space.
Only 140 days after our Hello World moment, we are officially making the Pyth network HiFi data — directly sourced firsthand from some of the biggest financial players — open for usage and available to builders looking to create the dApps that will power the future of finance.
Such entry into the mainnet did not go unnoticed as we had the chance to benefit from worldwide renowned financial mainstream media coverage such as the Financial Times, Bloomberg, The Block, and even Nasdaq! We would like to thank the entire Pyth community, for their kind words and support throughout our journey so far and will continue to do our best to grow your faith in the Pyth network.
New Providers
Since the previous newsletter (only two weeks ago), we had the honor to announce that three of the most significant actors within financial markets have since joined the Pyth network to provide 1st party data in order to rewire the current financial infrastructure in a way that is not only faster and more cost-efficient but also fully transparent.
HRT was founded in 2002 and now employs more than 500 people around the world using a quantitative approach to problem-solving.
HRT is a recognized leader both for on-exchange and off-exchange trading which has to lead them to handle about 10% of the daily U.S. stock trading volume.
Jane Street is a quantitative trading firm and liquidity provider widely regarded for its proprietary trading models and quantitative computing power that places them at the forefront of market structure in equities, bonds, options, and ETFs globally
Over 2020, Jane Street has traded more than $17 trillion worth of securities. Specifically, the firm accomplished $4 trillion in traded volume in Equities, while traded $3.9 trillion in volume for ETFs within the year (source: FT).
SIG DT Investments, a Susquehanna International Group Company
Susquehanna International Group is one of the largest trading firms of listed stock options in America and moves over 130 million shares daily across 50 countries, regularly among the top-five market makers in U.S. stocks traded by retail brokers.
They are one of the leading members of the DeFi Alliance — a leading decentralized finance accelerator that aims to bring DeFi to a billion people by 2025
The Pyth network has been and will continue to onboard some of the biggest trading firms & exchanges as data providers, as they own data with granularity and quality that is traditionally guarded by the largest, centralized gatekeepers of the financial world.
As so many prominent partners join us in our quest to bring HiFi to DeFi, it only felt normal to showcase this incredible roster on our website with our Publishers tab.
What assets does the Pyth network offer?
In our April Roadmap, we described Phase one of Pyth development as mainly encompassing a couple of asset classes, mainly cryptocurrencies and US Equities. Within the 4 month timespan, Pyth has continued to make strides by enabling other asset classes such as Foreign Exchange (Forex) such as EUR/USD, USD/JPY, GBP/USD, and Commodities such as Gold (XAU/USD), apart from expanding the selection of assets in the existing cryptocurrencies and US Equities roster.
The continuation of our market coverage will be quite exciting, as we look to further support many other asset classes that have not been listed on Pyth yet. These will include major and upcoming cryptocurrencies, as well international equities and futures (either Equities and/or Commodities), but could later expand to notable ETFs among other things. After all, Pyth has an ultimate goal of enabling most assets in traditional finance on-chain for DeFi protocols to use. The Pyth community will continue to listen to the community and read blockchain demand to help determine the roadmap for future asset class support, both within finance and potentially beyond. All Pyth network stakeholders will soon have their words in the new asset sourcing process — more will be unveiled as we go forward so stay tuned.
For now, you may see all the Pyth live markets on Solana mainnet here — be sure to check them out as new ones have recently appeared.
Non-Solana protocols do not lose faith as the upcoming Wormhole will enable you to leverage these market data directly from your chain of attached (Ethereum, Terra & Binance SmartChain)!
What is coming next?
As we have now officially released the Pyth protocol to mainnet, we look forward to presenting you projects deciding to choose HiFi (accuracy & latency) and offer the best to their users but we will keep this under the hood for the next edition and focus on a celebration.
Not only do our partners enable us to push forward the boundaries of market data DeFi protocols leverage, but they also care about the community and the milestones reached along the way!
Mark your calendars – on Wednesday, September 22nd in New York City, we will celebrate the growing Pyth community with an innagural event, brought you by Jump Trading, Cumberland Global, LMAX Group, Hudson River Trading, and Jane Street.
This is an RSVP event so if you would like to attend, please contact us at support@pyth.network or reach out to your business contact at Jump Trading.
This is all for our 3rd newsletter — Thank you for reading & 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 the Telegram and the Substack or the Medium to learn more and ask any questions you may have.