Hooked on Pyth Data (#33)
Hooked on Pyth Data (#33)
What’s happening in the Pyth ecosystem? Catch the latest developments here on all things Pyth, including new chains, new data providers, and new #PoweredByPyth apps!
The Pyth network unlocks financial markets data for DeFi and the world. Market participants—exchanges, market makers, and trading firms—share their data directly to the network: Pyth then aggregates this data on-chain and makes it available for apps across multiple blockchains.
What’s New in the Ecosystem?
Pyth Data is now Live on Arbitrum, a leading Ethereum Layer 2
Pyth price feeds are now available for builders on Arbitrum!
In fact, Pyth data is already powering CAP Finance, a perpetuals DEX on Arbitrum where anyone can trade derivative contracts for a wide variety of assets (including crypto, FX, metals and more). By integrating Pyth’s on-demand update model in its V4 platform, CAP can securely operate a keeper network that sources real-time prices from Pyth to execute orders.
“CAP V4 changes the game when it comes to decentralized perpetuals. Pyth plays a central role in that. Their rolodex of exchange venues, reliable pricing, speed, and on-chain security are unmatched,” said Kappa, CAP Finance Contributor.“Pyth’s support for non-crypto markets, such as EUR/USD and SPY, was crucial for integration with V4. Traders want to capitalize on volatility and it’s not limited to crypto.”
Pyth data will also support Perpy Finance and their upcoming V2 Vaults. Perpy is a fully on-chain protocol enabling anyone to copy trade the best traders on the famous decentralized perpetual exchange, GMX. Perpy V2 will allow users to copy trade across more DEXs with multi-currency support!
“Perpy’s end goal is to be the SocialFi hub, providing a wide range of trading venues, the best UI/UX for traders and defacto offering a highly competitive passive income for investors”, said Kharn, CMO at Perpy. “With Pyth, we can offer an agnostic, robust, low-latency price feed to support numerous venues in the future and even move cross-chain!”
A Feast of #PoweredByPyth Markets on Optimism
Following Pyth’s integration with Synthetix Perps V2 on Optimism and their instant success, the community is ready to expand the set of offered products.
If passed, SIP 295 will bring to SNX Perps various new crypto markets, including BTC, SOL, AVAX, AAVE, UNI, MATIC, APE, DYDX, BNB, OP and DOGE. The SIP would also bring in new FX and metals markets including EURO, XAG and XAU.
In less than 2 months, Synthetix Perps V2 (#PoweredByPyth) has generated over $110M in trading volume and close to $100K fees—and with just their single ETH market. Can you imagine how the numbers look once new markets are onboarded?
100K On-Chain Price Updates
We’ve surpassed 100K cross-chain price updates!
Perhaps this shouldn’t be too exciting. The Pyth on-demand price update model has been hard at work since December 2022: Pyth’s subsequent expansion into BNB Chain, Aptos, and a myraid of EVMs (including Ethereum, Optimism, and Arbitrum) picked up great traction across the broader DeFi ecosystem.
This achievement was made possible thanks to our integation partners: Synthetix on Optimism, Cap Finance on Arbitrum, Aurigami on Aurora, Torches on KCC, and many others.
Venturing into BNB Chain
BNB Chain never stops growing! We’re excited to welcome Uniwhale or DeriTrade to the #PoweredByPyth community.
Uniwhale is an oracle-based decentralized on-chain perpetual trading exchange where anyone will be able to trade with up to 200x leverage. Launching first on BNB, Uniwhale will become multi-chain thanks to Avalanche, Polygon and Arbitrum.
DeriTrade is a decentralized derivatives protocol built to enable anyone to get exposure to crypto, FX, metals and other financial products in just a few clicks. As Uniwhale, it will launch first on BNB before expanding to other EVMs.
Solana Sandstorm Hackathon
In a quest to rally the Solana community, Helius and a passionate coalition of Solana protocols organized the Solana Sandstorm Hackathon in just a few days.
50 teams in total sponsored the event and contributed over $200K in prizes. Sandstorm attracted over 220 submissions from 600+ developers! Read on this amazing report from Superteam to see the top 15 submissions.
Among all, Solora protocol has caught the Pythians’ eyes! Solora is a prediction market where players bet on whether they think the price of SOL/USD will go up or down in the next 5 minutes. By leveraging Clockworks and Pyth data, solora.xyz was born.
What’s Happening on the Data Providers side?
January was a rare month of a heavy data provider pipeline and patience on both sides. We can’t wait to show you the next heavyweight names joining the network to contribute data!
In the meantime, we saw some wonderful Pythians doing ‘the network bid’: we’re looking at you Interactive Brokers!
It’s always magical when someone recognizes just what’s happening on Solana on a daily basis thanks to Pyth and its data providers. This news can’t be overstated! The biggest and most prominent financial markets players are interacting with Solana everyday.
You can explore our data providers here and even apply to become a provider yourself!
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.