Pyth Data Drives Serious Volume (#36)
Pyth Data Drives Serious Volume (#36)
What’s happening in the Pyth ecosystem? Catch the latest developments here on all things Pyth, including new chains, features, and #PoweredByPyth DeFi apps!
The Pyth network unlocks financial market data for DeFi and the world. 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 your favorite apps across multiple blockchains.
What’s New in the Ecosystem?
That’s right—Pyth data is now live on Cronos, the leading EVM-compatible chain build on the Cosmos SDK!
Cronos-based applications like Fulcrom, a decentralized perpetual exchange, are already leveraging Pyth data. To learn how to tap into Pyth low-latency price feeds, you can check out our documentation.
“With Pyth’s integration, Cronos developers can now access reliable, accurate and real-time data feeds that are crucial for onchain smart contracts to interact with off-chain data sources.” said Ella Qiang, Head of Ecosystem at Cronos Labs. “We look forward to seeing the positive impact this partnership will have on the Cronos ecosystem and our DeFi community.”
It’s Up Only When You’re #PoweredByPyth
With the recent turmoil in the both crypto and traditional markets, it feels the entire financial ecosystem has been on the back foot, reacting to a stream of urgent news feeding back into market volatility, and thus, trading volume.
Recent milestones by many #PoweredByPyth perpetual protocols captured this frenetic energy:
Synthetix, the famous perps protocol on Optimism, has been seeing daily volumes close to $200M! Pyth data has enabled almost $1.5B in total trading and $1.5M in fees generated for Synthetix Perps, and that’s just the beginning!
Drift, the perpetuals and margin trading DEX on Solana, has just surpassed $225M in all-time trading volume since the launch of their V2. Pyth supports Drift’s markets for BTC, ETH, SOL, APT, MATIC and the Solana favorite—BONK!
CAP Finance, the decentralized perps platform on Arbitrum, has benefitted from Pyth data and this weekend’s volatility. CAP offers trading across 20 markets, and recently broke the $125M total trading volume mark: in fact, CAP processed $20M and then $30M volume in the last 2 days alone!
Uniwhale, an upstart decentralized perpetual exchange on BNB Chain, opened its doors to the public early March and has already processed almost $20M in trading volume. This was accomplished with only a few markets currently available—BTC, ETH, BNB, MATIC, SOL, APT. We’re looking forward to driving Uniwhale’s next stage of explosive growth!
HXRO, an open primitive powering on-chain derivatives for market-based applications on Solana, has been hard at work! In just two months following its launch, HXRO Network volume has surpassed $125M with just their currently standalone BTC market (#PoweredByPyth)!
Fulcrom, a perpetual exchange on Cronos, reached the $10M volume mark in its first week of its go-live and is now close to hitting the $30M mark!
The Return of Solana
Is Solana dead? Not from what we’ve seen! The community continues to build and innovate, with the familiar support of Pyth data.
marginfi is building a single, unified interface to trade across DeFi, with built-in resiliency against black swan events and access to a wide range of products. The first iteration is mrgnlend, where users can deposit and earn yield on or borrow various assets including SOL, BONK, USDT, stSOL and mSOL—all made possible with Pyth.
A new innovative tooling just found its way on Solana—and it involves zero-knowledge and Pyth! What does it mean for you though?
Elusiv is a zero-knowledge privacy protocol for privately sending and receiving funds on-chain, with a big focus on compliance. You may have seen their go-live on Solana mainnet in the first week of March.
Builders and developers can also use the Elusiv SDK to enable existing applications like wallets, DeFi protocols, payment solutions, and more to efficiently implement zero-knowledge technology. Elusiv uses Pyth Price Feeds to allow users to pay for Solana transactions with other SPL tokens (like USDT and USDC) instead of SOL 🔮
Lastly, make sure you’re ready for the Grizzlython Hackathon results and grand prize winners!
Grizzlython oversaw nearly 10,000 registrants hacking for over 45 days with the support of prominent DeFi and Web2 names including Circle, Stripe, Brave and Superteam. With $5M in prizes, and opportunities to raise afterwards, we’re thrilled to see the final project results.
We’ll be covering our favorite submissions in our next newsletter, so stay tuned!
For more information, you can check out the Solana website.
What’s New with the Pythians?
Pythians in Porto
Following a wonderful week in Denver, Colorado, where the greater EVM ecosystem gathered for its traditional annual event, the Pyth 2023 world tour is now getting started.
This week, EVM builders and ZK researchers are making a stop in Porto, Portugal, for the first ever Starknet Portugal Meetup and ETHPorto.
On Wednesday, March 15, the Starknet meetup attendees had the chance to sit in for a presentation of the Pyth network. For more information, be sure to check the event page here.
Today, ETHPorto opened its doors and will continue until March 18th. Pyth is supporting the hackathon, and has issued a bounty for the builders participating!
An Easter Egg on Our Website
Someone finally found it! We’re always keen to hear feedback too. Hats off to this Pythian for their delightful response:
Pythian Spaces
Many of our readers know Pyth for our regular podcasts and panel discussions with industry leaders and ecosystem partners.
We sat down with L1’s Monad and VRRB to discuss cross-chain and interoperability.
Monad is a fundamentally optimized EVM blockchain that can achieve 10,000 TPS making it the fastest, cheapest, and most censorship resistant EVM L1. VRRB is a blockchain enabling developers to build in any language they choose. We look forward to exploring what Pyth data can one day unlock for these promising chains.
We also welcomed Uniwhale to the #PoweredByPyth ecosystem and discussed with them their unique perpetuals DEX design, origin story, and plans for the community.
Want us to sit down with a specific team or explore a specific topic? Don’t hesitate to let us know!
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.