Pyth is Setting New Standards (#35)
Pyth is Setting New Standards (#35)
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?
We’re excited to announce the launch of Pyth Benchmarks, a mission-critical set of standardized measurements that are historically queryable for DeFi apps. Data users can use Benchmarks access to historical prices, and soon, other types of standardized data as well.
Benchmarks builds on the existing Pythnet data feeds covering real-time prices for 200+ assets. These prices meet all the requirements of a good benchmark:
All source data is provided by reputable first-party publishers.
The data is robustly and transparently aggregated on the Pythnet appchain, and anyone can verify the computation.
Each price feeds update every second.
Every price update is signed and verifiable on 13+ blockchains.
Pyth Benchmarks is already empowering many leading DeFi apps: Ribbon Finance, the #1 decentralized option vaults (DOV) protocol on Ethereum, Solana and Avalanche, is leveraging Benchmarks to settle its weekly 08.00AM crypto options. Thanks to the quick availability of Pyth Benchmarks data, Ribbon can retrieve settlement prices within seconds of their expiries and settle instantly, improving their overall UX!
“Pyth price feeds help with accuracy for settlement of options contracts”, said Julian Koh. “There is usually over $100m of open interest we need to settle every week, so the accuracy really matters. Pyth has delivered on this without any hiccups.”
On Feb 23, Coinbase announced the launch of Base, an Ethereum Layer 2 built upon the Optimism stack. Base will serve as a home for Coinbase’s on-chain products and an ecosystem where anyone can build!
The Base network has deployed the Pyth smart contract on Base testnet, in recognition of the strength and reliability of Pyth’s low-latency price feeds! Anyone #BuildingOnBase can now become #PoweredByPyth!
“Ethereum and specifically its burgeoning ecosystem of Layer 2’s, we believe to be fundamental to the growth of Crypto, which is why making Pyth data available there is paramount” said Mike Cahill, a director of the Pyth Data Association. “We are excited to already expand to Base as it further increases the availability of Pyth data and empower a wide range of new developers and dApps”
Pyth Liquidity Oracle V1: Goodbye Uncertainty, Hello Precision
We’ve blogged in the past about our ideas as to how lending protocols could benefit from a liquidity oracle to build countermeasures to illiquidity risks. We’re excited to springboard that into the Pyth Liquidity Oracle V1 through a collaboration with one of our data providers, Kaiko!
The Pyth Liquidity Oracle will help protocols mitigate the risk of excessively large positions on illiquid tokens being put on, reducing the likelihood of an illiquidity-centered exploit and bolstering confidence in permissionless DeFi protocols!
What’s Happening on the Data Provider Side?
Going to the top with Tophash Digital
Earlier this week, Tophash Digital, a leading proprietary trading company specializing in offering global liquidity solutions for cryptocurrency, joined the Pyth network!
“As a technology-driven trading firm we are well-versed in the requirements of reliable, low-latency data; and the robust infrastructure needed for providing high-quality data to deliver the best possible outcomes for users,” said Jingcheng Li, CEO of Tophash Digital. “We have found that Pyth network is a reliable source that can seamlessly aggregate and distribute data from leading institutional partners. Its infrastructure is second-to-none, providing a reliable channel for its data to be consumed properly. We are proud to collaborate with the Pyth team and believe that it is an integral component of the ever-evolving cryptocurrency ecosystem.”
Doing Digital Asset Research leads you to Pyth
We are pleased to also welcome Digital Asset Research (DAR), a leading provider of ‘clean’ crypto data, to the Pyth network! DAR will contribute real-time market prices for crypto assets to the network to ensure that Pyth continues delivering high-fidelity price data.
Digital Asset Research (DAR) is a specialized provider of ‘clean’ digital asset data, insights, and research for institutional clients. Each day, DAR processes 200+ million trades to calculate 10,000+ institutional-quality digital asset prices and deliver a range of product solutions to navigate the cryptoverse.
“As a specialized provider of digital asset data, we’re honored to join Pyth in growing their oracle network and to contribute to the DeFi ecosystem overall,” said Doug Schwenk, DAR’s CEO. “We look forward to furthering their greater mission of delivering reliable, accurate, real-time pricing data to hundreds of applications from lending protocols to derivative platforms.”
The Pyth network continues to scale: more users, more data, more blockchains—and the more reliable data providers who make it all possible. If you possess or create valuable market data and want to become a part of the Pyth ecosystem, you can forward your details here.
What’s New with the Pythians?
Denver: The Center of the World!
Year in, year out, the crypto community meets in Denver, Colorado for a multi-week-long event like no other.
Initially focused on Ethereum, ETH Denver has since become a hotspot with other ecosystems joining in the action: BNB Chain is sponsoring ETH Denver, Kucoin is hosting a BUIDLing House, Jump Crypto has set up The Pit, Aptos is shaking things up with MOVEcon, builders are attending the Sui Builder House, and much more…
Pyth will also be at the FIA conference in Florida! As always, you’ll find fellow Pythians at all of these events. If you would like to meet us in person, reach out on Discord and we’ll make it happen!
NAS Academy: The Place to Be (to learn Solana)
Are you looking for a 6 weeks program to help you master blockchain development and launch your own application on Solana? NAS Academy has you covered!
This program is made possible thanks to the Solana Foundation and Superteam, Wormhole, Backpack, and Pyth. The course is fully online and free, but beware: seats are limited. Register now here!
IEX Podcast featuring Pyth—Listen in!
IEX has been a long-time data provider to the Pyth network—since July 2021!
They’re huge fans of Pyth, and we’re huge fans of them. Tune in to an enlightening conversation on IEX’s Boxes and Lines podcast, led by Ronan and JR. You’ll recognize the commanding voice of Steve Kaminsky, a contributor to the Pyth network from Jump Crypto, as he marshals tough topics from Pyth’s unique aggregation to why household names and financial titans are joining the network. Listen here!
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.