Connect with us

Hi, what are you looking for?

Cryptocurrency

Solana-based decentralized data oracle Pyth Network is going live tomorrow.

Pyth plans to also support Ethereum, Binance Smart Chain (BSC), and Terra in the near future.

Pyth Network, a decentralized, cross-chain data oracle built on the Solana blockchain, is going live tomorrow, August 26.

In other words, Pyth Network is launching on the Solana mainnet. Until now, the network has been available on the Solana devnet as a playground to test it. The mainnet launch will allow developers to integrate Pyth Network’s “real-time” market data into decentralized finance (DeFi) applications.

Pyth Network was incubated by Jump Trading and has received contributions from other high-profile trading firms as well, including GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading, and KGI Securities, a wholly-owned subsidiary of China Development Financial Holding Corporation. Other contributors in the project include LMAX, MIAX/BSX, Genesis Global Trading, FTX, CMS, CoinShares, and Bitso.

As for its specific offering, Pyth Network connects market data from these trading firms and exchanges to any smart contract through the Solana blockchain. The decentralized nature of Pyth Network means it does not rely on any single data source which could be manipulated. Pyth Network supports real-time data at “sub-second intervals” of various financial markets, including crypto, U.S. equities, foreign exchange or forex, and commodities.

Some of the projects currently using or are set to use Pyth Network include Solana-based decentralized exchanges Saber Labs, Mango Markets, and Bonfida.

theblockcrypto

While Pyth currently supports Solana-based projects, it plans to integrate with the Wormhole interoperability protocol “in coming weeks” to support three other blockchains — Ethereum, Binance Smart Chain (BSC), and Terra.

“The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth,” said Chris Zuehlke, partner at DRW and global head of Cumberland. “As a company that has a long history in the traditional capital markets, it’s exciting to see DeFi start to challenge long-held ideas of what’s possible and offer novel solutions.”

theblockcrypto

Featured

Bitcoin

US-based Wells Fargo publicly announced its spot Bitcoin ETF investments in a statement to the US Securities and Exchange Commission (SEC). On the other...

Bitcoin Mining

The mining industry for Bitcoins incurred a sizeable debt load during the bull market of 2021, which hurt their financial health during the subsequent...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...