Pyth Network delivers high-speed oracle data to Solana mainnet
Institutional-grade data oracle Pyth Network is set to launch high speed, cross-chain market data on the Solana mainnet following integration with interchain DeFi portal Wormhole 2.0.
The network’s sub-second price feeds will enable dApps on the Solana (SOL) chain to seamlessly integrate price data from cryptocurrency, US equities, foreign exchange, and commodities markets.
With further expansions planned to the Pyth Network aimed at spreading market data broadcast across Ethereum (ETH), Binance Smart Chain (BSC), and Terra (LUNA) ecosystems – Solana has proved to be the perfect mainnet to kick things off due to the recently launched inter-chain smart contract portal Wormhole 2.0.
Dave Olsen, President and Chief Investment Officer of Jump Trading Group, one of the leading firms involved with Pyth, believes the project would play a vital role in the adoption of decentralised financial technology.
“This is an exciting development for global market infrastructure as DeFi and TradFi continue to converge on the Solana Blockchain,” he said.
“We believe Pyth‘s ability to connect high-fidelity, time-sensitive, real-world data with DeFi applications will play a critical role in the industry’s evolution.”
Solana’s proof-of-stake blockchain is capable of matching the transaction speeds of Nasdaq, and this shall unlock sub-second data potential for the Pyth network, lending the ability to provide live and accurate snapshots of market data for smart contracts and dApps.
The native network token SOL recently surged to $2.5 billion total value locked across its ecosystem, the first of many major bull movements across the altcoin market in the past week.
Pyth’s ability to broadcast cross-chain through Wormhole in the coming weeks will make it the first real-time institutional-grade cross-chain oracle solution.
8/ Associated with upcoming @wormholecrypto, a bi-directional decentralized bridge between chains, the Pyth network will be able to provide its HiFi first-party data to dApps regardless of their blockchains, starting with @solana, @ethereum, @terra_money and the @BinanceChain
— Pyth (@PythNetwork) August 23, 2021
Dylan Macalinao, co-founder and CEO of Saber Labs – the first Solana-based cross-chain stablecoin exchange, which recently secured $7.7m in a seed funding round – argued the sub-second price feeds will make it a serious competitor to Chainlink.
“Pyth is cementing Solana to be a force within DeFi,” he said.
“Saber has been able to compose with other DeFi protocols, as well as provide users with real-time pricing data thanks to Pyth’s tamper-proof on-chain data feeds.
“Pyth’s strong network of institutional partners is a testament to their trust and value in the ecosystem.”
Pyth oracle has major backing
Indeed Pyth already boasts an impressive institutional banking with Jump Trading, GTS, LMAX, Virtu Financial, MIAX/BSX, Genesis Global Trading, FTX, CTC, Akuna Capital, IEX, CMS, CoinShares, DRW Cumberland, XR Trading, Bitso, KGI Securities and Hudson River Trading all on the long list of project supporters.
The CEO of LMAX, David Mercer, suggested his firm backed the project because it was driving forward innovation in DeFi by democratising data feeds.
“As the first major institutional exchange to join the Pyth network, LMAX Group is hugely excited by DeFi and believes it can transform capital markets as we know them in the years ahead,” he said.
“We believe the Pyth network, built on the low-latency Solana blockchain can revolutionise and democratise market data provision.
“This is a milestone for the industry as the DeFi ecosystem expands and we look forward to helping develop the network, which will be the primary market data oracle.”
The myriad use cases are only just starting to be explored as the project prepares for mainnet launch. Max Schneider of Mango Markets – a Solana-powered decentralised exchange (DEX) focused on cross-margin trading which successfully raised $70m following a 48-hour fair token launch, highlighted the potential abundance of usages for Solana developers.
“The Pyth network seamlessly plugs into existing DeFi applications and introduces new tools for developers to build with,” he explained.
“We are excited to be early supporters of the oracle and have seen developers using Pyth to innovate on new perpetual futures contracts as well as trader’s collateral.
“One developer is even using it as an easily accessible fair value estimator for his open-source market making algorithms!”
More crypto news and information
If you want to find out more information about Solana or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
