Pyth Network, a real time market provider goes live on the popular Solan blockchain network, stated the platform on Twitter. Pyth Network is a decentralized, cross-chain oracle that will be launched on the leading blockchain’s mainnet, which will allow developers to integrate the “real-time” market data across decentralized finance (DeFi) platforms and applications (dApps).
Pyth Network was initially incubated by Jump Trading, it has attracted attention and received contributions through investments from well known, established trading firms, this include GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading, and KGI Securities, a fully-owned subsidiary of China Development Financial Holding Corporation.
“We believe the Pyth network, built on the low-latency Solana blockchain, can revolutionize and democratize market data provision,” stated David Mercer, chief executive of LMAX Group. “This is a milestone for the industry as the DeFi ecosystem expands.”
Solana is a network which utilizes the proof-of-stake (PoS) mechanism which is known for having the capability of matching the transaction speed of the Nasdaq exchange, reported by a statement. For anyone who does not know, Solana is one of the best contenders to be an Ethereum killer.
Pyth publishes at sub-second intervals and offers coverage consisting of high-fidelity streaming data from cryptocurrency, U.S. equities, foreign exchange and commodities markets. It comprises primary data as well as derived data from trading firms and exchanges, that allows it to cover a huge share of the global market activity with minimal dependency on any one data source, which reduces the probability of one or more data providers of either attacking or manipulating the aggregate price.
The DeFi ecosystem is emerging and evolving at a rapid pace, seeking to replace traditional finance and brings in innovation via unexplored aspects by employing embedded applications known as smart contracts that are powered by a blockchain network, or simply a series of interlocking digital ledgers.
But for this to transform into a real life prospect, these programs require reliable data on several aspects such as the latest price of assets, so they know when to take action immediately like buying or selling. Pyth is an attempt to fill that role.
In a few weeks time, Pyth will be broadcasting market data via the “Wormhole Network”, which will allow it to communicate with decentralized applications (dApps), across the Ethereum, Binance Smart Chain and Terra ecosystems, expanding its usage and capabilities further.
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