Pyth Network Launches on Solana Mainnet, Bringing Precise Institutional Data On-Chain

Announcements, Blockchain, News | August 26, 2021 By:

Pyth Network, the cross-chain oracle solution delivering real-time, institutional-grade market data to DeFi applications, has announced that it will be launching on the Solana Mainnet.

The Pyth network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The network is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.

Having already onboarded 17 trading firms and exchanges onto its network as first-party data providers, Pyth’s move onto the Solana Mainnet will supercharge decentralized market infrastructure and provide a more advanced oracle solution to power new, high-frequency trading functions.

With this launch, developers will be able to integrate Pyth’s real-time price feeds across new and existing decentralized finance (DeFi) platforms and applications. In addition to being built on Solana’s high-speed blockchain, in coming weeks, Pyth will be able to broadcast market data through the Wormhole Network to communicate with dApps across the Ethereum, Binance Smart Chain (BSC) and Terra ecosystems.

“This is an exciting development for global market infrastructure,” said Dave Olsen, President and Chief Investment Officer of Jump Trading Group, one of the leading trading firms involved in the Pyth network. “As DeFi and TradFi continue to converge on the Solana blockchain, 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, the proof-of-stake blockchain that’s capable of matching the transaction speeds of Nasdaq, recently surged to $2.5 billion total value locked across its ecosystem. In addition to its speed, which lends to Pyth’s ability to provide the most accurate snapshot of market data for smart contracts, 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.

“There is a tremendous amount of innovation happening in financial services, much of which is being driven by decentralized finance. 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. 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.

Composed of a combination of primary and derived data from trading firms and exchanges, the Pyth Network is able to cover a large share of global market activity while reducing the dependency on any single data-source to reduce the likelihood of a single or group of data providers attacking or manipulating the aggregate price. Leading DeFi applications like Saber Labs, Mango Markets, Bonfida, Zeta Markets, and Hxro will integrate or are already using the Pyth network to strengthen their protocols’ uptime guarantees and automate critical on-chain functions in a highly reliable, fully decentralized, and cost-efficient manner.

“The Pyth network seamlessly plugs into existing DeFi applications and introduces new tools for developers to build with,” said Max Schneider, contributor to the popular decentralized margin trading protocol, Mango Markets. “We are excited to be early supporters of the oracle and have seen developers using Pyth to innovate on new perpetual futures contracts. One developer is even using it as an easily accessible fair value estimator for his open-source market making algorithms.”