Pyth Network to Launch Over 400 Price Feeds on Hedera Boosting Blockchain Development
Summary:
Pyth Network is set to launch over 400 price feeds on Hedera, an open-source public ledger. The feeds will offer real-time price updates across various types of assets. Additionally, Pyth's feeds are designed with a confidence interval feature to update downstream protocols on current market states. HLiquity, a decentralised borrowing protocol, will be the first Hedera application to integrate with Pyth's data. This development aligns with Hedera's goal to strengthen its network after recording over 33 billion transactions following its performance in 2023.
In a recent development, Pyth Network, known for delivering real-time market information for blockchain applications, is set to introduce Pyth benchmarks alongside price feeds on Hedera, the open-source, proof-of-stake public ledger. An official statement released on February 26 revealed that Hedera would feature over 400 of Pyth's price feeds. Grace Pfluger, Business Development Director at HBAR Foundation, claimed these public oracle price feeds were fundamental for growth as economic behaviour is largely determined by lending. This development marks a significant point in facilitating the development of novel financial instruments on Hedera.
Pyth's price feeds will apply a pull oracle model, which will empower Hedera users and developers with the latest price updates covering over 400 ultra-low-latency price feeds spanning cryptocurrencies, commodities, foreign exchange, equities, and Exchange-Traded Funds (ETFs).
Additionally, Pyth's price feeds are equipped with a confidence interval feature, designed to update downstream protocols regarding prevailing market volatility and dislocations.
HLiquity, the first application on Hedera to incorporate Pyth data, is a decentralised borrowing protocol. It enables users to obtain interest-free loans backed by Hedera's (HBAR) token. HLiquity works to monitor the current prices of HBAR and the Swiss franc to confirm whether user vaults and the overarching protocol remain overcollateralized.
Pyth Network operates as a primary financial oracle network offering low-latency real-world data across various blockchains. On Feb 20, it unveiled the launch of 13 Bitcoin ETF price feeds. Such feeds, as per the company, could aid in diversifying portfolio options for decentralised finance platforms, improve risk mitigation strategies, enhance liquidity, and potentially draw institutional capital on-chain.
In 2024, the Hedera Global Governing Council granted the allocation of approximately 4.86 billion HBAR, roughly worth $408 million, aimed at financing advanced decentralised governance and further development. This step aligns with Hedera's ambition to fortify its foundations after its successful 2023 performance, which saw more than 33 billion real-world transactions executed on the network.
In other intriguing news, Bitcoin found widespread adoption in Helsinki as 5,050 units of the crypto were purchased for just $5 in 2009.
Published At
2/26/2024 5:00:00 PM
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