Pyth Network Launches Over 400 Price Feeds on Hedera Ledger
Summary:
Pyth Network, a provider of real-time blockchain market data, has launched over 400 price feeds on the open-source public ledger Hedera. The feeds, which include data on cryptocurrencies, foreign exchange, commodities, equities, and ETFs, will be accessible to Hedera's users and developers. HLiquity, a decentralized borrowing protocol, will be the first application to integrate with Pyth Data. In January 2024, the Hedera Global Governing Council approved an allocation of over $400m of Hedera's native token for development and governance.
Blockchain market data provider, Pyth Network confirmed the inauguration of Price Feeds and Pyth Benchmarks on the open-source public ledger Hedera, on February 26. As indicated in their press statement, Hedera will see the launch of in excess of 400 Pyth Price Feeds. Grace Pfluger, the HBAR Foundation's Director of Business Development, regards "public oracle price feeds" as immensely significant for expansion, considering borrowing typically underpins economic behavior. Pfluger expressed that this milestone is significant for inspiring the creation of innovative monetary instruments on Hedera.
Pyth Price Feeds will utilize a pull oracle approach to grant Hedera's users and creators access to the current price changes for over 400 ultra-minimal-latency price feeds covering cryptocurrencies, foreign trade, commodities, equities, and ETFs. Confidently, Pyth Price Feeds will facilitate an interval feature to notify downstream protocols about the high volatility and market disturbances.
Decentralized lending protocol, HLiquity — that enables users to get interest-free loans against HBAR, Hedera’s local token— will be the initial implementation on Hedera to synchronize data from Pyth. The protocol aids in monitoring the present prices of HBAR and the Swiss franc (CHF) to ensure that user vaults and the entire protocol persist to be over-collateralized.
As a pioneer in the financial oracle network space, the Pyth Network aims to offer low-latency, real-life data to multiple blockchains. On February 20, it revealed its decision to initiate price feeds for 13 Bitcoin ETFs. The company stated this move could assist the decentralized finance forums to diversify their portfolios, augment their risk alleviation strategies, and increase liquidity by potentially bringing institutional capital on-board.
The Hedera Global Governing Council, which supervises the Hedera network, consented to allocate approximately $408 million of Hedera's native token, equating 4.86 billion tokens, for more development and advanced decentralized governance in January 2024. This allocation aligns with Hedera's aim to cement its base in the aftermath of its 2023 performance, wherein the network faced more than 33 billion real-world proceedings.
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Published At
2/26/2024 3:30:26 PM
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