Pyth Network, a leading provider of real-time market data for blockchain applications, announced that it will introduce price feeds and Pyth benchmarks on the open-source, proof-of-stake blockchain Hedera. This news, released in a press release on February 26, marks a significant expansion of the availability of reliable market data in the blockchain sector.
More than 400 Pyth feeds on Hedera network
The integration includes more than 400 Pyth price feeds on the Hedera network, supporting a wide range of financial instruments and services. Grace Pfluger, director of business development at the HBAR Foundation, emphasized the importance of public oracle price feeds to economic growth and innovation within the Hedera ecosystem. “This infrastructure is a huge milestone to stimulate the development of innovative financial instruments on Hedera,” said Pfluger.
The Pyth price feeds will provide Hedera users and developers with access to the most up-to-date, ultra-low latency price updates for a wide range of assets including cryptocurrencies, foreign exchange, commodities, stocks and ETFs. A unique feature of the Pyth price feeds is the pull oracle design, along with a confidence interval feature that provides insight into market volatility and potential disruptions.
HLiquity, a decentralized lending protocol on the Hedera network, will be the first to integrate Pyth data. This protocol allows users to withdraw interest-free loans against Hedera’s token, using current price information for HBAR and the Swiss Franc to ensure the security of user vaults and the stability of the protocol.
Also announced price feeds for 13 Bitcoin ETFs
Known as a first-party financial oracle network, the Pyth Network plays a crucial role in providing low-latency real-world data to various blockchain platforms. Most recently, Pyth announced the launch of price feeds for 13 Bitcoin ETFs, a move expected to expand capabilities for decentralized finance platforms, improve risk mitigation strategies, and increase liquidity by attracting institutional capital.
These developments follow the approval by the Hedera Global Governing Council of an allocation of 4.86 billion HBAR, worth approximately $408 million, for further development and decentralized governance of the network. This initiative underlines Hedera’s commitment to strengthen its position after a successful 2023, marked by more than 33 billion real transactions on the platform.
Source: https://newsbit.nl/pyth-network-lanceert-realtime-prijsfeeds-op-blockchain-van-hedera/
