Oracle Solution Provider Pyth Network Deploys First-Party Financial Data on BNB Chain

The Pyth network, a specialized oracle solution for “latency-sensitive” financial data that is typically kept behind the “walled gardens” of centralized institutions, recently announced the deployment of its first-party financial data on BNB Chain, a “community-driven,” “decentralized” and “censorship-resistant” blockchain, and integration with BNB Application Sidechains (BAS), which “enable developers to easily create sidechains dedicated to specific applications in the BNB Chain ecosystem.”

This deployment allows data from the Pyth oracle “to be instantly accessible to developers and decentralized applications (dApps) on BNB Chain, thereby enabling developers in the BNB ecosystem to build robust and complex applications leveraging high-fidelity financial data.”

Pyth’s use of confidence intervals, which serve as a measure of reliability and precision, “translates data into easily digestible value that protocols can use to further customize their applications for better, safer, and more accurate operations.’

Mike Cahill, Director of the Pyth Data Association, said:

“Pyth’s integration with BNB Chain is a significant milestone in our mission to empower developers across all ecosystems with hi-fidelity data. With its energy efficiency and ultra-low-cost, instantaneous transactions, it is no surprise that BNB Chain has become one of the most popular blockchains in the world. We are proud to join the BNB ecosystem and look forward to supporting developers as they build the future of finance – powered by Pyth.”

BNB Chain is one of the largest smart contract blockchains in the world “with over 2 million daily active users and more than $10 billion in total value locked across various applications.”

It is host to a plethora of community-driven dApps, “including Venus, the largest lending protocol on BNB Chain and which is serving as the launch partner to the Pyth network.” The Pyth network is “a first-party financial oracle solution specifically designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment.”

The network incentivizes market participants — exchanges, market makers, and financial services providers — “to share directly on-chain the price data collected as part of their existing operations.”

The network then “aggregates this first-party price data and makes it available for free to either on- or off-chain applications.”

Patrick Degenhardt, Vice President at BNB Chain Labs, said:

“Pyth has quickly established a strong reputation for its high-quality, uncompromising data that developers and dApps rely on to fuel visionary projects. We are thrilled to partner with the Pyth network as we continue to build the infrastructure underpinning Web3.”

Brad Harrison, CEO of Venus, remarked:

“We are pleased to serve as the launch partner to Pyth on BNB Chain, which represents an exciting development for the dApp community. Access to time-sensitive, real-world data is critical, especially in times of volatility, and Pyth’s game-changing precision and reliability will usher in a new era of innovation for the BNB community.”

The Pyth network “includes nearly 60 prominent financial market participants as data publishers for various asset classes.”

Pyth price feeds have been “available on the Solana mainnet since August 2021 and leading Solana dApps like 01, Bonfida, Drift, Friktion, Hxro, Mango Markets, Saber Labs, Soda, Solend, Synthetify, Port, and Zeta Markets have integrated with Pyth network to strengthen their protocols’ uptime guarantees and automate critical on-chain functions in a highly reliable, fully decentralized, and cost-efficient manner.”

As covered, 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 Pyth network is focused “on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.”

The Pyth Data Association was “created in support of the Pyth network and is overseen by a board of directors elected by members of the Pyth network.”

As noted in the update, BNB Chain is “a community-driven, decentralized and censorship-resistant blockchain, powered by BNB.”

It consists of BNB Beacon Chain and BNB Smart Chain (BSC), “which is EVM compatible and facilitates a multi-chain ecosystem.”

Through the concept of MetaFI, BNB Chain aims “to build the infrastructure to power the world’s parallel virtual ecosystem.”

Sponsored Links by DQ Promote



Send this to a friend