OKX, which claims to be the world’s “second largest” cryptocurrency exchange (presumably after Binance), announced that it is partnering with Pyth network, a next-generation Oracle solution built on the Solana blockchain and designed “to provide trusted and verifiable market data to decentralized applications.”
Pyth operates “one of the largest and most reliable oracle networks, deriving price data from more than 70 leading institutions, both in crypto and traditional finance.”
Pyth aggregates and publishes data at sub-second speeds, “making it available across blockchains via the Wormhole messaging protocol.” Pyth network has “established itself as the most reliable source of financial data for the DeFi ecosystem.”
Lennix Lai, OKX Director of Financial Markets said:
“Given the recent liquidation events in DeFi, we understand that a high-performance, robust and low latency market data oracle service is crucial in developing financial products in DeFi. The Pyth network, with sub-second latency and its rapidly growing network of highly respected data partners, is an example of this exciting potential.”
Michael Cahill, Director of the Pyth Data Association, said:
“OKX has firmly established itself as a leading global crypto exchange known for innovation and security. Their commitment to DeFi and Web3 resonates with Pyth’s mission of promoting more efficient on-chain markets and we look forward to partnering with them on this journey.”
As noted in the update, OKX is “the second biggest global crypto exchange by trading volume and a leading web3 ecosystem.”
“Trusted” by more than 20 million global customers, OKX is “known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.”
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering “for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.”
As mentioned in the announcement, Pyth network is “a specialized oracle solution for latency-sensitive financial data that is typically kept behind the ‘walled gardens’ of centralized institutions.”
Pyth network is “focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.”