Pyth, a Financial Oracle Network, is Live on Aptos

Pyth Network is pleased to announce that the Pyth price feeds are now available on Aptos mainnet.

Thanks to the support of Wormhole and Aptos Labs, the team is pleased “to enable anyone building the future of finance on Aptos to leverage Pyth’s high-fidelity data freely.” Any Aptos program can now (permissionlessly) “request and consume any of Pyth’s 80+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency directly.”

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

“Aptos has done an impressive job of inspiring an exciting ecosystem of talented builders. At speeds very few blockchains are capable of, Aptos makes possible a wide array of new applications that are powered by Pyth.”

Leading this launch is a cohort of applications from all sectors of DeFi: Argo, Aries Markets, AUX, Concordia, Fletch Wallet, Momentum Safe, Pontem Network, Thala Labs, Tortuga Finance, and Tsunami Finance.

Argo is “a lending protocol on Aptos that lets users deposit collateral for minting and borrowing $USDA — the Argo dollar-pegged stablecoin.”

Aries Markets is a “decentralized margin trading protocol on Aptos. Lend, borrow and trade with margin via a fully on-chain order book at a lightning speed.”

AUX is “a decentralized exchange built on Aptos, enabling users to swap any tokens. AUX offers three different venues for users to interact with AUX: the AMM, the CLOB or the router (offering the best fills mixing the AMM and CLOB).”

Concordia is “the operating system for decentralized credit on Aptos.”

Fletch Wallet is “a crypto wallet enabling users to can interact with the Aptos ecosystem. Fletch Wallet will be available on Android, iOS, and Chrome.”

Momentum Safe is reportedly “the first multi-sig wallet solution on Aptos that supports treasury management, Move model publish, protocol admin control, and dApp integration.”

Pontem Network is “a non-custodial crypto wallet built for Aptos.” In addition, the Pontem team is “building Liquidswap, a DEX, and the ByteBabel EVM for Aptos.”

Thala Labs is “building the first over-collateralized and decentralized stablecoin on Aptos: $MOD.”

Tortuga Finance is “building the premiere non-custodial liquid staking protocol for the Aptos blockchain.”

Tsunami Finance is “a margin trading and spot exchange offering 0% slippage, known exit liquidity, low funding fees, low spread, accruing collateral, and profitable liquidity provision.”

As explained in a blog post, Aptos is “a new Layer 1 blockchain based on the Move programming language developed at Meta, and that aims to be faster, more secure, and more scalable than other blockchains today.”

Aptos uses DiemBFT v4 “as its consensus mechanism, a variation of the Byzantine Fault Tolerance (BFT).” It means that individual faults (e.g. a malicious validator or accidentally offline validators) “do not compromise the whole system as long as more than 2/3 of the validators are operating smoothly.”

Aptos incorporates “a leader reputation system to update validators, on top of a few other features different from regular BFT.”

As noted in the update, the Pyth network is “a first-party financial oracle network 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 (still on-chain) and makes it available for free to either on- or off-chain applications.” End-users of Pyth data will be “able to choose to pay data fees to hedge against a potential oracle failure: their contributions will attract more publishers and supplement network robustness.”

In less than a year, the network “secured more than $2.0B in total value, and supported more than $30B in total trading volume ($4B this month alone), with over 500K client downloads from passionate developers looking to use Pyth data.”

Pyth currently “supports 80+ price feeds across crypto, equities, FX, and metals, with 400ms update frequencies.”

Upcoming feeds “include the DOW30 and BNB ecosystem tokens.”

As explained in the announcement, Pyth’s publishers “submit prices to Pyth’s on-chain aggregation program before the aggregate outputs are relayed to the Aptos blockchain through Wormhole Network (the cross-chain message passing protocol).”

Wormhole observes “when Pyth prices have changed and publishes an off-chain signed message attesting to this fact.”

This signed price update message “can then be submitted to the Pyth contract.” The contract verifies “the Wormhole message and updates the on-chain Pyth price to the new price.”

Pyth does “not automatically submit the prices to Aptos: protocols and users are responsible for updating the on-chain Pyth price before using it.”

For more details on this update, check here.

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