March 27, 2024
Latest Cryptocurrency News

Pyth Network Launches Price Feeds and Benchmarks on Hedera Blockchain

In a significant development for the blockchain industry, Pyth Network, a leading provider of real-time market data for blockchain applications, is set to launch price feeds and benchmarks on the open-source, proof-of-stake public ledger Hedera. The announcement, made on February 26 via a press release, revealed that over 400 Pyth price feeds will be introduced on Hedera.

Grace Pfluger, Director of Business Development at HBAR Foundation, emphasized the importance of public oracle price feeds for economic growth, stating, “This infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera.” Public oracle price feeds play a crucial role in facilitating lending, a cornerstone of economic behavior.

Pyth price feeds will offer a pull oracle design, allowing Hedera users and developers to access real-time updates on more than 400 ultra-low-latency price feeds across various asset classes, including cryptocurrencies, foreign exchange, commodities, equities, and exchange-traded funds (ETFs).

One notable feature of Pyth price feeds is the inclusion of a confidence interval feature, providing information about ongoing volatility and market dislocations to downstream protocols.

HLiquity, a decentralized borrowing protocol operating on Hedera, will be the first application to integrate with Pyth data. This protocol enables users to draw interest-free loans against Hedera’s token and ensures over-collateralization by tracking the current prices of HBAR and Swiss franc.

Pyth Network, known as a first-party financial oracle network, recently made headlines by launching price feeds for 13 Bitcoin ETFs. The company believes that these feeds can support decentralized finance platforms in expanding portfolio options, improving risk mitigation strategies, and enhancing liquidity, potentially attracting institutional capital on-chain.

In January 2024, the Hedera Global Governing Council approved the allocation of 4.86 billion HBAR (worth approximately $408 million) for further development and advanced decentralized governance. This funding is part of Hedera’s strategy to strengthen its base after a remarkable 2023 performance, which saw over 33 billion real-world transactions on the network. The integration of Pyth price feeds on Hedera is expected to further boost the platform’s capabilities and foster innovation in the decentralized finance space.

Image by Gerd Altmann from Pixabay

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