Douro Labs Opens the Doors, Joins Pyth Network
Posted by Colin Lambert. Last updated: September 1, 2023
Douro Labs, a firm established by three former Jump Trading and Jump Crypto staffers, Michael Cahill, Jayant Krishnamurthy and Ciarán Cronin, has gone public with its plans to join the Pyth Network and help work on the Perseus DeFi Syndicate platform, which launched officially earlier this year.
Douro Labs says it is building oracle tooling, products, and Web3 infrastructure that will expand the Pyth Network’s suite of decentralised data services and enhance access to real-time, once-exclusive market data for all blockchain participants.
The Pyth Network, which went live in two years ago, is a blockchain-based DeFi data network that delivers over 300 price feeds across crypto, FX, equities and commodities markets. It has, Douro says, over 85 data providers delivering data across 30 blockchains and captures 90% of the addressable market with 10 of them. The firm adds the Pyth Network has been used by DeFi protocols in over $65 billion of trading volume since launch.
“Douro Labs is a timely addition to the network, as the ecosystem prepares for a new era of decentralised finance and global adoption of blockchain-powered markets,” the firm says in a post announcing its launch.