Firms Partner for Cross-Chain Crypto Trading Signals
Posted by Colin Lambert. Last updated: October 12, 2022
Paloma, a decentralised blockchain and communications protocol, has partnered with the Pyth Network and algo trading solution AlgoReturns to launch what the firms say is the first, decentralised, cross-chain systems trading blockchain.
The solution will deliver trading signals across public blockchains and allows users to trade the same token across different blockchains simultaneously, streamlining the entire trading process.
Paloma says it sees the partnership as a critical step in removing crypto trading monotony for traders and developers, ultimately laying the groundwork for the next phase of decentralised oracles, messaging, and bridge technologies.
“Paloma’s implementation of the Pyth price feed library, as well as AlgoReturns’ trading signals, means that developers can now unleash new blockchain applications that can execute trades across different blockchain states,” says Taariq Lewis, founder of Volume, a software development company building on the Paloma protocol. “Without the need to switch data feed providers or worry about execution continuity, developers can build more efficiently and securely while users trade with convenience.”
Mike Cahill, director of the Pyth Data Association, adds, “Pyth data is always ready to help builders unlock new potential, and Paloma’s implementation of the Pyth prices is a great boon for traders.”
Leveraging the feeds from the Pyth network, Paloma says it now enables a new era of cross-blockchain application development. Digital asset developers have the ability to build automated asset trading systems that execute trading strategies across multiple blockchains.
“We feel the combination of our research and products together with Paloma and Pyth will provide a systematic avenue for traders and investors to exploit the unprecedented opportunities in the DeFi markets,” says Indrajit Chatterji, co-founder of AlgoReturns.