Pyth Network Goes Live
Posted by Colin Lambert. Last updated: August 31, 2021
Less than five months after revealing its plans to the wider world the Pyth Network has gone live with data from more than 30 assets, including cryptocurrencies, FX, equities and commodities and says “much more” is to come.
The network is a decentralised bridge between crypto and “real world” data, which is supported on the Solana blockchain. Pyth aggregates data, making it available for smart contracts.
Although the launch is seen as a big boost for high speed traders seeking to access digital asset markets – the majority of the network’s initial members have come from this community – the new network will only initially support price updates at 400 millisecond frequency. This does, however, compare favourably with other blockchains that update in double digit seconds.
The network can initially support up to 32 individual providers per asset “without at any point compromising on the data quality which is paramount for any oracle aiming to power financial dApps” the firm says.
The launch has also involved what Pyth says is a “confidence value”, which is describes as something that can be quickly understood as a function of where trades could be expected to occur at a given time for a particular asset. This is aimed, the firm says, at empowering decentralised apps (dApps) as they use the market data.
The firm says it is also outperforming its own expectations on development as it is currently supporting more than the three layer-1 blockchains originally targeted in Solana, Ethereum and Terra.
“Moving forward, the community will also be a big part of what we are trying to build,” Pyth says in a blog post. “As a first-party financial data oracle, we wish to educate as many community members as possible about what our expansion plans are and how we are going to accomplish those. As a result there will be more emphasis on building the awareness of the Pyth Network.”