Pyth Price Feeds launches its catalog on Hedera

cointelegraphPubblicato 2024-02-25Pubblicato ultima volta 2024-02-26

Pyth Network, a provider of real-time market data for blockchain applications, announced on Feb. 26 the launch of Price Feeds and Pyth Benchmarks on open-source, proof-of-stake public ledger Hedera.

According to the press release, more than 400 Pyth Price Feeds will be launched on Hedera. Grace Pfluger, HBAR Foundation Director of Business Development, commented on the news:

“Public oracle price feeds are a critical component for growth as lending is often seen as the crux of economic behavior. This infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera.”

Pyth Price Feeds will offer a pull oracle design to enable Hedera users and developers access to the latest price updates for over 400 ultra-low-latency price feeds across cryptocurrencies, foreign exchange, commodities, equities, and exchange-traded funds (ETFs).

Another service provided by Pyth Price Feeds is a confidence interval feature to inform downstream protocols about ongoing volatility and market dislocations.

HLiquity — a decentralized borrowing protocol that allows users to draw interest-free loans against Hedera’s native token, HBAR — will be the first application on Hedera to integrate with Pyth Data. HLiquity helps track the current prices of HBAR and Swiss franc (CHF) to ensure that user vaults and the overall protocol remain over-collateralized.

The Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchains. On Feb. 20, it announced the launch of price feeds for 13 Bitcoin ETFs. According to the company, that could help the decentralized finance (DeFi) platforms expand portfolio options, improve risk mitigation strategies and enhance liquidity by potentially attracting institutional capital on-chain.

In January 2024, the Hedera Global Governing Council, which oversees the Hedera network, approved the allocation of 4.86 billion of the network’s native token, Hedera, worth roughly $408 million, for further development and advanced decentralized governance. The funds are part of Hedera’s goal to strengthen its base following its 2023 performance, with over 33 billion real-world transactions on the network.

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