Pyth Network, a leading provider of real-time market data for blockchain applications, is set to launch price feeds and Pyth benchmarks on Hedera, an open-source proof-of-stake public ledger. In an announcement on February 26, it was revealed that more than 400 Pyth price feeds will be made available on Hedera.
According to Grace Pfluger, the Director of Business Development at HBAR Foundation, Pyth price feeds will offer a pull oracle design that allows Hedera users and developers to access the latest price updates for over 400 ultra-low-latency price feeds across various asset classes, including cryptocurrencies, foreign exchange, commodities, equities, and exchange-traded funds (ETFs).
One of the key features provided by Pyth price feeds is a confidence interval function, which informs downstream protocols about ongoing volatility and market dislocations.
HLiquity, a decentralized borrowing protocol that enables users to obtain interest-free loans against Hedera’s token (HBAR), will be the first application on Hedera to integrate with Pyth data. HLiquity utilizes Pyth to track the current prices of HBAR and Swiss francs, ensuring that user vaults and the overall protocol remain overcollateralized.
Pyth Network serves as a financial oracle network, delivering low-latency real-world data to multiple blockchains. In a recent announcement, the company introduced price feeds for 13 Bitcoin ETFs, aiming to expand portfolio options, enhance risk mitigation strategies, and boost liquidity for decentralized finance platforms by attracting institutional capital on-chain.
In January 2024, the Hedera Global Governing Council, responsible for overseeing the Hedera network, approved the allocation of 4.86 billion HBAR tokens, valued at approximately $408 million, for further development and advanced decentralized governance. These funds will contribute to Hedera’s efforts to strengthen its foundation following a successful 2023, which witnessed over 33 billion real-world transactions on the network.
Magazine: Helsinki’s Crypto Fame – 5,050 Bitcoin Purchased for $5 in 2009.