Pyth Network launches real-time market data on the Internet
The Pyth Network – a provider of real-time market data for blockchain applications – launches price feeds and Pyth benchmarks on the open-source, share-proof public ledger Hedera.
According to a press release issued on February 26, more than 400 pies priced at Hedera will be launched. HBAR Foundation Business Development Director Grace Pfluger said:
“Lending is seen as a core element of economic behavior, so public-mouth pricing is a critical component of growth. This infrastructure is a major milestone in the expansion of new financial instruments across the globe.”
Pyth Price Feeds provides a put oracle design that allows Hedera users and developers to access the latest price updates on cryptocurrencies, forex, commodities, stocks and exchange-traded funds (ETFs) with over 400 very low-latency price updates.
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Another service provided by Pyth price feeds is the confidence interval feature to inform downstream protocols about ongoing volatility and market displacement.
HLiquity — a decentralized lending protocol that allows users to take out interest-free loans with the Hedera (HBAR) token — will be the first application on Hedera to integrate with Piez data. HLiquity helps monitor HBAR and Swiss Franc prices to ensure that user vaults and the entire protocol are kept up to date.
The Paiz Network is a first-party financial network that delivers low-latency real-world data to multiple blockchains. On February 20, it announced the launch of price feeds for 13 Bitcoin ETFs. According to the company, the feeds will enable decentralized financial platforms to expand portfolio options, improve risk mitigation strategies, and leverage institutional capital on the chain to increase liquidity.
In January 2024, the Hedera Global Governing Council, which oversees the Hedera Network, approved the allocation of 4.86 billion HBR, an estimated $408 million, for further development and decentralization. The funds are part of Hadera's goal to strengthen its base following its 2023 performance, which has more than 33 billion real-world transactions on its network.
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