Back to the Grind | Newsletter #46

Long-time no see, Pythians! Our newsletter was on a brief hiatus as we reflected on a better way to deliver news to our community.

This autumn, we’re excited to revive the Pythiad, this time on a monthly basis. A mid-month comprehensive update will be our way of keeping our readers in the know while keeping things witty and pithy.

Welcoming Douro Labs to the Pyth Network

In late August, the Pyth Network welcomed Douro Labs as the newest core contributor to the Pyth Network.

Douro Labs is a cutting-edge blockchain infrastructure company that will focus on the acceleration and development of the Pyth protocol and ecosystem. More specifically, Douro Labs will propel the network to its next critical stage: a fully permissionless mainnet state and the deployment of on-chain governance.

“The Pyth Network is the fastest growing decentralized oracle, and is already becoming the go-to solution for modern DeFi applications that need cheap, lightning-fast, ultra-accurate pricing information,” said Mike Cahill, CEO of Douro Labs. “At Douro Labs, we are committed to accelerating the network’s continued growth and lifting up the next generation of DeFi apps […]”.

Douro Labs joins the Pyth Data Association and the diverse data provider community in bringing the world’s market data to every blockchain.

“As one of the founding institutional data providers on the Pyth Network, we are pleased to see the formation of Douro Labs as a dedicated blockchain infrastructure company,” said David Mercer, CEO of LMAX Group. “We look forward to supporting Douro Labs as it accelerates the development of this transformative and fundamental building block of the new financial infrastructure for both DeFi and TradFi.”

This is an important and symbolic step in the Pyth Network mission and we can’t wait to share more details on our community members can get involved. For more details, be sure to check the blog post and visit the Douro Labs website.

Cheaper, More Accessible Price Data—The Perseus Upgrade

The Pyth Network has just launched the Perseus Upgrade, a major improvement to the oracle network.

This upgrade reduces gas costs by up to 50-80%, depending on the ecosystem, while enhancing reliability and decreasing latencies for users. These improvements are the result of major changes to the network’s architecture.

This upgrade eliminates batching in favor of allowing users to group together any set of price feeds into a single payload: the system constructs a Merkle tree of price updates, and then uses Wormhole to sign the root of the Merkle tree.

If you look at the graph above, you’ll see that “Baseline” represents the gas cost of a single batch update, while “Perseus” represents the gas cost of a single Merkle tree update. We standardize measurements by representing both numbers as percentages of a single batch update’s cost.

Speaking of batching, you can also see the cost of updating five price feeds for the same ecosystems. The graph below shows a cost reduction of anywhere from 50 to 80% thanks to the Perseus Upgrade:

To learn more about the Perseus Upgrade, please check out our blog post.

All Your Chains Will Be #PoweredByPyth

Pyth Price Feeds are now live on five new blockchain ecosystems.

Scroll, the long-awaited zk-powered chain, launched its Sepolia testnet earlier in August. Scroll is an EVM-equivalent zk-rollup to scale Ethereum by enabling faster, more efficient transactions. Pyth Network is already the oracle of choice for many other zk chains and L2 networks. Now that Pyth Price Feeds have launched on Scroll, you can look forward to more Scroll dApps benefitting from low-latency prices.

Stacks, the Bitcoin layer for decentralized apps and smart contracts, has also become #PoweredbyPyth. ALEX, Arkadiko Finance, Hermetica Finance or Zest are already integrating with Pyth Price Feeds. It’s good to visit our ancestral land.

Speaking of throwbacks, Pyth Price Feeds are now available on EOS EVM, an emulation of the Ethereum network’s EVM housed within an EOS smart contract. The EOS Network Foundation will soon operate its own price scheduler to regularly update price feeds on-chain for the benefit of the EOS EVM ecosystem.

Pyth’s low-latency pull oracle is now available on WEMIX, a high-performance EVM-compatible open-source protocol. The foundation has also deployed and operates its own price scheduler to regularly update prices on-chain. This deployment enables WEMIX dApps like Nile and WemixFi to seamlessly access Pyth price updates for free.

Gelato has launched its zkRaaS platform (zk-Rollup as a Service) in partnership with Polygon. You may remember he launch of Pyth’s Web3 Functions on Gelato, which enables dApps to create a decentralized automation network to update Pyth prices on-chain. The Pyth Network is now poised to make all 350+ price feeds available for developers launching their own zk-rollup!

More Data, More Feeds

As the new Spotify for on-chain financial data, the Pyth Network continues welcoming more data providers to provide comprehensive coverage of global assets.

In the past month, four new data providers have joined the network, each coming from a different background.

BLOCKSIZE is a leading provider that offers institutional-grade and compliance-focused data solutions to financial institutions. BLOCKSIZE will publish its unique crypto market data directly on-chain to enhance the Pyth Network's digital assets price feeds offering.

Radix, a well-known research firm in the trading industry, has partnered with the Pyth Network as a data publisher. Radix will provide its asset price data and industry knowledge to improve the reliability and coverage of Pyth Data Feeds.

Cetus is a pioneering DEX and concentrated liquidity protocol built on the Sui and Aptos blockchains. The Cetus DEX has already processed nearly $500 million in trading volume, while currently having approximately $10 million locked in the protocol. In addition, the Cetus DEX will provide real-time price data for Aptos and Sui-native tokens to expand the coverage of digital assets on the Pyth Network.

mrgn research, an integrative proprietary trading firm, has recently joined the Pyth Network's data provider community. As part of this collaboration, mrgn research will provide real-time price data for Solana-native tokens, enriching the data offerings of the Pyth Network, particularly within the Solana DeFi ecosystem.

Thanks to its committed data provider community, the Pyth Network released an astonishing 36 new price feeds in the past month.

These feeds include a wide range of assets such as FX (NOK and SEK), equities and ETFs (MSTR and HYG), as well as digital assets (BSV, BTR, DTUSD, FDUSD, GLMR, GRAIL, GT, HT, ICP, IMX, JITOSOL, LRC, MINA, MTR, NEON, OKB, PAXG, PENDLE, QNT, RDNT, RON, STETH/ETH, TAPT, TBTC, TURBOS, UMA, UNIBOT, USDP, VAI, VET, WBTC, XLM, ZEC, ZRX).

Another productive month for the network, to say the least.

We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter. You can also learn more about Pyth here.