back31 Oct 20234 min read
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It Will Happen | Newsletter #47

Pyth Network Whitepaper: Version 2.0

On September 28, the Pyth Data Association released the Pyth Network Whitepaper 2.0.

The new whitepaper introduces the oracle network's cross-chain model for price delivery and outlines the expected responsibilities and scope of the Pyth protocol's on-chain governance. The whitepaper aims to support the community in governing the network during its transition to a permissionless mainnet state. This development follows after the announcement of Douro Labs, the newest Pyth Network core contributor.

The Pyth Network has undergone significant development since its initial launch on Solana mainnet-beta two years ago. There are major community discussions for the Pyth Network community, including the topics of staking and slashing, the addition of new network participants alongside publishers and consumers, and the structure of cross-chain update fees.

To read more about Pyth Whitepaper 2.0, you can explore the blog post.

Understanding the PYTH Tokenomics

As discussed in the Tokenomics blog post, the primary purpose for token-based governance is empowering token-holders to help shape protocol development. It’s important for the community to prepare for informed governance participation.

As discussed in the whitepaper, Pyth Governance can help define the high-level parameters of other network mechanisms. On-chain governance is responsible for making various decisions and taking various network actions:

  • Determining the structure of update fees.
  • Determining the reward distribution mechanism for data providers.
  • Determining how data providers will be permissioned to provide data for price feeds.
  • Approving software updates to on-chain programs across chains.
  • Determining how new symbols (feeds) are listed and their reference data (e.g. reference exchanges).

New topics, with respect to on-chain governance, may be established by the DAO.

All Your Chains Will Be #PoweredByPyth

Pyth Price Feeds are now live on the following blockchain ecosystems.

  • Shimmer, the official L1 staging and validation network of the IOTA distributed ledger technology (DLT), has now access to Pyth’s 350+ permissionless price feeds.
  • Scroll, the highly-anticipated zkEVM, is now #PoweredByPyth
  • Astar zkEVM (testnet) now features Pyth Price Feeds for their developer community

#PoweredByPyth Applications

The Pyth Network continues to welcome new dApps to the community. A quick list will suffice:

New dApps Using Pyth

  • C3 — a self-custodial exchange that utilizes a hybrid architecture, combining off-chain and on-chain components for maximum performance and security.
  • Bluefin — a decentralized exchange (DEX) for derivatives currently offering perpetual swaps trading with up to 20x leverage using isolated margin. The exchange is non-custodial and uses an off-chain order book for efficient price discovery.
  • Angle Protocol — the stablecoin protocol behind $agEUR built on Ethereum.
  • Levana — a decentralized perpetual trading platform. Levana's fully-collateralized model provides easier and safer access to leverage trading rewards and benefits.
  • Perennial — a cash-settled derivatives protocol. It allows developers to launch any synthetic market with just a few lines of code.
  • LEXER — a decentralized perpetual trading platform supporting a wide range of markets with deep liquidity.
  • BMX — a decentralized perpetual exchange focused on bringing the highest capital efficiency to liquidity providers.
  • PopFi — a futures and binary options protocol on Solana.
  • Rollie Finance — the first native perpetual decentralized exchange on Scroll Mainnet, one of the most secure, cheapest transaction fees, and fastest finality zkEVM Ethereum scaling Layer 2 live in the market.
  • OptionBlitz — a decentralized trading platform built on the blockchain. You can buy different types of options including binary options, barrier options, American options, European Options, and Turbos.
  • Rolla — a DeFi crypto options trading platform providing free, instant, and liquid options markets.
  • Lyve — a protocol that supports various interest-bearing assets for Yield Farming. Users can not only stake LSD (such as lido, rocketpool, fraxeth, etc.) to farm but also stake LP assets.
  • Sphere — a payments infrastructure for the next generation of the internet.
  • Kamino — an automated liquidity solution, built on DEXs operating concentrated liquidity market makers (CLMMs) aiming to improve yields generated by LPs.
  • SpedX — a decentralized perps platform on Solana, leveraging the CLOB and AMM model.
  • Deepr Finance — a secure decentralized lending platform, providing equal and unhindered financial access to lending and borrowing of crypto assets on the Shimmer network. The platform will support earning of interest on inactive crypto assets, whilst providing access to loans against collateral held on the platform.
  • Virtue Money — an over-collateralized stablecoin platform on #Shimmer with 0% interest rates and multi-collateral assets.
  • LendeXe — an advanced on-chain stablecoin, secured by a stablecoin merger and crypto lending.
  • Laevitas — delivers actionable intelligence to you with high quality, multi-asset data from the crypto derivatives markets, Bitcoin and Ethereum Futures.

DeFi Partners Updates

  • After expanding to Scroll, LayerBank will soon expand to Manta. Going to new chains is seamless thanks to Pyth data being available across 40 ecosystems.
  • Catch up with Drift, the leading derivatives and cross-margined perpetual futures protocol on Solana, and how the project has grown from its inception to its V2.
  • Learn more about how Thales is breaking new ground with its innovative markets and community governance here.
  • Six months after the arrival of Pyth Data on TradingView and our easy-to-use plugin, we showcased the protocols leveraging the TradingView Charts #PoweredByPyth. Read here.

New Data Publishers

  • NOBI, a prominent crypto asset management platform based in Indonesia

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

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