Pyth Network in the Governance Arena | Newsletter #42

What’s New in the Ecosystem?

Pyth Launches Price Oracles on Mantle

It’s time to don the mantle. We’re pleased to report that Pyth’s low-latency pull oracles are now available on Mantle testnet for developers to try out!

Mantle is a high-performance Ethereum Layer 2 network built with modular architecture delivering high security at low fees. The Pyth Network is now supporting exciting upstarts like FusionX and Pinnako Exchange. We look forward to the launch of Mantle on mainnet, and we’ll be ready to support developers with even more price feeds.

"We are excited to partner with Pyth to bring low-latency, high-quality data to the Mantle Testnet," said Arjun Kalsy, Head of Ecosystem at Mantle. "This collaboration will enable developers to build dApps with access to an ever-growing pool of dynamic data, accelerating innovation in the web3 space."

If you’d like to learn more about Mantle and what it means to be #PoweredByPyth, be sure to check out our recent panel discussion with Mantle and FusionX Finance.

It’s Governing Time!

Governance is paramount for DeFi for two reasons. Firstly, governance allows the community to collectively decide on important matters such as protocol upgrades and the introduction of new features. This democratic approach ensures that decisions are made with the broader interests of the ecosystem in mind. Secondly, governance enhances transparency by providing a platform for open discussions and debates on proposals, enabling stakeholders to voice their opinions and concerns. By allowing stakeholders to actively participate in shaping the protocol's future, governance strengthens the overall resilience and longevity of DeFi ecosystems, making them more decentralized, transparent, and aligned with the user base.

You may have seen the Pyth Network appear across topical governance discussions for Aave and Mars Protocol.

Aave continues to lead as the borrow-lending protocol for EVM chains. There’s $5B in value locked in Aave currently, with a peak of close to $20B in mid-2021. Given the enormous success of Synthetix’s integration with Pyth for their Perps V2, the contributors of the Pyth Data Association recently submitted a proposal for Aave to adopt Pyth as a backup oracle on Optimism.

Following a productive forum discussion, the temperature check for Pyth to Support AAVE on Optimism as a Secondary Oracle has passed with flying colors: 67% for and only 2.5% against.

Similarly, Mars Protocol, a money-market built on Osmosis, has kickstarted the governance process to replace its current oracle with Pyth Price Feeds. You can read more about this proposal on their forum post. The proposal suggests to replace their current TWAPs for OSMO, ATOM, USDC, BTC, ETH, and AXL with the Pyth versions.

The Pyth Network is also looking forward forward to the decision the Mars token holders will take as the Cosmos Hub ecosystem grows in predominance and the Pythians are ready to fuel Mars’ growth towards the billion dollar TVL milestone.

#PoweredByPyth Applications

Everyday, new applications are becoming #PoweredByPyth. Let’s check out our new users and see what our veterans have been up to over the last two weeks!

• KiloEx, an oracle-based DEX #PoweredByPyth on BNB Chain, has launched on mainnet!
• Fuzio, a full-suite DeFi app built on the Sei Network, offering prediction markets, a DEX, launchpad, and liquid staking solutions has decided to become #PoweredByPyth.
• FusionX Finance, the community-built open-source DeFi ecosystem will have its various products #PoweredByPyth.
• Pinnako Exchange, a next-gen derivatives exchange on zkSync and Mantle, is now #PoweredByPyth.
• Tsunami Finance, a decentralized perpetual protocol #PoweredByPyth on Aptos, was spotted in Amsterdam for Aptos Holland Warehouse!
• Tsunami Exchange, a DEX where you can trade everything on the Waves blockchain, added support to brand new markets—all #PoweredByPyth.
• Venus, the #1 decentralized money market on the BNB Chain is launching isolated markets—#PoweredByPyth.
• Morphex, a decentralized perpetual exchange on Fantom, has now expanded to the BNB Chain while remaining #PoweredByPyth.
• Synthetix, the liquidity layer for synthetic trading, has added support to stETH perpetual trading—a first in the DeFi ecosystem, thanks to being #PoweredByPyth.
• Mars Protocol, a money-market on Osmosis, is currently asking its community whether or not it should become #PoweredByPyth—more details below!
• Levana Protocol, a fully collateralized perps protocol on Osmosis and Sei, has decided for the best: becoming  #PoweredByPyth.
• Membrane Finance, is building a EURO based collateral debt protocol on Osmosis, and is now #PoweredByPyth.
• Clockwork, an open-source automation engine for Solana applications, now offers automatic price triggers #PoweredByPyth.
• YouSUI, an all-in-one platform offering swaps, staking and others is now #PoweredByPyth.

An Ever-Growing Roster of Data Providers

Over the past two weeks, two new data providers have joined the Pyth mission to deliver dependable, cost-efficient, and real-time prices for a plethora of assets.

LTP, or LiquidityTech Protocol, is a leading prime broker for sophisticated investors in the digital asset space. With extensive optimized infrastructure and crypto-native experience, LTP offers a comprehensive suite of professional services that enable traders to efficiently access the breadth of CeFi and DeFi liquidity in a fast, low-cost, and secure manner.

"We are delighted to join forces with Pyth. Pyth's commitment to improving liquidity and market efficiency aligns perfectly with our mission," said Jack Yang, Founder and CEO of LTP. "By integrating our advanced market data systems with their offering, we aim to empower market participants with the tools they need to navigate the rapidly evolving digital asset landscape."

TTMzero are RegTech and Capital Markets technology specialists with a range of sophisticated data products and software solutions which assist financial institutions in complying with regulatory and reporting requirements. TTMZero's proprietary derivatives pricing engine powers its two main areas of expertise: an independent valuation of financial instruments and the automation of issuing new financial instruments and better managing their life cycles.

"We are thrilled to partner with Pyth Network in this collaboration," said Simon Ullrich, Managing Director and co-founder at TTMzero, part of United Fintech. "By integrating our reliable real-time pricing solution into the blockchain ecosystem, we empower the community with real-time access to valuable data. This partnership addresses the market's demand for transparency and reliability while driving the transformation of decentralised finance."

To explore who else is publishing data to the Pyth Network, please visit our website.

A Space Tour

Imagine the rich tapestry of conversations that unfolded in our recent Twitter Space panels. If a discussion happens in the digital realm, and it's not shared with others, did it truly resonate?

• Groundbreaking UX? Let’s talk about it with DeFi Dad
• “From Delphi to Krypton—everyone is #PoweredByPyth”
• It's time for a mixer with the Sui Network ecosystem builders
• What's happening in the #Sui Ecosystem?
• It’s time to take on the Mantle!

We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.