back03 Aug 20235 min read
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Pyth Monthly Update | July 2023

"Summertime is always the best of what might be." - Charles Bowden

If 2020 was DeFi Summer, then 2023 is Pythian’s Summer. Have you noticed? It’s becoming exceedingly hard to trade and participate on-chain without interacting with an application which doesn’t rely on Pyth data. We’ve come a long way since our Solana days.

Consider the visualization below. Solana TVL may have given way last year, but the combined total value secured across the #PoweredByPyth ecosystems today has outgrown even those numbers. The diversity of the Pyth ecosystem today tells a story of DeFi’s redemption since the black swans of 2022 and the systemic crises which followed. It also highlights just how widespread Pyth has become as DeFi’s go-to oracle solution.

This achievement is the result of Pyth’s contributors focus on scalability as a first principle. Developers should have access to all the markets they need, no matter where they choose to build. When builders have access to the same catalog of 300+ symbols on any opportune blockchain, DeFi services proliferate.

In the spirit of expanding to new chains, we’re proud to welcome two new exciting chains to the #PoweredByPyth community this July: Neutron, the newly-launched Cosmwasm chain, and Linea, the zkEVM blockchain launched by Consensys

We’d also like to extend our congratulations to Mantle, the high-performance Ethereum L2 network, for their mainnet launch during EthCC. Pyth price feeds went live immediately so that community favorites, including FusionX, Lendle, and REAX, can launch on mainnet on day one.

There’s a couple more July stats we’d like to review. One might argue that Solana set a precedent for the emergence of high throughput and specialist blockchains. The concentration of Pyth usage for these blockchains is telling. While TVS is mostly an indicator of DeFi services such as borrow/lending, where assets are locked on-chain, the number of high-profile upstarts—Aptos, Sui, Osmosis, Injective, zkSync Era—reliant on Pyth is remarkable.

Another illuminating visualization of total demand for Pyth data boils down to how often Pyth delivers prices to blockchains from the Pythnet appchain. Every “delivered” price is a price update. Daily average price updates have gone parabolic—from 200K to nearly 1.4M in a month.

Readers may also recall that the Pyth protocol is designed to accept data fees to update on-chain prices. Governance will determine the size and continuation of these update fees. You can look forward to announcements on governance and voting opportunities in the future.

🤝 Partnerships

New dApps Using Pyth

  • ZeroLend, a premier decentralized lending protocol built on zkSync Era
  • zkEra, a decentralized perpetual exchange built on zkSync Era
  • Galleon, a fully on-chain AMM based perpetual protocol and decentralized derivatives exchange on zkSync Era
  • Basilisk, an open lending and borrowing protocol on zkSync Era
  • Tashi, a borrow-lending protocol on Evmos
  • Avantis, ecosystem of derivatives and yield product for Optimism and Base
  • Foxify, a decentralized trading platform for peer-to-peer options and perpetual trading on Arbitrum
  • Bucket, a collateralized-debt position protocol built on Sui
  • Levana, a decentralized and fully-collateralized perpetual trading platform on Sei
  • Aether Protocol, a peer-to-peer algorithmic money market on Sei
  • Kryptonite, an ambitious lending protocol on Sei
  • Lendle, a decentralized and non-custodial liquidity market on Mantle
  • FusionX, a decentralized exchange on Mantle
  • Magma Finance, an innovative AMM on Mantle
  • Pinnako, a next-gen derivatives exchange on Mantle
  • FusionX, an open-source DeFi ecosystem on Mantle
  • Hover, a protocol bringing capital efficiency, and the first #PoweredByPyth protocol on Kava
  • Clone, a decentralized synthetic asset protocol on Solana

Data Provider Updates

  • Kronos, a renowned market maker and trading firm, is now providing data for crypto assets to the Pyth Network
  • Pulsar, a leading proprietary and algorithmic trading firm, now contributes cryptocurrencies data to the Pyth Network

DeFi Partner Updates

  • Aptos Foundation and Pyth Data Association join forces to bring low-latency prices to developers
  • Arbitrum and Pyth celebrate the availability of low-latency prices for their developer community
  • Pyth is ready to kickstart price feed automation with Gelato’s Web3 Function to enable customized on-chain updates for traders
  • Pika, a perps DEX on Optimism, announces the newest version (V4) of the protocol
  • Perennial, a DeFi derivatives platform on Arbitrum and Ethereum, unveils new app design and reaches $1B in total volume
  • Cap Finance has expanded from Arbitrum to Base mainnet
  • Uniwhale Exchange, a multi-chain perps platform, is expanding to Arbitrum
  • Merkle Trade, a decentralized leveraged trading platform, is now on Aptos mainnet
  • Narwhal Finance, a perpetuals trading platform, is now live on Arbitrum and BNB Chain mainnet
  • zkDX, a derivatives exchange on zkSync Era, will deploy a new version of Pyth oracles with more trading variety and lower transaction fees
  • Users and funds are SAFU on xBank, a ZK-rollup focused decentralized liquidity market protocol on zkSync Era
  • Jet Protocol on Solana launches Fixed Rate—a first-of-its-kind marketplace for negotiating rates on an order book

⚙️ Development

New Blockchains Integrated with Pyth

New Price Feeds

Other Updates

💃 Events

Pyth in Person

Online Events

  • Zeta Space for Mad Wars Launch with Pyth
  • Panel: Exploring the current state of DeFi with Gelato and Kwenta
  • Panel: Mantle’s roadmap and what #Pyth data means for their launch
  • Podcast: Mike Cahill introduces Pyth on Get To Gnosis
  • AMA: Foxify Perps & Options
  • AMA: DeFi Gamification with Galleon
  • AMA: The Next Opportunity for DeFi with Jet

🫂 Community and Socials

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.

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