Pythians in Paris | Newsletter #43

Meet the Pythians in Paris

Are you ready for EthCC? There’s already plenty of buzz around the one of the most important crypto week of the year, and we’re enthused to speak to so many builders and learn about their newest developments. Almost everyone we’ve spoken to shares the same outlook: DeFi will soon have its day and the next 100 million users is not far off.

Earlier last Sunday, the Pyth contributors joined Mantle for their opening event to learn more about the Mantle wonderful ecosystem and celebrate their upcomign mainnet launch.

Later this week, you’ll find the Pythians at their very own soiree with Flowdesk, one of our data providers. Join us as we make a toast to the City of Light. #ItWillHappen.

You can also meet the Pyth crew at the Encode Hacker House, with enlightening talks and demos on Thursday and Friday.

A Packed Second Quarter

It’s summertime and halfway into 2023. The tribulations of 2022 seemed to have cleared and made way for a subtle, definite buzz throughout DeFi. Heads-down builders have started revealing the fruits of their labor: take a bite out of our newest quarterly update here.

We recap the Pyth Network’s developments throughout the last six months and share some updates on cross-chain growth and governance.

Bringing Lido Staked Ether to the World!

Lido is the leading multichain liquid staking protocol, providing stakers with a simple way to earn staking rewards on a range of assets. Staking via Lido ensures that your assets remain liquid and can be used across a range of DeFi applications to earn extra rewards.

stETH plays a critical role in unlocking liquidity and capital efficiency for the DeFi realm. Oracle infrastructure powers the vast majority of DeFi services, and a dependable oracle feed for stETH will enable your favorite dApps to reference, track, and make transactions on the real-time price of stETH. For this reason, we’re excited to announce the launch of the new, dedicated Pyth price feed for stETH and expand the range of DeFi applications and strategies that can be built around this prominent synthetic asset.

By providing developers with this critical data point, we’re excited to open the doors to new, transformative DeFi use cases. The stETH/USD price feed will serve as the foundation for the next wave of decentralized financial innovation, from optimizing DEX liquidity to increasing capital efficiency for lending platforms.

And as a matter of fact, one of DeFi leading synthetic platform: Synthetix, has since launched the first-ever stETH perpetual market! For more details on this achievement, be sure to check out the dedicated blog here.

Aptos and Pyth Break Barriers

DeFi protocols require access to real-world data to provide valuable services: the latency, quality, and availability of data can make or break your application. For these reasons, we’re excited to support the Aptos DeFi ecosystem with real-time asset prices aggregated from first-party sources including household names like Jane Street, CBOE, Binance, OKX, and Bybit.

To date, Aptos DeFi leaders, including Thala Labs, Tsunami Finance, Aries Markets, ABEL Finance, and Aptin Finance, trust and rely on Pyth data for their mission-critical operations. And it is about to get better for everyone!

Announced early July, the Aptos Foundation has entered a strategic partnership with the Pyth Data Association where Pyth will deliver sub-second price updates to Aptos developers and enhance the availability of low-latency price feeds to its builders.

Aptos Foundation and the Pyth Network’s collaboration paves the way for the introduction of an automated price scheduler. The scheduler will give developers comprehensive access to low-latency price oracle infrastructure, regularly updating a strategic set of price feeds on Aptos for the benefit of DeFi applications requiring access to sub-second price updates.

Gnosis and Neutron, Two New Blockchains #PoweredByPyth

Empowering developers no matter where they choose to build is the key mission of the Pyth Network. Over the past week, the Pyth has launched on three new and promising blockchains: Gnosis Chain, Neutron, and Linea. That’s another victory for Pyth’s scalable pull oracle model.

Neutron is the most secure cross-chain smart-contracting platform. It combines the security of a top 10 blockchain by staked capitalization with bleeding-edge cross-chain infrastructure to enable DeFi applications to securely scale across a growing network of 51+ interconnected blockchains.

Mars Protocol will lead the charge as the newest #PoweredByPyth member from the Neutron ecosystem, now that their governance proposal passed. The deployment of Pyth oracles is one small step for passionate builders, and one giant step for liberating financial market data for market participants globally.

Gnosis Chain is one of the first Ethereum sidechains and has stayed true to its values. By allowing contributors around the globe to easily run a node, Gnosis Chain is secured by over 120K validators. Its diverse validator set and the community governance ensure Gnosis Chain remains credibly neutral at a much lower price point than mainnet. Pyth Network looks forward to supporting the Gnosis DeFi community.

#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.

• Aether, a peer-to-peer algorithmic money market built on the Sei Network, is #PoweredByPyth to secure its money markets.
• Galleon, a fully on-chain AMM based perpetual protocol and decentralized derivatives exchange on zkSync Era, is now #PoweredByPyth.
• Gelato and Kwenta, now #PoweredByPyth, will deliver quicker execution of tasks and quicker price feeds.
• Clone Protocol, a decentralized synthetic asset protocol on Solana, is #PoweredByPyth.
• Bucket Protocol, a collateralized-debt position protocol on Sui will mint $BUCK based on the Pyth’s SUI/USD price feed.
• Vela Exchange, a leading decentralized perpetual trading platform on Arbitrum, is #PoweredByPyth.
• D8X, an institutional-grade perpetual futures DEX #PoweredByPyth, has released its new UI on testnet.

For more KPIs about the Pyth Network, please visit our documentation.

Providing Data to Pyth Has Never Been so Hyped!

Our growing cohort of first-party data publishers has reached the eye-watering milestone of 85 data providers.

We’re pleased to welcome the newest members of the Pyth community: Selini Capital, Kronos Research and Pulsar Trading.

Selini Capital comprises a team of highly skilled researchers, traders, and engineers with extensive experience in big tech and finance. Their expertise and creativity allow them to navigate the dynamic crypto world successfully, both on and off-chain.

"We have been following the impressive trajectory of the Pyth Network and are thrilled to be joining the ecosystem as a data provider,” said Mark Clerkin, Head of Business Development and Partnerships at Selini Capital. “In addition to our focus on trading, we value the importance of enhanced digital asset infrastructure, and that is exactly what Pyth is doing. They have built a community of the top trading firms and crypto players globally.”

Pulsar is a leading proprietary and algorithmic trading firm specializing in cryptocurrency trading and market making. Founded in 2014 as an early adopter, Pulsar has established an extensive connection with 60+ CeFi and DeFi crypto exchanges globally, and supports 600+ trading pairs across spot, futures and options.

“Data transparency is crucial to an efficient market. We are excited to partner with Pyth to empower the community with real-time cryptocurrency price data and unleash the potential of the digital asset industry,” said Jacky Chung, CEO of Pulsar.

Founded in 2018, Kronos Research is a leading cryptocurrency market maker and quantitative trading firm that specializes in high-frequency, arbitrage, and Commodity Trading Advisor (CTA) strategies. Kronos Research leverages data research and intelligent algorithms to provide liquidity on nearly every top decentralized and centralized trading venue, resulting in a daily trading volume that surpasses billions of US dollars.

“Decentralized oracles play a crucial role in on-chain trading, and as a major participant in DeFi, Kronos Research is committed to contributing to the effort of delivering a robust and dependable oracle network,” said Vincent Liu, Chief Operating Officer at Kronos Research. “We are pleased to announce our collaboration with Pyth, solidifying our collective determination to further this endeavor, and helping all DeFi users execute complex financial operations in a trustless and decentralized manner.”

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.