back17 Apr 20235 min read
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Unlocking Financial Data for Builders Everywhere | Newsletter #38

What’s New in the Ecosystem?

Pyth Launches Price Oracles on Conflux

On April 12, the Pyth’s low-latency pull-based oracles launched on Conflux, a blockchain mixing Proof of Work and Proof of Stake consensus enabling dApps to access speed at scale, without sacrificing decentralization.

As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.

"Pyth Network's oracle service is set to be a cornerstone for Conflux eSpace, empowering decentralized applications with the latest, safest, and most robust price and market feeds”, said Christian Oertel, Global Expansion Lead. “This innovation will be pivotal in unlocking the full potential of eSpace and enabling an unparalleled experience for DeFi within the Conflux ecosystem.”

We look forward to supporting the Conflux DeFi community and helping scale the Web3 ecosystem by unlocking once-inaccessible financial data for builders everywhere.

Pyth Launches Price Oracles on Meter

Earlier in the month, Pyth Price Feeds expanded to another custom-built EVM chain: Meter. Meter is a Layer 1 blockchain with freedom and fairness as their first principle. It is highly decentralized, censorship resistant yet blazing fast and MEV resistant. Its native metastable gas token completes Satoshi’s vision of a sound money independent of the fiat system.

"I'm thrilled to announce our support for the Pyth Network deployment on", said Xiaohan from Meter Labs. "With access to over 200 institutional-grade data sets covering a wide range of asset classes and markets, Pyth's unique capability to provide almost any real-time data and enable direct data consumption from users will unlock new possibilities for DeFi applications."

It’s always a pleasure to support an upstart DeFi community and equip them with high-fidelity, low-latency financial data.

Pyth Bounty: Injective Global Hackathon

To celebrate the launch of Pyth Price Feeds on Injective, we’ve announce the Pyth Bounty prize for the Injective Global Hackathon!

Injective is a blockchain where developers can find robust out-of-the-box modules such as a completely decentralized orderbook that can be utilized to build a diverse array of sophisticated applications. Moreover, Injective operates as an open interoperable smart contracts platform.

The Injective Global Virtual Hackathon is a four-week long hackathon (April 10-May 5) geared towards creating the DeFi apps of tomorrow. Supported by many other Injective partners including Jump Crypto or Wormhole, builders will benefit from technical workshops and  demonstrations as well as business guidance to launch the DeFi App of 2023 and beyond.

Pyth has a long history of supporting aspiring developers and new protocols. In this spirit, hackathon builders will have the chance to compete for the Pyth Bounty among $1,000,000 in prizes and funding.

For more information, be sure to check our blog on the topic.

#PoweredByPyth Applications

Week in, week out, more applications become #PoweredByPyth, and applications #PoweredByPyth succeed!

Launched for Christmas 2022, the Synthetix Perps V2 (#PoweredByPyth) has already outperformed Synthetix historical V1 on many key metrics. In 4 months of V2, Synthetix perpetuals processed $4.3B in total trading volume (compared to $4.2B of V1 in 12+ months) while only charging $5.4M in fees to traders (3x less fees charged compared to V1).

New in the Optimism world is Avantis Finance. This dApp will enable anyone to trade cryptocurrencies and forex with leverage, or provide margin to traders and earn yield — all #PoweredByPyth.

CAP Finance V4—#PoweredByPyth on Arbitrum—launched in early 2023 (end of January) has already surpassed the $1B total margin volume traded. Offering to users a wide range of asset types, CAP traders have responded positively as the 4th biggest market traded is GBP/USD — CAP has also benefitted from the quick support of the ARB/USD price feed by the Pyth network as it was available for trading only mere hours after its official airdrop!

Another #PoweredByPyth application, another milestone. Drift, a perpetual protocol on Solana, reached the $400M cumulative volume traded mark, as it recently sustained over $10M in daily traded volume. Be sure to keep an eye out for new markets to be supported, as Drift reached this symbolic figure with a limited number of markets (BTC, ETH, SOL, ARB, and couple others).

Now venturing into the BNB Chain world, perpetuals #PoweredByPyth are ramping up! Launched early March, Uniwhale has since supported $250M in trading volume across less than 10 markets (BTC, ETH, BNB, MATIC, SOL, APT, ARB and DOGE). Next, DeriTade ; initially launched on BNB testnet, it has since expanded to two other ecosystems: Arbitrum and zkSync. Thanks to the Pyth network design, DeriTrade remains #PoweredByPyth on these blockchains. Last is the new comer Narwhal Finance. Launching soon on BNB Chain testnet, be on the lookout as they’ll soon offer NFTs to get an early access.

Late March, two promising new ecosystems went live on top of Ethereum: Polygon zkEVM and zkSync. The Pyth Price Feeds, of course, become available within minutes of their official mainnet launch enabling anyone to access price data for 200+ assets.

On Polygon zkEVM, 0VIX Protocol, the premier liquidity market protocol, has decided to become #PoweredbyPyth. 0VIX is the sole money-market currently live on Polygon zkEVM (in addition to Polygon) and is now representing close to 50% of the total value locked on-chain.

In regards to zkSync, the Pyth Price Feeds have empowered Nexon Finance since day-1. Nexon is building a suite of innovative lending products where users can choose to participate in pooled or P2P lending modules. Nexon is also the only borrow-lending protocol currently live on zkSync mainnet and saw a 100% increase in value locked over the past week.

.sol is the new .com

It’s been 38 years of the global internet revolving around the .com top-level domain.

Top-level domains have been maintained by the Internet Assigned Numbers Authority (IANA) and are used use in the Domain Name System of the Internet — in other words enabling you to find you to the appropriate webpages when searching.

Despite being a non-profit organization, the IANA remains an incorporated (and thus centralized) entity in the United States. This introduces de facto permissioning of your website, which can be revoked at any time.

Bonfida decided to tackle on this problem by launching the Solana Name Service (SNS). SNS has a simple mission of providing a decentralized and yet affordable way to map domain names (represented as .sol) to on-chain data. On-chain data can be anything from a Solana (SOL) address to IPFS CID, images, text, and more.

Up to now, it was mostly non-custodial web-browser wallets that integrated SNS, enabling users to send SPL token to human readable addresses like pyth.sol.

A few days ago, Bonfida announced the most important integration of SNS to date: .sol domains are now natively resolvable in the Brave browser!

In other words: open your Brave browser, type pyth.sol, accept the prompt from Brave (to use a Syndica RPC) and explore the Pyth network website!

Pyth Spaces: The Future of France

The Pythian mission is borderless: delivering real-time market data for crypto, equities, FX, and commodities to all blockchains to empower builders in rethinking the global financial system.

In this spirit, the network has recently expanded its localized community channels to France.

You may have seen our two Twitter Spaces (in French) organized with some of our data providers.

We kicked off with a fireside chat with Bybit, a leading crypto exchange for many years, and we discussed the impacts and changes following the fall of FTX and SVB, as well as why would a CEX join the Pyth network.

More recently, we had the pleasure of being joined by Francois Cluzeau, the co-founder of Flowdesk, which provides crypto-trading infrastructure to ensure global coverage of token-issuers needs through innovative market-making and crypto-financial products. We heard about the origins of Flowdesk, its various business lines, as well as Francois’ takes on the market outlook.

Which regions should Pyth expand to next? Let us know in our socials down below!

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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