Today, we welcome Douro Labs as the newest core contributor to the Pyth Network’s community. Douro Labs is a cutting-edge blockchain infrastructure company that will focus on the acceleration and development of the Pyth protocol and ecosystem.
The Pyth Network has seen tremendous growth since the protocol’s mainnet launch. The network has expanded with a variety of different contributors, including data providers, application users, and infrastructure partners, including timely additions like Douro Labs.
In this blog post, we’ll delve into how Douro Labs will support the Pyth Network in software engineering and infrastructure development, and how they fit into the overall mission. Here at the Pyth Data Association (PDA), we have been committed to advancing the Pyth oracle network’s technological capabilities and ecosystem development.
A New Core Contributor
Since day one, the Pyth Network's mission has been to bring the world's financial data on-chain. Before Pyth Network, smart contract developers were generally restricted to third-party financial data collected from node networks, with compromises on cost, quality, timeliness, and availability.
Pyth Network fundamentally transformed this model with the introduction of a pull oracle design specializing in first-party market data. Today, the network serves high-fidelity prices for over 300 symbols across 30 blockchains, securing over 90% of the addressable market across 10 of them, and facilitating 48% of oracle-supported DEX volume globally.
The Pyth Data Association could not have accomplished this alone. Many talented contributors, in addition to the PDA, have made the Pyth Network possible. The network’s data provider community consists of crypto and traditional exchanges, the world’s top trading firms, and leaders in both traditional and decentralized financial services. Binance, Bybit, Wintermute, Cboe Global Markets, Optiver, LMAX, Susquehanna International Group, and Flow Traders are just some of the household names contributing their valuable data to the network.
Douro Labs is a timely addition to the Pyth Network, as contributors gear up for the growing demands of high-throughput DeFi. Douro Labs brings full-time contributors from Goldman Sachs, BNP Paribas, Amazon Web Services, Jump Crypto, and Chorus One to help build the tooling and infrastructure for the Pyth Network.
Preparing to Support High Throughput DeFi
The alternative L1 thesis and the rapid adoption of L2/L3’s defined the trajectory of 2023. One could even argue that Solana inspired a paradigm of ultra low-latency blocktimes and high-throughput financial services. dApps will need lower latency access to financial data. Developers need oracles that can scale to the asset classes and blockchains that users want.
To realize this future, Douro Labs will help facilitate a major upgrade to the Pyth Price Feeds. We will share more details of this upgrade—also known as the Perseus Upgrade—in due course. The next stage of the Pyth Network mythos concerns the transition of the oracle network to a fully permissionless mainnet and the deployment of on-chain governance.
Get Involved
The addition of Douro Labs represents the Pyth Network ecosystem’s anticipation of a new era of decentralized finance—an era of high throughput, ultra-low latencies, seamless interoperability, and greater transparency.
We want to thank the contributor community. If you are inspired by the Pyth Network’s journey and wish to contribute, you can explore the Pyth Data Association for ecosystem growth roles and Douro Labs for business and engineering opportunities.
New ways to contribute to the network will continue opening. You can subscribe to the Pyth Network’s official social channels to stay updated.
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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