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Data Oracle Pyth Network goes live on Solana

Updated: Aug 2, 2024
Published: Aug 26, 2021
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Pyth Network, a decentralized, cross-chain data oracle built on the Solana blockchain, goes live today on the Solana mainnet.

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The project has received contributions from numerous trading firms

Pyth Network connects data from multiple trading firms and exchanges to a smart contract on the Solana blockchain. Pyth Network supports real-time data at "sub-second intervals" from various financial markets, including crypto, forex, equities, and commodities. Because the network is decentralized, it does not rely on a single data source that a bad actor could manipulate.

Trading firm Jump Trading launched the project and has also received contributions from other established trading firms.  Including GTS, Virtu Financial, Akuna, XR Trading, Chicago Trading Capital, DRW Cumberland, IEX, Hudson River Trading and KGI Securities, a wholly-owned subsidiary of China Development Financial Holding Corporation. Other contributors include CMS, MIAX/BSX FTX, Genesis Global Trading, MIAX/BSX, LMAX CoinShares and Bitso.

"We believe the Pyth network, built on the low-latency Solana blockchain, can revolutionize and democratize market data provision," said David Mercer, Chief Executive of LMAX Group. "This is a milestone for the industry as the DeFi ecosystem expands."

Pyth Network aims to support other blockchains in the future using Wormhole

Currently, only projects on Solana are supported, but it plans to integrate with the Wormhole interoperability protocol "in the coming weeks" to support three other blockchains - Ethereum, Binance Smart Chain (BSC) and Terra.

Pyth partnered with Wormhole in May this year. The goal of the partnership was to integrate its technology with Ethereum's l2 scaling solutions, as Wormhole is easily extensible to other EVM-based chains. But even then, Pyth was hoping to expand into other chains as well, such as Terra and later also Binance Smart Chain.

Some projects currently using or planning to use Pyth Network are synthetic assets protocol Synthetify, decentralized exchanges Mango Markets, Saber Labs, and Bonfida.

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