Pyth Data is Live on BNB Chain and Binance Sidechains

Pyth Network
5 min readOct 4, 2022

We are delighted to announce that Pyth price feeds are now available on BNB Chain mainnet and Binance Sidechains!

Thanks to the support of Wormhole and Binance, we are proud to enable any BNB native applications to freely leverage Pyth’s high-fidelity data. Any BNB Chain program can now (permissionlessly) request and consume any of Pyth’s 80+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency directly.

Leading this launch is Venus Protocol, which will be the first #PoweredByPyth BNB Chain application! We are excited to partner with Venus to bring them powerful, high-resolution data to empower their borrow-lending operations.

Last but not least, the wider DeFi ecosystem can look forward to new Pyth price feeds based on the BNB ecosystem: BUSD/USD, TUSD/USD, and XVS/USD, with more to come (BETH/USD, VAI/USD).

“Developers and dApps have come to rely on Pyth’s high-quality, uncompromising data to power their creative ideas,” said Gwendolyn Regina, Investment Director at BNB Chain. “The new feature on market data for crypto feeds is a highlight of their effort to build the infrastructure for the Web3 community, allowing the community to easily access real-time data alerts”.

BNB Chain and Binance Sidechains

BNB Chain is one of the most popular blockchains in the world, with peaks of over 2 million daily active users and more than $5B in total value locked across its native applications. Since its inception, the network has processed approximately 3 billion transactions from 130 million active addresses.

The Binance Sidechains (BAS) is a framework that enables developers to easily create sidechains (AKA subnets) dedicated to applications in the BNB Chain ecosystem. Developers can deploy these sidechains in a matter of hours with custom parameters (e.g. number of validators) and technology layers (e.g. zk-proofs) that meet their application requirements. This approach gives developers and users the flexibility to optimize for throughput or decentralization.

If you are interested in deploying your own Binance Sidechains, check out the BNB Chain Documentation.

What is Pyth?

The Pyth network is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment.

The network incentivizes market participants — exchanges, market makers, and financial services providers — to share directly on-chain the price data collected as part of their existing operations. The network then aggregates this first-party price data (still on-chain) and makes it available for free to either on- or off-chain applications. End-users of Pyth data will be able to choose to pay data fees to hedge against a potential oracle failure: their contributions will attract more publishers and supplement network robustness.

In less than a year, the network secured more than $2.0B in total value, and supported more than $30B in total trading volume ($4B this month alone), with over 500K client downloads from passionate developers looking to use Pyth data.

Pyth currently supports 80+ price feeds across crypto, equities, FX, and metals, with 400ms update frequencies. Upcoming feeds include the DOW30 and BNB ecosystem tokens.

More details are available on our website, whitepaper, docs, and wiki.

“Binance has established itself as the leading global exchange and sets the standard in terms of security, reliability, and trade execution,” said Mike Cahill, Director of the Pyth Data Association. “They are also committed to Web3, with BNB Chain leading the way as one of the most popular blockchains in the world. This makes them a natural partnerto Pyth, which is a leading oracle service bringing high-quality financial data on-chain.”

How Does Pyth Work on BNB Chain and Binance Sidechains?

Pyth’s publishers submit prices to Pyth’s on-chain aggregation program, before the aggregate outputs are then relayed to the BNB Chain and Binance Sidechains through Wormhole Network (the cross-chain message passing protocol). Wormhole observes when Pyth prices have changed and publishes an off-chain signed message attesting to this fact.

This signed price update message can then be submitted to the Pyth contract. The contract verifies the Wormhole message and updates the on-chain Pyth price to the new price.

Pyth does not automatically submit the prices to the EVM networks: protocols and users are responsible for updating the on-chain Pyth price before using it.

To learn more, please visit our docs. You may directly find the BNB Chain developer material here and the Binance Sidechains there. All the price accounts for BNB Chain can be found here.

“We are pleased to serve as the launch partner to Pyth on BNB Chain, which represents an exciting development for the dApp community,” said Brad Harrison, CEO of Venus. “Access to time-sensitive, real-world data is critical, especially in times of volatility, and Pyth’s game-changing precision and reliability will usher in a new era of innovation for the BNB community.”

What’s next?

This is your chance to join the #PoweredByPyth community! Check out the resources below to get started.

If you have any questions, please reach out to us. We look forward to building the future of finance together.

Now that Pyth network has joined the BNB Chain community, you will soon see many more BNB native tokens supported on the network. You can find our price feeds on our website and even discover which price feed are upcoming. If you have any requests for new price feeds, let us know in our Discord.

Resources

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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Pyth Network

Smarter data for smarter contracts. Pyth is designed to bring real-world data on-chain on a sub-second timescale.