Pyth Data is Live on Ethereum and Optimism
We are excited to announce that Pyth data feeds are now available on Ethereum and Optimism mainnet.
Thanks to the support of Wormhole and many prominent contributors of the Ethereum ecosystem, we are proud to empower builders on Ethereum and a leading layer-2 blockchain, Optimism. Any Ethereum or Optimism program can permissionlessly request and directly consume any of Pyth’s 100+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency.
The Pyth network is highly grateful for the various successful applications that decided to be part of this launch: Synthetix, Ribbon Finance, Lido, Hashflow, Euler, MANTRA, Flexa, AMP, Infinity Exchange, and SOMA.finance!
Synthetix is a new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain. Synthetix has been a spearhead for the expansion of on-chain synthetic trading and has already enabled over $7.5B in trading volume this year on its platform.
Ribbon Finance is a suite of DeFi protocols that help users access crypto-structured products. By combining derivatives, lending, and a proprietary on-chain options exchange (Aevo), Ribbon aims to be the one-stop solution for users who want to improve a portfolio’s risk-return profile.
Lido is a liquid staking solution for ETH backed by industry-leading staking providers. Lido lets users stake their ETH — without locking assets or maintaining infrastructure — whilst participating in on-chain activities, e.g. lending.
Hashflow is a decentralized exchange designed for interoperability, zero slippage, and MEV-protected trades.
Euler is a non-custodial permissionless lending protocol on Ethereum that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party.
MANTRA is a first-of-its-kind, vertically-integrated and regulatory-compliant blockchain ecosystem. The OMniverse includes Mantra Chain, a protocol for regulated assets for the Cosmos ecosystem, and MANTRA Finance, which aims to be a globally-regulated platform bringing the benefits of Defi to the TradFi world.
Flexa is a global leader in pure-digital payments thanks to its fast, fraud-proof payment network.
AMP is a universal collateral token designed to facilitate fast and efficient transfers for any real-world application. The Flexa network, the global leader in pure-digital payments, uses Amp to enable anyone to spend their digital assets with real-world merchants like Shopify or Clover.
Infinity is a non-custodial, permissionless interest rate protocol offering a full floating and fixed rates trading experience across the entire yield curve. Leveraging the Pyth price feeds on testnet currently, Infinity is designed to give both borrowers and lenders a better rate than anywhere else.
SOMA.finance is the first fully compliant multi-asset DEX and Issuance platform. Through SOMA.finance, users will get access to a first-of-its-kind legal and regulated framework for the trading of token issuances, exclusive projects, and more! With a secure onboarding process and comprehensive encryption protocols, SOMA.finance aims to help bridge investors from the traditional brokerage to the rapidly expanding world of DeFi.
“We are excited to use Pyth for Ribbon Vaults”, said Julian Koh, Co-Founder of Ribbon Finance. “It is extremely important that expiry prices for our vaults have high levels of precision. Pyth helps to ensure that the options contracts that our vaults trade expire at the correct levels.”
“We aim to build the most consumer friendly trading application and believe that user experience is paramount,” said Varun Kumar, CEO and Co-Founder of Hashflow. “Our goal is for users to always get the best rates possible and Pyth’s data feeds and safety tools would allow us to do exactly that.”
Ethereum
Ethereum is a blockchain with a computer embedded in it. It is the foundation for building apps and organizations in a decentralized, permissionless, censorship-resistant way.
In the Ethereum universe, there is a single, canonical computer (called the Ethereum Virtual Machine, or EVM) whose state everyone on the Ethereum network agrees on. Everyone who participates in the Ethereum network (every Ethereum node) keeps a copy of the state of this computer. Additionally, any participant can broadcast a request for this computer to perform arbitrary computation. Whenever such a request is broadcast, other participants on the network verify, validate, and carry out (“execute”) the computation. This execution causes a state change in the EVM, which is committed and propagated throughout the entire network.
Requests for computation are called transaction requests; the record of all transactions and the EVM’s present state gets stored on the blockchain, which in turn is stored and agreed upon by all nodes.
Cryptographic mechanisms ensure that once transactions are verified as valid and added to the blockchain, they can’t be tampered with later. The same mechanisms also ensure that all transactions are signed and executed with appropriate “permissions” (no one should be able to send digital assets from Alice’s account, except for Alice herself).
Find more information on the Ethereum Foundation website.
Optimism
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism’s EVM-equivalent architecture scales your Ethereum apps without surprises. If it works on Ethereum, it works on Optimism at a fraction of the cost.
Find more information on their website.
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.
In less than a year, the network secured more than $2.0B in total value. It supported more than $30B in total trading volume ($4B this month alone!), with over 600K client downloads from passionate developers looking to use Pyth data.
Pyth currently supports 100+ price feeds across crypto, equities, FX, and metals, with 400ms update frequencies. Upcoming feeds include the DOW30 and ERC ecosystem tokens.
More details are available on our website, whitepaper, docs, and wiki.
“Ethereum is among the earliest and most prominent blockchains in existence, which is one of the many reasons why this integration is significant,” said Mike Cahill, a director of the Pyth Data Association. “We are excited to officially join the Ethereum and Optimism ecosystems as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth.”
How does Pyth Work on Ethereum and Optimism?
Pyth’s publishers submit prices to Pyth’s on-chain aggregation program, before the aggregate outputs are then relayed to Ethereum (or Optimism) 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. You may find a thorough explainer on the On-Demand Model in our docs.
To learn more, please visit our docs. You may directly find the EVM developer material here and all the price accounts for both Ethereum and Optimism can be found here.
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 the Pyth network has joined the Ethereum community, you will soon see many more ERC-20 tokens supported on the network. You can find our price feeds on our website and even discover which price feeds are upcoming. If you have 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.
