We are pleased to welcome Figment within the Pyth network as a contributor and partner to bring forth the advancement of web3 development and DeFi by both facilitating the usability and enhancing the functionality of Pyth HiFi market data.
The Figment x Pyth network Partnership
As contributors and partners, Figment will be working closely with the Pyth network participants to bring more functionality and usability to the Pyth HiFi market data.
One of the problems with Web 3 adoption is the initial barrier to entry. One of our goals with this partnership is to create a seamless onboarding experience for data providers and data consumers. Figment will be integrating Pyth network with DataHub, allowing for easy access to Pyth network data necessary to power DeFi protocols and applications.
Figment will also be creating a Pyth network knowledge base on Figment Learn, which will guide developers through their first Pyth network data integration. This will include future incentives for developers who create additional tutorials that expand on Pyth network’s use cases.
“In the few months since launching, the Pyth Network has seen incredible growth with 38 announced data providers and hundreds of integrations. Figment is proving themselves as a market leader in bringing resources to web3, and their commitment to scaling Pyth data feeds marks an important milestone in achieving scalability.” — Michael Cahill — Director of Pyth Data Association
“DataHub aims to greatly improve the access to leading Web 3 protocols and we believe oracles will play an essential role in the Web 3 stack. With this partnership, we will help Pyth become a dominant solution within its category by helping developers and publishers leverage its full potential.” Yannick Folla — Product Lead at Figment
What Makes the Pyth network Unique?
Data is abundant in Web 3, but institutional-grade market data is not. The Pyth network is a high fidelity (HiFi) decentralized data oracle network designed to bring the highest level of financial data to DeFi.
The Pyth network participants already include some of the biggest players in the financial industry including Jane Street, Jump Trading Group, Hudson River Trading, and Galaxy Digital as data publishers. These data publishers bring institutional-grade market data at sub-seconds speeds to the blockchain. Some DeFi applications, including Bonfida Perps, Mango Markets, Drift, Port Finance, or Solend have started to consume this data.
- Foreign Currencies
The Pyth network is built on Solana, but already supports other Layer 1 chains like Ethereum, Terra, and Binance Smart Chain via Wormhole. We look forward to the growth of the network through:
- More Data providers
- More supported blockchains
- Introduction of staking, rewards, and curation functionality