New Pyth Data Provider: Raydium
We are excited to welcome Raydium, the leading Automated Market Maker (AMM) on Solana, to the Pyth network. After onboarding Serum, this is the second on-chain protocol invited onto the network as a Pyth publisher.
Who is Raydium?
- Raydium was among the first AMMs to go live on Solana in early 2021. Since then, Raydium has established itself as the Solana leading AMM with about $600M of Total Value Locked and over $43B in volume traded.
- Currently, 35 trading pairs on Raydium have over $2.5M in liquidity and 60 over $1M.
- In mid-2021, Raydium released its AcceleRaytor, a launchpad for the Solana projects to raise capital and drive initial liquidity in a decentralized and interoperable manner.
- During 2021 Q3, Raydium expanded its AcceleRaytor with DropZone, which is dedicated to NFTs and aims to enable anyone to raise capital, seamlessly distribute NFT collections and build their community.
Raydium will contribute to Pyth by publishing in real-time its on-chain crypto prices to the network.
We look forward to further onboarding other amazing DeFi protocols as publishers. Indeed, these offer significant coverage for cryptocurrencies which will, in turn, enable Pyth to support more crypto assets and strengthen existing Pyth products.
After attracting crypto centralized exchanges (FTX, AAX, Bitso, Bitstamp) as well as the biggest crypto traders (Three Arrows Capital, Jump Trading, Jane Street, Cumberland..), we look forward to onboarding other amazing DeFi protocols as publishers.
Within the past 2 years, DeFi protocols have seen their importance grow significantly (trading volume-wise) and even though they are still 20 times smaller than CEXs, it only seems normal to DeFi as it has become a non-negligible part of the greater crypto market.
All in all, you can expect an even better market coverage (coin-specific) from Pyth as well as an increased ability to support less established assets and strengthen several existing Pyth products.
Raydium Website: https://raydium.io/
Pyth Network: https://pyth.network/