Dec 15, 2022
Pyth Data is Live on Kucoin Community Chain
We are excited to announce that Pyth data feeds are now available on the KuCoin Community Chain, a public blockchain project initiated and built by KucCoin and KCS’ developer community, and we look forward to further empowering KCC DeFi.
Thanks to the support of Wormhole and many leading contributors from the KCC ecosystem, we’re proud to empower builders across the wider DeFi world. Any programs deployed in KCC can permissionlessly request and directly consume Pyth’s 150+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrencies.
To kick off our launch on KuCoin Community Chain, we’re delighted to welcome a new data publisher: MojitoSwap, the #1 ranked DEX on KCC, along with new Pyth data users: Torches, KCC’s leading lending protocol, and KuSwap, an AMM built on KCC that will expand to offer perpetuals and lending services.
“As the leading DEX and financial infrastructure on KCC, MojitoSwap is glad to collaborate with Pyth to provide a better experience to users on the infrastructure end,” said Iris of MojitoSwap.
“As the leading lending protocol on KCC, Torches is happy to be the first Pyth data user. Following the Pyth launch of KCC, Torches will benefit from a greater price accuracy responsible for key operations like the valuation of assets or liquidations of positions,” said Eric, CMO of Torches. “I am sure we will collaborate more in the future while building the KCC DeFi Ecosystem.”
KuCoin Community Chain (KCC)
KCC is a high-performance and decentralized public chain built by KCS’ and KuCoin’s fan communities. It is developed on go-Ethereum to provide community users with a faster, more convenient, and low-cost blockchain user experience.
KCC is fully compatible with Ethereum and ERC-20 smart contracts, with extremely low migration costs and 3 seconds block times. KCC leverages a Proof of Staked Authority (PoSA) consensus algorithm, thus providing high efficiency, security, and stability.
KCS will serve as the only core fuel and native token for KCC and can be used in scenarios such as gas fee payment.
Find more information about the KuCoin Community on the 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 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, with over 650K client downloads from passionate developers looking to use Pyth data.
Pyth currently supports 150+ price feeds across crypto, equities, FX, and metals, with multiple price updates per second. Upcoming feeds include KCC ecosystem tokens.
More details are available on our website, whitepaper, docs, and wiki.
“With 100 dApp integrations since launch, it is clear that applications across the board are quickly realizing the benefits that the Pyth network delivers via vast amounts of low-latency, high-quality market data,” said Mike Cahill, Director of the Pyth Data Association. “We are excited to super-charge the KCC community with reliable market data so that builders across DeFi have the resources necessary to create sophisticated and innovative solutions.”
How does Pyth Work on KCC?
Pyth’s publishers submit prices to Pyth’s on-chain aggregation program, before the aggregate outputs are then relayed to KCC 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 on KCC. 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 can find a thorough explainer in the On-Demand Model section 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 KCC can be found here.
“Pyth is a compelling solution that unlocks smarter data for smarter contracts and enables exponential growth of DeFi,” said Leandre, a core member of KCC GoDAO Foundation. “We are proud to offer our users and developers a better and more accessible user experience through the network’s robust market data.”
What’s next?
This is your chance to join the Pyth 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 Aurora community, you will soon see many more Near and Aurora ecosystem 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.
