Full Catalog of Pyth Price Feeds Now available on Hedera
On Hedera, an open source public network governed by leading international organizations, the whole catalog of Pyth Price Feeds is now accessible.
Through this collaboration with the HBAR Foundation, over 400 Pyth Price Feeds have been launched on Hedera. Moreover, Hedera developers now have permissionless access to real-time pricing data for securing their DeFi apps.
Grace Pfluger, HBAR Foundation Director of Business Development stated:
Public oracle price feeds are a critical component for growth as lending is often seen as the crux of economic behavior. This infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera and we are ecstatic to partner with Pyth not only for the incredible tech, but our alignment of a long-term strategic vision.
Marc Tillement, Director at Pyth Data Association stated:
A sustainable and enterprise-grade network designed to support a decentralized economy will require continuous access to low-latency and highly reliable price data. In this spirit, were thrilled for the deployment of Pyth Price Feeds on Hedera and what this core infrastructure will unlock for its builders.
Pyth Price Feeds on Hedera
For the Hedera DeFi ecosystem, the introduction of Price Feeds and Pyth Benchmarks represents a significant strategic advancement. Pyth Network provides a comprehensive range of more than 400 ultra low-latency price feeds for commodities, stocks, foreign exchange, cryptocurrencies, and exchange-traded funds (ETFs). These price feeds are available to Hedera developers for use in powering their decentralized financial apps and smart contract protocols.
Pyth Price Feeds provides Hedera users and developers with continuous access to the most recent pricing information via its unique Pull Oracle architecture. Accurate on-chain transactions and settlement depend critically on low latency prices.
Additionally, Pyth Price Feeds include a confidence interval feature that helps downstream protocols learn about current market disruptions and volatility. These additional data may maintain trading platforms and lending processes informed about unusual market situations and safe.
The first Hedera application to integrate with Pyth Data is HLiquity. A decentralized borrowing protocol called HLiquity enables users to borrow funds against HBAR interest-free. Loans are intended to be repaid in HCHF, a CHF-pegged stable on-chain currency, and must maintain a minimum collateral ratio of 110%. Pyth Price Feeds enable HLiquity to continuously monitor HBAR and CHF prices in order to maintain over-collateralization of user vaults and the protocol as a whole.
Reto Habegger, COO at Swisscoast stated:
This partnership with Pyth Network enhances HLiquity on Hedera, offering real-time, reliable data for secure and efficient decentralized borrowing. This collaboration is a leap forward in our mission to deliver transparent and accessible financial services.
HBAR Foundation
By giving builders on the Hedera network more authority and financial assistance, the HBAR Foundation encourages the development of Web3 communities. The Foundation supports communities within each of its six funds, which are focused on the Crypto Economy, Consumer Engagement, Sustainability, Fintech, Privacy, and Female Founders. These funds are linked, allowing applicants to be a part of a wider ecosystem.
Built on the Hedera public network, these funds combined strength empowers developers, entrepreneurs, and businesses of all sizes to take on some of the biggest challenges facing the globe and establish, manage, and govern their own economies. The HBAR Foundation is available to assist you in developing new projects or in transitioning an existing EVM-based application and community. Please visit https://hbarfoundation.org for more details.
Pyth
The Pyth Network is a first-party financial oracle network created to safely and transparently provide low-latency real-world data to several blockchains.
By offering incentives, Pyth encourages the worlds leading exchanges, market makers, and suppliers of financial services to contribute their data to the network. This data is aggregated on-chain by Pyth for usage by smart contract applications. When necessary, these apps have the ability to pull Pyth prices on-chain.
The network secured over $2.0B in total value in less than a year. More than 400 real-time price feeds for cryptocurrencies, stocks, ETFs, FX pairs, and commodities are presently supported by Pyth, which has enabled more than $100 billion in trading activity across more than 50 blockchain ecosystems.
To learn more about Pyth, check out the documentation or website.
Read more: https://thenewscrypto.com/full-catalog-of-pyth-price-feeds-now-available-on-hedera/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
