Pyth Network Announcements 🔮

Let’s talk about Soneium, the newest L2 by Sony Block Solution by Sony Group.

Pyth Price Feeds are ready for developers building on Soneium.

Get reliable, secure access to real-time market data in under 10 seconds with a few lines of code.

Ready to start building without limits on Soneium Minato? Learn more:

https://x.com/soneium/status/1848359074154578194

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Pythians have spoken and elected their new Price Feed Council!

It is now time to ratify this election onchain.

If you have any PYTH staked, please have a look and vote!

Discussion: https://forum.pyth.network/t/ongoing-op-pip35-ratification-of-the-second-price-feed-council/1792

Vote: https://app.realms.today/dao/PYTH/proposal/HZ5cVfNTeW8KPDW8hkpzKdKWEoQUrHWEcTV6NQJwNWTW

So transaction volume is actually the most important metric for oracles?

The best oracle is the one that powers the most transactions.

According to Blockworks, that makes Pyth number one:

https://x.com/PythNetwork/status/1841887000988942359

What if you could get rewarded for protecting DeFi?

Enter Oracle Integrity Staking (OIS)—an upgrade to Pyth bringing enhanced data source accountability for a more secure DeFi ecosystem.

OIS brings decentralized staking rewards and slashing mechanisms to Pyth Network.

How it Works | Publishers 🏛

OIS enables publishers to stake PYTH to become eligible for on-chain rewards.

Publishers will programmatically receive rewards for contributing high quality data. If they provide faulty data, a portion of their stake will be slashed as a penalty. The Pyth DAO can vote on what to do with slashed amounts.

How it Works | PYTH Stakers 🔮

PYTH stakers can delegate their stakes to Pyth publishers to enhance those publisher’s potential rewards for providing high quality data.

This contribution strengthens the resilience and security of Pyth Price Feeds. Stakers are programmatically rewarded for helping secure the oracle.

In the event that published data fails to meet standards, the responsible publisher and stakers supporting them can face slashing.

This shared responsibility model encourages careful evaluation of publishers, promoting a culture of accountability throughout the network.

How it Works | Pyth DAO 🔮

The Pyth DAO is responsible for overseeing critical updates to OIS, including key parameters of the staking and slashing mechanisms.

The DAO can also vote on additional reward sources, such as on-chain revenue generated by the Pyth oracle. Join the discussion on the Pyth DAO forum.

Get Started Today 🫡

Help secure the oracle and protect DeFi by visiting the Pyth Staking Dashboard and selecting Oracle Integrity Staking (OIS):

Pyth Staking Dashboard: https://staking.pyth.network

Official Announcement: https://pyth.network/blog/oracle-integrity-staking-incentivizing-safer-price-feeds-for-a-more-secure-defi

Today, Google Cloud, Soneium, and Pyth Network contributor Mike Cahill took the stage at TOKEN2049.

Their discussion focused on the future of decentralized finance and what it really means to push the envelope on how we exchange, hedge, and transfer value.

Part of that mission is unlocking high-frequency price data from those who actually create and own that data.

Only Pyth specializes in this industry critical service:

https://x.com/PythNetwork/status/1836593197377818648

We’re live with Nika Labs and Monad!

Join us for an AMA exploring the intersection of scalable infrastructure, real-world data and Web3 gaming.

Learn how to create immersive, scalable gaming environments that enhance sustainable gameplay!

https://x.com/i/spaces/1BRJjwopQnaxw

Things are only getting sweeter with Pyth Data!

Base L3s can now tap into the first Gelato Native Module

1-click native oracle modules, built on Optimism’s OP Stack and Pyth prices 🔮

Learn more: https://x.com/gelatonetwork/status/1831722554785996995

Today marks a significant milestone in major corporations adopting blockchain technology, and it’s powered by Pyth Network 🔮

Pyth, in collaboration with Sony Group and Startale, has deployed its real-time price oracle to Soneium, a new blockchain developed by Sony Block Solutions Labs.

This collaboration is set to advance blockchain experiences for developers, applications, and users, with Pyth Network playing a crucial role in supporting Sony’s Web3 infrastructure.

Learn more: https://x.com/PythNetwork/status/1828779807427244046

Over 100M oracle price updates are pulled from Pyth every month.

DeFi apps are transforming thanks to low-latency, reliable prices—made accessible for any chain and for the assets developers need thanks to Pyth.

Some may call it devEx for the new age DeFi 🔮

When the community is ready, the Pyth DAO can vote to determine the pull oracle update fees.

Recently, it was voted for opBNB fees to be set at ~$0.09 per update.

Get involved: https://forum.pyth.network

And we're live with the Folks Finance!

Tune into a discussion on the financial data you deserve.

LIVE: https://x.com/i/spaces/1RDxlyBkzMqKL

Let’s talk about Pyth x TON

Pyth Network has now announced a strategic partnership with TON to deploy high-fidelity price feeds to accelerate the growth and development of the TON ecosystem!

With Pyth, DeFi projects on TON can tap into high-fidelity, real-time prices.

Institutional-quality price data enables more sophisticated DeFi services with lightning-fast transactions—a necessary feature for serving a massive global audience.

Learn more: https://x.com/PythNetwork/status/1823721308590370933

Is Web3 becoming too complicated? How many layers is too many?

Read the most recent Forbes Digital Assets article on balance in a multi-layered blockchain ecosystem.

“Jayant Krishnamurthy, CTO of Douro Labs, which is a core contributor to decentralized oracle network Pyth, believes that the ecosystem is already accommodating new paradigms…

“Many projects have aligned their tech stacks to support a multi-layer, multi-chain world. For instance, Pyth uses a hub-and-spoke model for data distribution, providing a uniform experience for users and developers across various environments.”

https://www.forbes.com/sites/nimrodlehavi/2024/08/11/web3s-layer-cake--how-many-is-too-many/

ICYMI: Messari's Q2 Pyth Ecosystem Growth Review 🔮

Demand-side activity grew by 17% in Q2: Pyth published 246 million pull oracle updates across 70 blockchains.

Pyth launched Express Relay, an offchain priority auction network to eliminate harmful MEV affecting DeFi protocols and DeFi participants.

Pyth oracles were selected by Gauntlet to secure its yield-bearing vaults on Morpho’s DeFi lending protocol.

Pyth Entropy has processed 265K requests since launching near the end of Q1, bringing in $19,000 of revenue in Q2.

The broader Pyth protocol added support for 45 new price feeds and expanded to 14 new blockchains. It was also integrated into 51 new applications.

Pyth grew its publisher network to 107 data providers in Q2, up 7% from 100 in Q1.

See the full report:
https://messari.io/report/state-of-pyth-network-q2-2024

It doesn’t have to be a dark forest

Today, Pyth Network reveals the launch of Express Relay, the newest Pyth product.

Express Relay is a priority auction primitive designed to eliminate MEV.

By connecting DeFi protocols directly with searchers, Express Relay removes the extractive role of validators from liquidations and other important transactions.

Integrated searchers: Auros, Caladan, Flow Traders, Flowdesk, Swaap Finance, Tokka Labs, Wintermute

Launch partners: Synthetix, ZeroLend, Ionic, Keom, JAX, Vela, Fulcrom Fiance, Synonym

Learn more about this launch:

https://x.com/PythNetwork/status/1811362199350513993

Let’s talk about bringing RWAs on-chain

In partnership with Ondo Finance, Pyth Network has released its USDY/USD price feed.

USDY (US Dollar Yield) is a tokenized note by Ondo Finance, secured by short-term US treasuries.

The Pyth USDY price feed is now available on 65+ blockchains, including Aptos, Solana, Mantle, Sui, and more.

Apps plugging into the USDY feed include Drift, DePerp, Thala, and FlashTrade.

Learn more:
https://x.com/PythNetwork/status/1811053763483828386

The banks are coming — to Pyth 🔮

AMINA Bank, a licensed Swiss bank and pioneer in finance, has joined the Pyth Network to provide data to Pyth Price Feeds.

Earlier this year, Laser Digital, a Nomura Group company, joined the Pyth Network as a data provider as well.

Do you hear it? It's the sound of the banking world joining the Pyth ecosystem. 🫡

Exchanges. Market Makers. Trading Firms. And now the Banks.

All financial data shall flow through Pyth.

https://x.com/PythNetwork/status/1809195786971840556

Let’s talk about Solana Actions and Blinks!

Join our community space with Pythian Eileen and Nick Frosty from Solana.

LIVE: https://x.com/i/spaces/1zqKVqjqPbDxB

Join us at Agora 2024 at EthCC 2024 in Brussels!

Laszlo Fodor, Head of Digital Assets Technologies at Flow Traders, will be sharing insights on stage.

https://x.com/PythNetwork/status/1808494979716911260

It’s time to take back control 🔮

See you at Pyth Agora 2024 at EthCC in Brussels

https://x.com/PythNetwork/status/1807791292501422175

https://thecryptobasic.com/2024/06/24/how-pyths-latest-moves-shape-its-future-as-a-leading-oracle-network/