Pyth

On March 29th, 2024, the Pyth oracle network facilitated an unprecedented $1 billion in trading volume within a short period of time. This follows an earlier report from March 25th, where the Synthetix protocol experienced a tenfold increase in trading volume, from $5 billion to $50 billion, after integrating with the Pyth network. The Pyth network is known as the largest first-party oracle network in the cryptocurrency ecosystem.

The Pythian and Price Feed Councils, responsible for managing the largest first-party oracle network, have been actively engaged in their work, according to recent reports.

Doubler is an open DeFi gain strategy protocol platform that has integrated Pyth Price Feeds to ensure accuracy in its innovative pooling mechanism for cryptocurrency asset investment strategies. When users initiate a Doubler pool, the smart contract taps into Pyth to obtain real-time asset prices. Doubler aims to optimize investment strategies by aggregating market liquidity using the martingale strategy, catering to both risk-averse and profit-seeking participants. It offers automated contract execution, external risk isolation, no extra costs, and community collaboration.

bitSmiley, a decentralized stablecoin protocol built on the Bitcoin blockchain, has integrated Pyth Price Feeds to ensure accurate pricing for its Bitcoin-based financial products. Pyth's oracle data is sourced from institutional and decentralized sources actively involved in price discovery, providing highly reliable and secure price feeds. bitSmiley offers a stablecoin protocol, lending platform, and derivatives protocol, creating a comprehensive DeFi ecosystem on the Bitcoin blockchain.

The Pyth Network has announced a partnership with Ambient Finance, a leading decentralized exchange (DEX) protocol operating on multiple blockchains including Ethereum, Blast L2, Scroll ZKP, and Canto Public. Ambient Finance will contribute market data from its deep liquidity pools to the Pyth Network, enhancing security, efficiency, and transparency of on-chain financial data. Doug Colkitt, Founder of Ambient Finance, expressed excitement about leveraging their market data to support the Pyth Network ecosystem and playing a role in its growth.

Twitter has announced the acquisition of the 'Gold Tick' verification system, which is touted as the largest first-party oracle network. This move is expected to enhance Twitter's ability to verify the authenticity of information shared on its platform, potentially improving the credibility and trustworthiness of content.

Echelon, a new Move-based money market on Aptos, has launched on the mainnet. It is a DeFi platform that facilitates non-custodial borrowing and lending through pools. Borrowers must provide overcollateralized loans, and the platform has robust risk management parameters. Echelon leverages Pyth Price Feed as the primary provider for its price feeds, which are crucial for loan origination and liquidation processes, ensuring market stability within the protocol.

Synthetix will facilitate the distribution of Pyth Network's governance token ($PYTH) to eligible members of the Synthetix community over the next four weeks. This initiative aims to encourage Synthetix community participation in Pyth Network governance and strengthen the relationship between the two projects. Eligibility criteria include engaging in Synthetix governance channels, authoring or voting on proposals, participating in elections, or serving on a Synthetix DAO body within the past year. Interested individuals must submit their Solana addresses on the Synthetix Discord to maintain eligibility.

PixelSwapFi has successfully integrated with Pyth Network, a real-time market data provider across over 40 blockchains. By incorporating Pyth's price feeds into Pixel Soul Pass, PixelSwap aims to enhance pricing accuracy and unlock new capabilities. Pyth Network boasts over $1 billion in secured value, facilitating over $100 billion in trading volume. It is the largest first-party oracle network, with 100+ data providers, 450+ price feeds, and integration with over 300 decentralized applications across 50+ chains.

Over 300 decentralized applications (dApps) across multiple blockchain networks are now utilizing the Pyth network for oracle services. Pyth has become a dominant provider of trusted value streams (TVS) on several leading chains, powering more than 90% of TVS on 10 chains and over 50% on another 7 chains. The growth of the Pyth network highlights its increasing adoption as a reliable oracle solution for the rapidly evolving decentralized finance (DeFi) ecosystem.