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- Pyth Network announced that it’s launching over 400 real-time price feeds on the Hedera network catering to crypto, commodities, foreign exchange pairs, ETFs, equities, and more.
- Developers on Hedera can now tap these feeds permissionlessly to power their smart contract applications, including integrating them into DeFi.
The Pyth Network has launched over 400 real-time price feeds on Hedera, making it easier and more convenient than ever to build on the leaderless proof-of-stake blockchain.
Pyth announced the move on Monday, revealing that it had partnered with the HBAR Foundation to avail its price feeds permissionlessly to developers on Hedera.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera đź”®
HLiquity is the first DeFi application on Hedera to be Powered by Pyth.
Learn more about this launch below:
ℹ️ About the HBAR Foundation
The HBAR… pic.twitter.com/dRbFRwgpBG
— Pyth Network đź”® (@PythNetwork) February 26, 2024
Pyth, which touts its platform to be the largest first-party oracle network, will offer 400+ price feeds across crypto and other digital assets, equities such as stocks, ETFs, commodities, forex pairs, and more.
In its announcement, Pyth stated:
Developers on Hedera can permissionlessly access any of these data feeds to power their smart contract applications and build out the next generation of blockchain-enhanced financial services.
HLiquidity, a decentralized borrowing protocol where users can use HBAR tokens to obtain interest-free loans, was the first application to integrate the price feeds. Loans are paid out in HCHF, a stablecoin pegged on the Swiss franc, and must maintain a minimum collateral ratio of 110%.
HLiquidity is now leveraging Pyth’s price feeds to “continuously monitor the current price of HBAR and CHF and ensure that all user vaults and the overall protocol remain over-collateralized.”
Pyth Network to Revitalize Hedera with Real-Time Price Feeds
Pyth Network launched in 2021 on Solana and since then, it has become one of the most popular oracle networks in the market. Last December, it processed over $22 billion in trading volume based on its price oracles, twice the November volume.
Unlike some of its rivals, Pyth sources all its data from first-party institutional sources like Jane Street, OKX, Binance, CBOE, and Bybit. In contrast, its rivals pay third-party node runners to scrap this data from aggregators like CoinMarketCap. This makes Pyth more accurate and faster.
Developers on Hedera will now get to enjoy Pyth’s market-leading capabilities, enabling them to build decentralized applications that can compete with any legacy offering.
Commenting on the partnership, Grace Pfluger, the HBAR Foundation Director of Business Development described it as a huge milestone for the ecosystem. The Foundation supports the development of the Hedera ecosystem by empowering the developers.
Pfluger 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 the 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.
Meanwhile, the HBAR token has gained over 7% in the past day to trade at $0.1118 at press time.
