Pyth Network Launches Price Feeds and Benchmarks on Hedera
Pyth Network has launched over 400 price feeds on the public open-source and proof-of-stake registry, Hedera. HLiquity, a decentralized lending protocol on Hedera, will be the first application to integrate Pyth data, using this information to ensure overcollateralization.
The Hedera Governing Council has allocated 4.86 billion HBAR for development and decentralized governance, after recording over 33 billion transactions in 2023.
Pyth Network is known for providing low-latency real-world data to multiple blockchains. In February, it announced the launch of price feeds for 13 Bitcoin ETFs, aiming to help decentralized finance platforms expand their portfolio options, improve risk mitigation strategies, and increase liquidity by potentially attracting institutional capital to the chain.
In January 2024, the Hedera Governing Council approved the allocation of 4.86 billion HBAR, worth approximately $408 million, for future development and advanced decentralized governance, strengthening its foundation after a notable performance in 2023 with over 33 billion transactions on the network.
Innovation in Market Data for Hedera
Pyth Network, a real-time market data provider for blockchain applications, is expanding its services to Hedera by launching Pyth price feeds and benchmarks. According to a press release on February 26, over 400 Pyth price feeds will be available on Hedera.
Public price feeds from oracles are a vital component for growth, as lending is often seen as the heart of economic behavior. This infrastructure is a significant step towards driving the development of innovative financial instruments on Hedera, and we are thrilled to partner with Pyth, not only for the incredible technology but also for our alignment on a long-term strategic vision.
Grace Pfluger, Director of Business Development at the HBAR Foundation
Grace Pfluger emphasizes the importance of these public price feeds as crucial components for economic growth and the development of innovative financial instruments on Hedera.
Expanded Access to Market Data and Practical Application
The Pyth price feeds will offer a pull-based oracle design, allowing Hedera users and developers to access real-time price updates for over 400 ultra-low latency price feeds, covering cryptocurrencies, forex, commodities, stocks, and ETFs. Additionally, a confidence interval feature will inform downstream protocols about ongoing volatility and market shifts.
HLiquity, a decentralized lending protocol that allows users to obtain interest-free loans against the Hedera HBAR token, will be the first application on Hedera to integrate Pyth data. HLiquity will use this data to track current HBAR and Swiss Franc prices, ensuring that users’ vaults and the protocol as a whole remain overcollateralized.
