Pyth Network, a provider of real-time market data for blockchain applications, is set to launch price feeds and benchmarks on the open-source, proof-of-stake public ledger Hedera.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera 🔮
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 🔮 (@PythNetwork) February 26, 2024
In a press release dated February 26, it was announced that over 400 Pyth price feeds will be rolled out on Hedera. Grace Pfluger, Director of Business Development at HBAR Foundation, emphasized the significance of public oracle price feeds for the growth of lending activities, highlighting their role in fostering the development of innovative financial instruments on Hedera.
The Pyth price feeds will adopt a pull oracle design, offering Hedera users and developers access to up-to-date price updates across various asset classes, including cryptocurrencies, foreign exchange, commodities, equities, and exchange-traded funds (ETFs). Additionally, Pyth price feeds will feature a confidence interval function to inform downstream protocols about market volatility and disruptions.
HLiquity, a decentralized borrowing protocol enabling interest-free loans against Hedera’s HBAR token, will be the first application on Hedera to integrate with Pyth data. HLiquity utilizes Pyth data to monitor HBAR and Swiss franc prices, ensuring user vaults and the protocol remain sufficiently collateralized.
Pyth Network serves as a primary financial oracle network, supplying low-latency real-world data to multiple blockchains.
Earlier, on February 20, it unveiled price feeds for 13 Bitcoin ETFs, aiming to diversify portfolio options, enhance risk management strategies, and attract institutional capital to decentralized finance platforms.
In January 2024, the Hedera Global Governing Council approved the allocation of 4.86 billion HBAR, approximately valued at $408 million, for further development and decentralized governance initiatives. This funding aligns with Hedera’s objectives to fortify its infrastructure following its robust performance in 2023, marked by over 33 billion real-world transactions on the network.
