Institutional-grade data oracle Pyth Network set to service decentralized finance (DeFi) projects on Solana is going live today on the blockchain platform.
<h2><strong>Pyth Network Set to Go Live on Solana</strong></h2>
Solana-based decentralized data oracle Pyth Network is <a href="https://www.bnnbloomberg.ca/crypto-market-data-network-pyth-going-live-on-solana-blockchain-1.1644066" target="_blank" rel="nofollow noopener">launching</a> today on the Solana mainnet to allow developers to integrate its feeds across DeFi platforms and applications. Until now, the network had been available on the Solana devnet only as a testing ground.

Currently, Pyth supports Solana-based projects. In the coming weeks, the network will integrate with the Wormhole interoperability protocol to support leading blockchains like <a href="https://www.cryptoknowmics.com/news/kraken-announces-250000-donation-for-ethereum-blockchain-upgrades/">Ethereum</a>, Binance Smart Chain (BSC), and Terra.

Dave Olsen, President and Chief Investment Officer of Jump Trading Group, one of the trading firms involved with Pyth, said:
<blockquote><em>“This is an exciting development for global market infrastructure as DeFi and TradFi continue to converge on the Solana Blockchain. We believe Pyth‘s ability to connect high-fidelity, time-sensitive, real-world data with DeFi applications will play a critical role in the industry’s evolution.”</em></blockquote>
<h2><strong>Pyth Receives Support from Major Crypto Platforms</strong></h2>
Initially, 17 market makers, quant shops, and exchanges have pledged to support Pyth, including the <a href="https://www.cryptoknowmics.com/news/ftx-makes-a-450000-multi-year-commitment-to-brink-technology/">crypto exchange</a> FTX.  The network was incubated by Jump Trading and has received contributions from trading firms such as GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading, and KGI Securities.

Other major contributors in the project include LMAX, MIAX/BSX, Genesis Global Trading, FTX, CMS, CoinShares, and Bitso.

Chris Zuehlke, the partner at DRW and global head of Cumberland, said:
<blockquote><em>"The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth. As a company that has a long history in the traditional capital markets, it's exciting to see DeFi start to challenge long-held ideas of what's possible and offer novel solutions.”</em></blockquote>

Pyth Network Data Oracle is Going Live on Solana Blockchain

Institutional-grade data oracle Pyth Network set to service decentralized finance (DeFi) projects on Solana is going live today on the blockchain platform.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Pyth Network Data Oracle is Going Live on Solana Blockchain

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