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Cryptocurrency market continues to see notable developments. Accordingly, the real-time market data provider for blockchain applications, Pyth Network, announced the launch of the Price Feeds and Pyth Benchmarks service on the open-source proof-of-stake public ledger supported Hedera network on February 26th. The team did not delay in making significant statements on the matter.
Significant Move from the Pyth Network Team
According to the press release, more than 400 Pyth Price Feeds services will be launched on Hedera. Grace Pfluger, Business Development Director of the HBAR Foundation, made significant comments on the matter:
“Public price feeds are a critical component for growth as lending is often seen as a fundamental point of economic behavior. This infrastructure is a major milestone in promoting the development of innovative financial instruments on Hedera.”
Pyth Price Feeds will offer an oracle design to provide Hedera users and developers with access to the latest price updates for over 400 low-latency price data streams across cryptocurrencies, foreign exchange, commodities, stocks, and exchange-traded funds. Another service provided by Pyth Price Feeds stands out as a critical service to inform streaming protocols about ongoing volatility and market data.
Notable Developments in the Hedera Ecosystem
HLiquity, a decentralized borrowing protocol that allows users to take interest-free loans against Hedera’s native token HBAR, will be the first application to integrate with Pyth Data on Hedera. HLiquity helps track the current prices of HBAR and the Swiss Franc (CHF) to ensure the collateralization of user funds and the overall protocol.
Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchain networks. It announced the launch of price feeds for 13 Bitcoin ETF funds on February 20th. According to the company, this step could help decentralized finance (DeFi) platforms expand their portfolio options, improve risk mitigation strategies, and potentially attract institutional capital to the ecosystem, increasing liquidity.
In January 2024, the Hedera Governing Council, which oversees the Hedera network, approved the allocation of approximately $408 million worth of Hedera’s native token, which is about 4.86 billion, for further development and enhanced decentralized governance. The funds are considered significant as part of the goal to strengthen the foundation of Hedera following its establishment.
