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The LMAX Group will provide financial data to the Pyth network using oracles that will further facilitate high-fidelity real-time trading on the decentralized blockchain network.
The Solana-based Pyth network is ready to receive currency and cryptocurrency trading data from institutional exchange operator LMAX Group. Pyth is a decentralized financial markets data distribution network built on top of the Solana blockchain.
The latest announcement also makes the LMAX group the first digital exchange to join Pyth. Currently, blockchain-based automated digital contracts consume financial data through Oracle services. Compared to traditional finance, this is a more democratic way to share financial data.
So far, Chainlink’s Oracle Service (LINK) has pioneered decentralized data distribution services for DeFi applications on Ethereum. Pyth overlaps to some extent with Chainlink’s oracle services. In addition, it has been optimized to serve institutional clients who require high speed trading with low latency. In an interview with CoinDesk, LMAX Group CEO David Mercer said:
If you look to the future, DeFi, which is currently a science experiment, means taking stock on the blockchain and putting assets to work and earning interest on them. Once you accept that people expect to gain interest and bet on products second by second, minute by minute, then the key question is how do you value these things?
A number of big players have recently expressed an interest in providing data to Pyth users. The LMAX Group joins GTS in this mission.
GTS facilitates multi-asset market data to Pyth
Earlier this month, electronics market leader GTS announced its membership in the Pyth network. GTS will run an independent node on the Pyth network which will allow it to push data directly. Thus, this will allow Pyth to make real-time pricing available for the first time on high-performance blockchain networks. Ari Rubenstein, co-founder and CEO of GTS said:
The content of real-time market data on all asset classes will be a giant leap for the development of decentralized finance / DeFi applications. For DeFi applications to mature, the sophisticated integration of asset pricing in which GTS excels is a must. Our participation in the Pyth network provides a solution to a long-standing gap in the public real-time distribution of financial data via blockchain.
The Pyth Network is slowly emerging as a provider of next-generation “high fidelity, fully streaming financial data” Oracle solutions. This will help shift the global trading market towards greater decentralization.
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Bhushan is passionate about FinTech and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and remains motivated by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his culinary skills.
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