In an exciting development for the DeFi community, Pyth Network has announced the full integration of Pyth Price Feeds into the public Hedera network. This partnership introduces more than 400 Pyth Price Feeds, giving developers on Hedera permissionless access to real-time price data critical to securing their decentralized finance (DeFi) applications.
Known for its open-source, decentralized nature, the Hedera Network is governed by a consortium of leading global organizations. This partnership represents a significant leap forward not only for Hedera but for the broader DeFi ecosystem, enabling the creation and execution of more secure and efficient financial instruments.
Grace Pfluger, Director of Business Development at the HBAR Foundation, said: “Price feeds from public oracles are a critical component for growth as credit is often seen as the core of economic behavior. This infrastructure is a huge milestone to drive the development of innovative financial instruments on Hedera and we are excited to work with Pyth, not only because of the incredible technology, but also because of our alignment of a long-term strategic vision.”
Marc Tillement, director of Pyth Data Association, also shared his enthusiasm, noting: “A sustainable, enterprise-grade network, designed to support a decentralized economy, will require continuous access to highly reliable, low-latency pricing data. In this spirit, we are thrilled with Pyth Price Feeds’ deployment on Hedera and what this core infrastructure will unlock for its builders.”
A revolution in Hedera’s DeFi ecosystem
The Pyth Network integration delivers a comprehensive suite of 400+ ultra-low latency price feeds across asset classes such as cryptocurrencies, foreign exchange, commodities, stocks, and ETFs. These feeds allow Hedera developers to enhance their smart contract protocols and decentralized finance applications, ensuring accurate on-chain transactions and settlements.
Pyth Price Feeds’ innovative Pull Oracle design ensures continuous access to the latest price updates, critical for maintaining the accuracy and security of on-chain financial activities. Additionally, the feeds include a confidence interval feature, which provides vital information on market volatility and disruptions to protect credit protocols and trading platforms.
HLiquity, a decentralized lending protocol on Hedera, has become the first application to integrate Pyth Data. This integration allows HLiquity to offer interest-free loans against HBAR, with loans disbursed in HCHF, a stable on-chain currency pegged to CHF, while ensuring the protocol remains over-collateralized.
Reto Habegger, COO at Swisscoast, emphasized the importance of the partnership, saying: “This partnership with Pyth Network enhances HLiquity on Hedera and provides real-time, reliable data for secure and efficient decentralized lending. This collaboration is a leap forward in our mission to deliver transparent and accessible financial services.”
Supporting growth and innovation
The HBAR Foundation is at the forefront of supporting the creation of Web3 communities on the Hedera network. By empowering and funding builders, the Foundation promotes the development of diverse communities in areas such as the crypto economy, consumer engagement, sustainability, fintech, privacy and support for female founders.
This collective effort enables entrepreneurs, developers and enterprises of all sizes to tackle global challenges and create their own economies on the Hedera public network, whether they are building new applications or migrating existing EVM-based applications.
The Pyth Network is a first-party financial oracle network that delivers secure and transparent, low-latency real-world data to multiple blockchains. By encouraging large institutional market participants to share their data, Pyth ensures the availability of aggregated data across the chain for smart contract applications.
With a total value of over $2.0 billion and supporting over 400 real-time price feeds, Pyth has become a crucial component in the blockchain ecosystem, driving a total trading volume of over $100 billion across over 50 blockchain ecosystems facilitated. The integration of Pyth Price Feeds into the Hedera network marks a significant milestone and promises to improve the security, efficiency and innovation of DeFi applications and services around the world.