The Pyth Network maintains its goal of providing global smart contract developers with access to financial data. In line with this perspective, the Oracle Network has introduced the GMCI 30 Index Price Feed, which gives more than 60 blockchain ecosystems access to the GMCI crypto market price index, also known as the “GM 30”.
Permissionless integration is available with the GMCI 30 feed and all Pyth 540+ price feeds. DeFi applications may operate based on the real-time price of the GM 30. This blog takes a closer look at the design of the GM 30, as Pyth expands the reach of the index with different blockchains.
The GMCI 30 Index: What is it?
Index provider GMCI specializes in creating unique indices for the digital asset sector. To facilitate the introduction of investors, financial institutions and market analysts to the Web3 capital markets, cryptocurrency market indices that follow clear procedures are essential. Additionally, indices provide standardization for these emerging markets, opening the door to more complex digital asset solutions.
The GMCI 30 Index, also known as GM 30, was introduced by GMCI this year. It is an index that monitors the performance of the 30 largest digital assets by market capitalization. With the inclusion of both long-term market leaders and major catalysts such as Bitcoin and Ethereum, this index provides a global view of the cryptocurrency markets. Market players can more easily track the performance of major cryptocurrencies and assess the sector’s stability, sentiment and growth patterns by using an index such as GM 30.
Maarten Botman, CEO of GMCI stated:
“We are excited to announce that Pyth Network will stream the GMCI index prices. This collaboration represents an important step forward in our mission to become the reference in the crypto space. By utilizing Pyth’s advanced technology, we are assured of providing our users with even more accurate and reliable data. This partnership underlines our commitment to innovation and excellence in the market.”
GMCI 30 on Pyth Price Feeds
Developers can now easily receive a real-time price feed for the GMCI 30 without permission thanks to Pyth Price Feeds, powered by the Pyth Network’s first-party data provider network. GMCI 30 is the Pyth Network’s first digital asset index feed, but Price Feeds also offers major indices for conventional markets such as the DJIA (Dow Jones Industrial Average), SPY (SPDR S&P 500 ETF Trust) and QQQ (Invesco QQQ ETF) . .
Ben Yorke, Ecosystem VP at WOO stated:
”As a long-standing data provider on the Pyth Network, WOO X is excited about the integration of the GMCI 30 index. GMCI is a partner of the WOO Innovation Hub and we will continue to work with Pyth on new indices that provide value to both merchants and consumers of Pyth Price feeds.”
Who uses Pyth’s GMCI 30 feed?
The EVM, Move, Cosmos and Bitcoin ecosystems provide smart contract developers with access to a reliable, high-frequency price source for the GMCI 30 on more than 60 blockchains. DeFi protocols, which power different chains and provide unique visibility to users, have already started merging with the Pyth GMCI 30 feed.
Bluefin tuna— a Sui-based decentralized order book exchange. Bluefin has facilitated $25 billion in trading activity since its debut in 2023.
D8X Exchange– an institutional-grade perpetual futures DEX on Arbitrum, Polygon zkEVM and X Layer.
Pingu exchange– a perpetual, decentralized, community-driven protocol on arbitration. Pingu has facilitated more than $2 billion in volumes since its founding in February.
Vela exchange– a decentralized exchange with scalable infrastructure, community-based incentives and advanced trading features for perpetual bonds. Vela has enabled $10 billion in volume and is now available on Base and Arbitrum.
Protocol horizon— a decentralized derivatives and liquidity trading protocol with the aim of using synthetic assets to open access to the real economy.
Get started
The Pyth Network aims to deliver high-frequency, high-fidelity financial data to smart contracts in real time.
Start by checking out the developer resources. If you have any questions, please contact the Pyth Discord.