Pyth Price Feeds Launch on NEAR Protocol Bringing Equity, Commodities, and Market Data On Chain
NEAR FOUNDATION
November 30, 2023
Pyth, the largest first-party provider of real-time market data for crypto, equities, FX, and commodities to more than 40 blockchains, has launched on NEAR protocol. Pyth, whose services are used by more than 80 market participants — including Jane Street, CBOE, Binance, OKX, and Bybit — brings high-fidelity, high frequency financial market data to the NEAR blockchain natively for the first time.

Previously, Pyth had deployed its feeds to Aurora, the EVM chain built on NEAR. But today Pyth data feeds are fully compatible with NEAR Protocol.   

The announcement is a boon to the burgeoning DeFi ecosystem built on top of NEAR, which stands to benefit from data feeds that update every 300 milliseconds.

While other oracle providers use third-party data providers or relayers, Pyth’s data comes from institutions directly. Additionally, Pyth does not use price triggers to prevent certain prices from being pushed. Pyth uses Confidence Intervals to ensure continuous price availability. This new metric allows projects to consume Pyth’s price feeds during the most volatile market conditions.

The Importance of Oracles 
Oracles are an important part of any DeFi ecosystem, since they are the information bridges between blockchains and databases. Although oracles could be built by the developers of DeFi projects, out-of-box, decentralized oracles are helpful for builders to start quickly without losing time and effort creating their own oracles. 

“Celebrating a new era of data reliability and trust, Douro Labs is thrilled to announce the seamless integration of Pyth Network with the NEAR blockchain,” says Abhimanyu Bansal, Head of Partnerships at Douro Labs. 

“This strategic partnership empowers developers on NEAR with real-time, accurate data feeds, and as we bridge the gap between the physical and digital worlds this integration propels us towards a future of decentralized applications that are not only secure but also truly informed.”

Pyth has a robust network that is able to deliver price data even during sizable events. During the LUNA/UST incident in May ‘22, Pyth managed to track the LUNA price very accurately during the UST de-peg, while other networks stopped updating the price, causing inaccurate price data. 

In less than a year since Pyth’s launch, the network secured more than $2.0B in total value. Pyth has facilitated over $70 billion in trading volume and received over a million client downloads from passionate developers. Pyth supports 350+ low-latency price feeds across digital assets, equities, ETFs, forex pairs, and commodities. 

