SwissBorg x Pyth: Providing our MEX data to DeFi
SwissBorg is proud to announce its latest DeFi partnership with the Pyth Network, a protocol that provides blockchain oracles for market data. We are joining their team of over 90 publishers to price assets on over 50 blockchains, powering 250+ dApps.
“Pyth low-latency oracle and pull business model are key innovations that will make it a pillar for the growth of DeFi”, claims Nicolas Rémond, CTO of SwissBorg. Adding, “At SwissBorg, we’re very excited to leverage our Smart Engine to price assets for Pyth and collaborate with them.“
Abhimanyu Bansal, Head of Partnerships at Douro Labs, believes, “Institutions like SwissBorg provide Pyth Network with reliable and credible multi-asset price data, ensuring the security and reliability for which Pyth is renowned. We are excited to welcome them as a data publisher and look forward to future collaboration.”
What is Pyth?
Pyth Network is one of the key blockchain oracle protocols in the DeFi ecosystem. It stands out for its unique approach to providing market data, essential for various applications in both the blockchain and DeFi spaces.
By sourcing data directly from over 90 first-party providers, it is able to distribute across more than 50 blockchains. Prices and confidence intervals are updated every 400 milliseconds, making Pyth Network's data a crucial source for protocols that require timely data for effective functioning, such as perpetual or money markets.
How does it work?
SwissBorg receives, multiple times per second, requests to update some prices. We then query our Smart Engine which checks the best price across all our Forex, CEX and DEX venues and returns the mid-price as well as the confidence interval.
This data is then passed on to Pyth’s own blockchain “pythnet” that serves all blockchains except Solana. All of this happens in a couple of milliseconds through our high-performance infrastructure. For Solana, SwissBorg broadcasts onchain the prices directly, sending around 1 transaction per second!
SwissBorg is able to provide over 70 feeds for Pyth, with more to come over time, making it a much valued publisher.
An oracle for BORG
Oracles in the blockchain context are vital components that serve as bridges between blockchain networks and external systems. They provide a way to feed real-world data into blockchains and smart contracts, which are otherwise isolated from external inputs due to their secure and tamper-proof nature. This capability is essential in enabling smart contracts to execute based on real-time information such as price feeds, weather data, or even election results, broadening the scope and applicability of blockchain technology.
That is why this partnership holds particular significance for SwissBorg. The collaboration with Pyth Network enables SwissBorg to have its own oracle for the BORG token, a crucial step in integrating BORG into the DeFi space. This development is not just a technical achievement but also a strategic move to increase the utility and presence of the BORG token in the broader cryptocurrency market. This is one of the first steps to bring BORG in DeFi! Stay tuned for more information about this.
SwissBorg’s partnership with Pyth Network is a significant step forward in bridging the gap between CeFi and DeFi. It showcases SwissBorg’s dedication to leveraging its technological know-how for the benefit of the wider cryptocurrency community. As SwissBorg continues to explore and implement new ways to integrate and use Pyth’s oracle system, we eagerly anticipate the innovative solutions and opportunities that will come from this collaboration. This partnership is more than just a business venture; it's a bold move towards a more interconnected and efficient financial future.
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