Figment Joins Pyth as a Core Contributor

Clayton Menzel
November 23, 2021
5
minute read

Figment Joins Pyth as a Core Contributor

We are pleased to announce that we have joined the Pyth data oracle network as a core contributor and partner. This marks the second core network contribution by Figment and is the first core contribution partnership for the Pyth network. 

Why are Data Oracles Important to Web 3?

Data oracles are an essential component of the Web 3 infrastructure stack. Without data oracles, blockchains would have no line of communication from the external world as they are inherently closed systems. 

Data oracle networks like the Pyth network serve as the connection between blockchains and the data sources necessary for decentralized financial applications. This data can include price feeds, transaction history, account balances, and more.

What Makes the Pyth Network Unique?

Data is abundant in Web 3, but institutional-grade market data is not. The Pyth network is a high fidelity (HiFi) decentralized data oracle network designed to bring the highest level of financial data to DeFi.

The Pyth network participants already include some of the biggest players in the financial industry including Jane Street, Jump Trading Group, Hudson River Trading, and Galaxy Digital as data publishers. These data publishers bring institutional-grade market data at sub-seconds speeds to the blockchain. Some DeFi applications, including Bonfida Perps, Port Finance, and Solend have started to consume this data.

Supported Assets: 

  • Cryptocurrencies
  • Equities
  • Commodities
  • Foreign Currencies

The Pyth network is built on Solana, but already supports other Layer 1 chains like Ethereum, Terra, and Binance Smart Chain via Wormhole. We look forward to the growth of the network through:

  • More Data providers
  • More supported blockchains
  • Introduction of staking, rewards, and curation functionality

The Figment x Pyth Network Partnership

As core contributors and partners, we will be working closely with Pyth network participants to bring more functionality and usability to the Pyth network. 

One of the problems with Web 3 adoption is the initial barrier to entry. One of our goals with this partnership is to create a seamless onboarding experience for data providers and data consumers. We will be integrating Pyth network with DataHub, allowing for easy access to Pyth network data necessary to power DeFi protocols and applications. 

We will also be creating a Pyth network knowledge base on Figment Learn, which will guide developers through their first Pyth network data integration. This will include future incentives for developers who create additional tutorials that expand on Pyth network’s use cases.

"In the few months since launching, the Pyth Network has seen incredible growth with 38 announced data providers and hundreds of integrations. Figment is proving themselves as a market leader in bringing resources to web3, and their commitment to scaling Pyth data feeds marks an important milestone in achieving scalability." - Michael Cahill


DataHub aims to greatly improve the access to leading Web 3 protocols and we believe oracles will play an essential role in the Web 3 stack. With this partnership, we will help Pyth become a dominant solution within its category by helping developers and publishers leverage its full potential.” Yannick Folla - Product Lead at Figment


Future

The Web 3 infrastructure stack is being built today. DataHub is the easiest way for developers to build, launch, and scale new Web 3 applications. DataHub provides access to RPC infrastructure, full and read/write nodes, and enriched APIs. This allows application developers, exchanges, wallets, custodians, and data providers to easily connect and interact with Web 3 protocols without having to manage complex infrastructure, which in turn, streamlines development across the Web 3 ecosystem.

But these nodes are just a part of the Web 3 infrastructure stack. Decentralized data oracle solutions like the Pyth network and decentralized indexing services like The Graph give developers the ability to build more feature-rich applications that do not rely on single points of failure, one of the core reasons for supporting decentralized solutions and the Web 3 ecosystem. 

We look forward to helping build the Pyth network and supporting its community of data providers and developers.

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