crypto-news-flash.com
- Hedera partners with Pyth Network to introduce over 400 real-time price feeds, enhancing DeFi on its platform.
- The integration allows developers to access a wide range of market data, improving the accuracy and reliability of DeFi applications.
The Hedera network has partnered with Pyth Network, which is well-known for offering real-time market data for blockchain applications. With this collaboration, the HBAR Foundation has enabled over 400 Pyth Price Feeds to be launched on the Hedera platform. With this new advancement, the Hedera DeFi ecosystem will undergo a revolution as developers will have unrestricted access to timely and accurate price data, strengthening the security and dependability of DeFi applications.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera đź”®
HLiquity is the first DeFi application on Hedera to be Powered by Pyth.
Learn more about this launch below:
ℹ️ About the HBAR Foundation
The HBAR… pic.twitter.com/dRbFRwgpBG
— Pyth Network 🔮 (@PythNetwork) February 26, 2024
Empowering DeFi Innovations on Hedera
Pyth Network’s integration into the Hedera ecosystem introduces a vast array of ultra-low-latency price feeds spanning cryptocurrencies, foreign exchange, commodities, equities, and ETFs. Developers anticipate that price feeds like this will be essential for developing decentralized banking apps on Hedera and smart contract protocols. To guarantee correct on-chain transactions and settlement, Pyth Price Feeds’ unique Pull Oracle design constantly obtains the most recent price updates.
The Pyth Data Association’s director, Marc Tillement, expressed excitement about the deployment and emphasized the necessity of dependable, low-latency pricing data to sustain a decentralized economy. Grace Pfluger, Director of Business Development at the HBAR Foundation, emphasized the need for public oracle price feeds for lending development. These feeds are frequently regarded as the foundation of economic behavior inside DeFi. This infrastructure is a significant turning point in developing novel financial products for Hedera.
HLiquity, a decentralized borrowing protocol on Hedera, has become the first application to leverage Pyth Data. By using Pyth’s real-time price feeds to guarantee that user vaults and the protocol maintain over-collateralization, this integration allows HLiquity to provide interest-free loans against HBAR.
COO of Swisscoast, Reto Habegger, praised the relationship and highlighted that HLiquity’s operations have improved by accessing dependable and real-time data.
Strengthening Hedera’s Foundation for the Future
With funds dedicated to empowering builders across various areas, including the Crypto Economy, Consumer Engagement, Sustainability, Fintech, Privacy, and Female Founders, the HBAR Foundation has played a pivotal role in facilitating the development of Web3 communities on the Hedera network. These programs create a broad ecosystem in which applications can coexist and prosper.
In addition, the HBAR Foundation continues to play a pivotal role in the growth of the Hedera network by funding and empowering builders within the Web3 space. The latest allocation of 4.86 billion HBAR by the Hedera Global Governing Council, which aims to further decentralized governance and strengthen Hedera’s infrastructure following its successful performance in 2023, which saw over 33 billion real-world transactions, serves as more support for this.
The Pyth Network just launched its Bitcoin ETF pricing Feeds, a platform designed to give DeFi developers instant access to accurate pricing information for any spot Bitcoin ETF currently in existence. The price of HBAR was trading close to $0.11 with an increase of 3%, while the PYTH token from Pyth Network traded hands at about $0.56.
The collaboration between Hedera and Pyth Network, coupled with the strategic initiatives by the HBAR Foundation and Hedera’s Governing Council, signifies a robust push towards establishing a more secure, efficient, and innovative DeFi landscape.