Pyth Network Implements Price Feed on BNB Chain

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Blockchain
Pyth Network Implements Price Feed on BNB Chain

BNB Chain has partnered with a leading oracle platform, Pyth Network, to produce high-quality live market data for crypto feeds on the BNB Chain mainnet and Binance sidechain.

BNB Chain to Become Data Providers on Pyth Network

BNB Chain announced on October 4, 2022, in a press release that it will onboard Pyth Network’s live price feeds on its platform. On the back of this partnership, all BNB applications can leverage Pyth’s 80+ price feeds including those of cryptocurrencies, stocks, commodities, and forex.

BNB Chain becomes the latest in a list of over 70 data providers currently active on the Pyth Network. According to BNB Chain, the team-up between both parties will provide “more accurate and quality data that people can draw from in a myriad of ways.

Speaking on the partnership, Mike Cahill, Director of the Pyth Data Consortium, said:

“Binance has established itself as the leading global exchange and set the standard for security, reliability, and transaction execution.

They are also committed to Web3, BNB Chain is one of the most popular blockchains in the world. This makes them a natural partner of Pyth, a leading oracle service that delivers high-quality financial data on-chain.”      

Gwendolyn Regina, Chief Investment Officer of BNB Chain, also stated:

“Developers and dApps have relied on Pyth’s high-quality data to power their innovative ideas. This is a bright spot in our efforts to build Web3 infrastructure, allowing communities to easily access real-time data.”

Venus Protocol Among the First Users

DeFi algorithmic money market protocol, Venus is touted to be the first BNB Chain application to utilize Pyth’s real-time market data on its platform. The CEO of Venus, Brad Harrison was delighted with the new development, stating that it represents “an exciting development for the dApp community.” He also predicted that “Pyth will usher in an era of innovation for the BNB community.

The publishing of real-time market data will operate seamlessly, where the prices are displayed and aggregated on the Pyth Network and then transferred to the BNB Chain and Binance Sidechains with the help of the Wormhole network. When prices change on the Pythnet, Wormhole relay those changes to the on-chain Pyth price on the BNB applications.

It is important to note that this isn’t Pyth Network’s first collaboration with BNB Chain. In May 2022, Pyth secured a similar partnership with BNB Chain to stream high-quality financial data to BNB Chain and BNB Application Sidechains (BAS) in the testnet stage.

Pyth’s integration with BNB Chain comes after the former’s partnership with Auros to enable Pyth Network to receive pricing data for a vast array of cryptocurrencies driven by Auros’ advanced high-frequency trading system.

BNB Chain, which is one of the world’s leading blockchains is also expanding its ecosystem through strategic partnerships and integration. In September 2022, BNB Chain unveiled a zero-knowledge proof-based scaling solution dubbed “zkBNB” to maintain security from its base layer, improve transactions per second (TPS), and increase the scalability of the platform.                                                                   

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.

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