Pyth Network is a decentralized oracle network, active on more than 70 blockchains and other layers-2. As a reminder, oracles are key pieces of the DeFi ecosystem. Indeed, smart contracts are only able to access on-chain data. Thus, oracles allow them to access data outside the blockchain, opening up the field of possibilities at the application level. From now on, Pyth Network welcomes a new data provider and not the least: Revolut.
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Pyth Network announced a historic partnership with Revolut, a global fintech leader. Revolut, as “Data Publisher”, will provide crucial financial data to the Pyth network, thus strengthening the reliability of information for smart contracts.
Le Journal du Coin offers you this promotional article in collaboration with Pyth Network.
Revolut joins the Pyth Network
Wednesday January 8, the teams of Pyth Network announced a major new partnership by joining forces with the fintech giant Revolut. As a reminder, Revolut is an online neobank founded in 2015. It is particularly known for its no-fee approach putting the user at the center of attention. In our ecosystem we also know it for its openness to the world of cryptocurrencies.
“As the lines between traditional finance and decentralized finance blur, Revolut, a global leader in digital banking, has partnered with Pyth Network as a data publisher to make its trusted pricing data available of the decentralized finance (DeFi) ecosystem. »
Towards more reliable data
As explained in the announcement, through this partnership, Revolut will join the Pyth network as « Data Publisher ». In the context of Pyth Network, a Data Publisher is a network actor who will feed the oracle data flow. To do this, it transmits financial data, such as the price of an asset, to the Pyth network so that this data can be used by on-chain smart contracts. In exchange, the publisher is rewarded via PYTH token incentivedepending on the reliability and speed of publication of the data. As explained in the Pyth Network WhitePaper:
“Publishers publish price feeds and receive remuneration in exchange. Publishers are generally market participants who have access to accurate and timely pricing information. »
Revolut and Pyth Network: a marriage of convenience
Due to its different activities and services, Revolut is a partner of choice for Pyth. Indeed, the company will make data from a multitude of markets available on-chain, both in the field of cryptos and in more traditional finance. Under the hood, Pyth Network has dozens of data providers. The objective is to multiply the sources in order to refine the reliability of the data transmitted on-chain. Indeed, Pyth Network recovers data from all these sources then aggregates them in order to obtain reliable data via the sum of all the sources. This also helps prevent a malicious actor from being able to manipulate the protocol's price feed.
“Price aggregation combines price feeds from different publishers into a single price feed for the product. This mechanism is designed to produce robust price feeds, that is, feeds whose prices cannot be significantly influenced by small groups of publishers. »
In parallel, Pyth Network also revealed a partnership with Kamino Swapa DEX that evolves on the Solana blockchain. This time, it is Kamino which integrates Pyth in order to consume the market data flow.