Pyth Network’s integration with Hedera introduces over 400 real-time price feeds, enhancing blockchain financial services.
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HLiquity becomes the first Hedera-based application to utilize Pyth’s advanced data for overcollateralization, marking a significant advancement in decentralized finance (DeFi) capabilities on the platform.
Pyth Network Boosts Hedera Ecosystem
Pyth Network, known for its real-time market data, is set to transform the Hedera blockchain. This integration brings over 400 Pyth price feeds to Hedera, a move expected to significantly impact economic activities such as lending.
Great work by @PythNetwork: providing real-time market data to the #Hedera network for over 400 assets across cryptocurrencies, commodities, equities, FX, and ETFs to enhance on-chain information availability for users, developers, and institutions alike.https://t.co/rw2Q0bXADF
— Hedera (@hedera) February 26, 2024
Grace Pfluger, Director of Business Development at the HBAR Foundation, highlights the importance of public oracle price feeds in driving economic behavior on Hedera.
Pyth’s pull oracle model offers timely access to various financial product prices, including cryptocurrencies and ETFs, with minimal latency.
These feeds also feature a confidence interval to provide insights into market volatility, benefiting downstream protocols.
HLiquity, a decentralized borrowing protocol on Hedera, becomes the first to utilize Pyth’s data. This ensures protocol stability by accurately tracking HBAR and Swiss franc prices.
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Pyth Network Expands DeFi Capabilities
Pyth Network, a leading financial oracle network, has introduced price feeds for 13 Bitcoin ETFs on February 20. This move is set to empower decentralized finance (DeFi) platforms, offering them expanded portfolio options, improved risk management, and increased liquidity to attract institutional capital.
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In January 2024, the Hedera Global Governing Council approved an allocation of 4.86 billion HBAR, worth approximately $408 million, to further develop the network and enhance decentralized governance. This initiative reflects Hedera’s commitment to strengthening its infrastructure following a successful 2023, which saw over 33 billion real-world transactions, highlighting its scalability and robustness.
Currently, the price of Hedera’s native token, HBAR, has risen by 6.67% in the last 24 hours, reaching $0.1114. Over the past 7 days, it has experienced a 5.21% increase.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.