2024-02-26 11:17:46 ET
Pyth Network and the HBAR foundation have teamed up in a collaboration that will see Pyth Price Feeds come to the Hedera network.
The integration allows for permissionless access to over 400 real-time price data feeds for developers on Hedera, according to details in a press release on February 26.
Grace Pfluger, Director of Business Development at HBAR Foundation, said :
“Public oracle price feeds are a critical component for growth as lending is often seen as the crux of economic behaviour. This infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera.”
Pyth brings its Price Feeds to Hedera
With Pyth price feeds on Hedera, developers can tap into the latest “ultra low-latency” and real-time price feeds across multiple markets. This includes market data for cryptocurrencies, commodities, equities, foreign exchange and ETFs.
The Hedera developer ecosystem will leverage these price feeds to power smart contract protocols and decentralised finance (DeFi) applications.
According to today’s announcement, the first application to tap into Pyth Price Feeds on Hedera is HLiquity. The decentralised borrowing protocol offers interest-free loans against the native Hedera token HBAR.
HLiquity will use the price feeds to track both HBAR and the CHF value of its on-chain CHF-pegged stablecoin HCHF. HLiquidity will use this feature to ensure that vaults and its protocol remain over-collateralized
“This partnership with Pyth Network enhances HLiquity on Hedera, offering real-time, reliable data for secure and efficient decentralized borrowing. This collaboration is a leap forward in our mission to deliver transparent and accessible financial services,” said Reto Habegger, COO at Swisscoast.
Pyth Network’s PYTH token traded at around $0.56, while the price HBAR changed hands near $0.11 on Monday, 11 am ET.
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