- SeraBlock becomes the 100th data provider for Pyth Network.
- SeraBlock will boost Pyth with its proprietary data.
- The partnership is crucial for Pyth Network’s role within DeFi.
In decentralized finance (DeFi), accurate real-time data is a necessity. Real-time data underpins the entire DeFi ecosystem, enabling smart contracts to execute accurately. This enables traders to make informed decisions and promotes market stability.
Operating firmly within this space, Pyth Network made a notable step toward promoting real-time date availability with SeraBlock, which became its 100th data provider. The partnership is slated to enhance the quality and diversity of data available on the network, ensuring a more reliable experience for users.
SeraBlock Joins Pyth Network
In a significant development for the DeFi sector, SeraBlock AG, a prominent trading firm based in Switzerland’s Crypto Valley, officially joined Pyth Network as its 100th data provider on Monday, February 5.
This milestone signifies a substantial enhancement of Pyth Network’s data aggregation capabilities. By integrating SeraBlock’s proprietary market data, Pyth Network strengthens its position in DeFi.
“Pyth’s groundbreaking speed and decentralized pricing oracle architecture are driving forces in the evolution and expansion of DeFi,” explains Stefan Hanssen, Director at Serablock AG. We’re thrilled to leverage our expertise in market-making and arbitrage trading to price assets for Pyth,” he added.
What This Means for Pyth Network and DeFi
Pyth Network, which offers over 400 real-time on-chain price feeds, relies on the robustness and security provided by its diverse pool of data providers. The partnership with SeraBlock will boost the accuracy of Pyth Network’s data feeds, enhancing the network’s utility and reliability.
SeraBlock, established in 2023, specializes in providing liquidity to centralized and decentralized exchanges. The firm also executes advanced arbitrage strategies in the digital asset market, providing it with real-time and unique data from the markets.
On the Flipside
- While more data providers boost Pyth Network’s capabilities, they also bring challenges in ensuring data reliability and safeguarding against market manipulation.
- Pyth Network faces strong competition from established blockchain oracle providers like Chainlink .
Why This Matters
Reliable and accurate data feeds are fundamental for the credibility and stability of the DeFi ecosystem. They form the backbone of various applications and platforms, influencing users’ trust and adoption rate.
Read more about the latest developments in the Pyth Network:
Gate.io Partners With Pyth Network to Provide Real-Time Crypto Price Data
Read more about the trends in venture capital and Web3:
2023 Web3 Funding Reaches $9B, Failed Projects Drop By Half
