8 months ago
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The integration provides an additional layer of risk management for DeFi protocols through the confidence interval feature.
The HBAR Foundation, an organization dedicated to supporting the growth and development of Hedera’s ecosystem, announced today its partnership with the Pyth Network to integrate Pyth Price Feeds into the Hedera Network. With this move, Hedera aims to enable DeFi builders to easily access over 400 real-time price feeds across crypto, foreign exchange, commodities, equities, and exchange-traded funds (ETFs).
According to a press release from HBAR Foundation, these price feeds will empower developers on Hedera to build secure and efficient DeFi applications. Additionally, Hedera users and developers can benefit from Pyth Price Feeds’ Pull Oracle design, which provides continuous, low-latency access to all the most up-to-date prices.
Beyond data delivery, Pyth Price Feeds offer a confidence interval feature that allows DeFi protocols to stay alert to high volatility and market disruptions, enhancing their stability and safety during extraordinary market conditions.
Grace Pfluger, HBAR Foundation Director of Business Development, emphasized the important role of public oracle price feeds in fostering economic activity within the DeFi space.
“Public oracle price feeds are a critical component for growth as lending is often seen as the crux of economic behavior. This infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera and we are ecstatic to partner with Pyth not only for the incredible tech, but our alignment of a long-term strategic vision,” said Pfluger.
Marc Tillement, Director at the Pyth Data Association, highlighted the necessity of robust and reliable price data, stating:
“A sustainable and enterprise-grade network designed to support a decentralized economy will require continuous access to low-latency and highly reliable price data. In this spirit, we’re thrilled for the deployment of Pyth Price Feeds on Hedera and what this core infrastructure will unlock for its builders.”
As noted by the HBAR Foundation, HLiquity, a decentralized borrowing protocol built on Hedera, is the first application to onboard Pyth Price Feeds. Reto Habegger, COO at Swisscoast, the driving force behind the HLiquity protocol, expressed optimism about the integration of Pyth Price Feeds, saying:
“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.”
The Pyth Network has recently introduced its Bitcoin ETF Price Feeds, a feature designed to offer DeFi developers real-time, accurate pricing information for all available spot Bitcoin ETFs.
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