Pyth Network

Protocols are overpaying for liquidations. But that value isn’t going to the searchers who perform liquidations. So where is it going? MEV - the profit that miners or validators extract from reordering, including, or excluding transactions within a block. In the lending space, protocols perform liquidations to stay solvent. Searchers compete for blockspace to perform valuable liquidations. Yet protocols often overpay—at the detriment of UX—with most value going to miners and validators. On Aave and Compound (V2, V3) mainnet alone, over $150M in liquidation bonuses have been distributed. But this problem isn’t inevitable. With Express Relay, the sequencing of transactions is determined in auctions controlled by protocols, eliminating the extractive role of miners. By enabling protocols to auction off priority for critical operations, Express Relay ensures that searchers can compete more aggressively over the transaction value. Before Express Relay: Majority of liquidation bonus goes to the miner as a “tip.” After Express Relay: Value goes to searchers and back to the protocol, eliminating MEV. Ready to learn more? https://lnkd.in/dYJNpc4F

Why aren’t the majority of banks cashing in on the $10-trillion DeFi opportunity? The answer is simple: Fear. But that fear is valid. The blockchain industry isn’t built for traditional institutions, and its rampant security risks and regulatory challenges only underscore that fact. At the same time, DeFi continues to grow, and these traditional institutions risk missing out on the once-in-a-generation opportunity that blockchain offers when it comes to boosting revenue and maximizing efficiency. Pyth Network is designed to bridge the gap. With its stringent emphasis on compliance and unmatched standards for security, Pyth connects blockchain applications with real-time market data from global financial institutions. With Pyth, it’s now possible for banks to get the most out of DeFi and minimize risk in the process. It’s time to join the DeFi revolution. Ready to learn more? https://lnkd.in/gv_Ud_6h #DeFi #Blockchain #Finance #DataMonetization

See who’s taking back control with Express Relay 🔮 Express Relay is Pyth’s newest solution for connecting protocols with searchers and eliminating MEV. Learn why Synthetix, Keom Protocol, and Ionic money have integrated: Synthetix “Express Relay will help improve the user experience for Synthetix LPs once we deploy multi-collateral margin positions for Synthetix Perps. With Express Relay, Pyth can liquidate WBTC margin for the relevant LP collateral (say USDC), then distribute that matched asset. This eliminates the pain point of forcing LPs to claim liquidation rewards that don't match their LP collateral type. This critical feature will help Synthetix enable multi-collateral Perps.” Keom “Keom Protocol operates openly without any restrictions. By adding Express Relay as a layer on top is key to having a better value distribution across the ecosystem. The liquidators (searchers) will be paying incentives to the protocol for their liquidations to go through, the protocol then distributes the value back to user creating a value cycle that is healthy for the whole ecosystem” Ionic “Express Relay allows the liquidation process to decouple from any on-chain mechanics including (but not limited to) DEX liquidity, which has previously limited market capacity on new or smaller chains. This external auction process provided by ER internalizes MEV for more efficient liquidations that ultimately lead to better pricing for users and risk tolerance for Ionic Money.” Want to learn more? https://lnkd.in/dYJNpc4F

Pyth Price Feeds are now available on Gravity, the newest Layer 1 omnichain by Galxe 🌌 Gravity Chain is designed for mass adoption and an omnichain future. In this spirit, Pyth unlocks over 550 real-time price feeds for builders on Gravity. ℹ️ About the Integration Gravity is designed to elevate on-chain capabilities by focusing on performance, scalability, and security. As a Layer 1 omnichain smart contract platform, Gravity integrates advanced technologies like Zero-Knowledge Proofs and state-of-the-art consensus mechanisms, such as the Jolteon algorithm, enabling efficient cross-chain transactions and an enhanced user experience. The deployment of Pyth Price Feeds is a crucial step for kickstarting a DeFi ecosystem on Gravity’s high-performance environment. Real-time access to granular price feeds that reflect external markets is necessary for high-throughput DeFi applications. "Integrating Pyth Network’s price feeds with Gravity gives our users fast, accurate price updates, making DeFi on Gravity more secure and user-friendly. This step is crucial for building a strong DeFi ecosystem, offering real-time market data to support high-performance applications." – Charles Wayn, Co-founder of Galxe Learn more about the integration: https://lnkd.in/dYFEP-kU

The Pyth ecosystem is excited to welcome AlgoLI, as a new data provider 🔮 AlgoLI opens up a new revenue stream by contributing data for cryptocurrencies and equities to support Pyth’s mission of delivering reliable, secure, and real-time asset prices to Web3 developers everywhere. ℹ️ About AlgoLI AlgoLI is a cutting-edge firm specializing in proprietary algorithmic trading, data feed services, node operation, and market making. The company provides real-time market data and liquidity solutions across various digital asset markets. Additionally, AlgoLI aims to enhance the blockchain industry with precise and high-frequency financial asset price feeds. "Reliable data is one of the building blocks for healthy markets and successful quantitative trading. Assisting Pyth in providing the first will assist us in achieving the second." – Alon Ohayon, Founder and CEO at AlgoLI Ready to start utilizing your financial market data? https://lnkd.in/gv_Ud_6h

DeFi protocols need searchers to execute liquidations. The problem? Searchers take on integration costs and complexity for each protocol that they choose to integrate with. This causes significant friction. The solution: Express Relay aggregates valuable transaction opportunities of multiple DeFi protocols in one place. Searchers can compete for these opportunities without writing bespoke code for each protocol’s interface. Want to learn more? https://lnkd.in/dYJNpc4F

Express Relay is a new primitive that helps eliminate MEV. But what does that mean and how does it work? Express Relay directly connects DeFi protocols to a network of established searchers. This priority auction allows searchers to compete for priority to perform lucrative operations (such as liquidations) on integrated DeFi protocols. This eliminates the extractive role of miners (MEV). Ready to learn more? Check out Express Relay docs: https://lnkd.in/dYJNpc4F

Protocols are tired of paying excessive liquidation fees. Searchers are tired of the complexity of negotiating liquidations. Express Relay works to solve both problems. Here's how ⬇ Ready to learn more? Check out Express Relay Docs: https://lnkd.in/dYJNpc4F

What an incredible event to mark the launch of Express Relay! Douro Labs CEO and Founder Michael Cahill, shares his thoughts on the recent launch of Express Relay and how it makes DeFi more efficient. This new product helps eliminate extractive miner fees and return them to the users. Mike also discusses how network effects have aided in the success of the launch as existing Pyth Price Feeds publishers opened up a new revenue stream by becoming Express Relay Searchers. Find out more ⬇ https://lnkd.in/dqi9FnQp

Supercharging Ethereum scaling. Pyth Price Feeds are now available on Starknet Foundation, the secure scaling technology bringing Ethereum’s benefits to the world. Developers on Starknet can permissionlessly integrate with over 550 real-time price feeds. ℹ️ About the Partnership Starknet has decided to leverage Pyth Network’s price feed data to supercharge the developer experience for builders in their ecosystem. Starknet joins a rapidly growing list of over 60 blockchains using Pyth to give applications access to reliable, low-latency data directly from financial institutions. “The Pyth Network integration offers developers within the Starknet ecosystem access to real-time price feed data for over 500 assets, all of which are available today and sourced directly from the world's largest financial institutions. Additionally, through their innovative pull oracle model, applications are able to reduce costs and improve accuracy by requesting data exactly where and when they need it.” - Diego Oliva, Starknet Foundation CEO ℹ️ About Starknet By validating off-chain transactions with advanced math and cryptography, Starknet overcomes Ethereum’s scalability limitations and offer enhanced user experiences. Starknet is home to the fastest-growing layer 2 developer community due to its novel approach to scaling Ethereum and making it economically feasible to build even the most complex dApps.