HydraSwap Announces Integration with Pyth Network for Hi-Fi Market Data
HydraSwap proudly announces the strategic integration of the Pyth Network into its DeFi cross-chain platform to feed high-fidelity market data to its smart contracts.
Through the Pyth oracle, HydraSwap smart contracts will be able to access high-quality, real-world market data aggregated from the network’s coalition of primary data suppliers. This data is more trustworthy since it is sent directly to Solana nodes. It is more accurate because the Pyth oracle produces a fair representative price that is updated more frequently on Solana — which is the fastest blockchain.
Why does Hydraswap need decentralized oracles?
At HydraSwap, they are building a next-generation Automated Market Maker that will generate returns similar to traditional market makers. This requires the use of a robust and high-speed decentralized data oracle.
But what is Pyth and how does it work?
The Pyth oracle connects high-fidelity market data from the world’s largest professional traders and exchanges. Through Solana, the DeFi industry can access this verifiable data from high-quality, low-latency nodes at the fastest bandwidth in the global blockchain ecosystem.
Benefits for HydraSwap
Since both HydraSwap and Pyth are deployed on the Solana blockchain, Pyth-HMM performance will be enhanced. Data will be continuously updated in each Solana slot once every 400 ms, which means that our platform will be able to obtain more than 200,000 daily price updates at a sub-second frequency!
By connecting to the data on the Pyth Network, LPs and traders using the HydraSwap HMM (Hydra Market Maker) have the potential to achieve superior performance through the more accurate, high frequency oracle price reference.
Regarding the integration, the HydraSwap team pointed out that “This technological integration to our platform will allow privileged access to high-quality market data from some of the largest traders, exchanges and financial services players and at lightning-fast speeds powered by Solana.”
About the Pyth Network
Pyth is a specialized oracle solution for latency-sensitive financial market data available on multiple blockchains. It seeks to aggregate high-quality, first-party data in advanced ways and publish at sub-second speeds.
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About HydraSwap
HydraSwap is a cross-chain DEX on Solana providing CEX-level trading, supported by a game-changing HMM core and powerful multi-module components. The next generation DEX provides cross-chain asset management solutions to traders and liquidity providers (LPs). By creating a seamless cross-chain infrastructure powered by its proprietary market-making algorithm, HydraSwap aims to serve the DeFi community in a whole new way as an interconnected ecosystem.
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