Paloma Partnership with Pyth Network and AlgoReturns
Paloma, a decentralized blockchain and communications system, has announced a partnership with Oracle’s Pyth Network and AlgoReturns, an algorithmic trading solution.
This partnership of Paloma with Pyth Network and AlgoReturns is to launch the first, decentralized, cross-chain systems trading blockchain.
Collaboration Highlights
The collaboration provides trading signals across public blockchains. Allows users to trade the same token across several blockchains at the same time, expediting the entire trading process.
As the value of digital assets rises, a recent study indicates that roughly 47 million Americans intend to purchase cryptocurrencies within the next year. However, the poll also showed clear impediments to increased digital money usage. Unsurprisingly, 79% of Americans’ major concerns when dealing with cryptocurrencies are fraud and criminal activities. With an additional 17% preferring not to invest due to a lack of knowledge on what to do with their holdings. These findings highlight the rising need for enhanced and simplified tools, as well as increased education, to improve bitcoin’s viability.
Paloma sees its collaboration with Pyth Network and AlgoReturns as a key step in removing the monotony of crypto trading for traders and developers. Laying the framework for the next generation of decentralized oracles, communications, and bridge technologies.
Management Quote
“Paloma’s implementation of the Pyth price feed library, as well as AlgoReturns’ trading signals. Means that developers can now unleash new blockchain applications that can execute trades across different blockchain states.” said Taariq Lewis, Founder of Volume, a software development company building on the Paloma protocol. “Without the need to switch data feed providers or worry about execution continuity, developers can build more efficiently and securely while users trade with convenience.”
“We’re always excited to see pioneers in the space leverage Pyth’s permissionless and high fidelity data for new, exciting use cases,” said Mike Cahill, Director of the Pyth Data Association. “Pyth data is always ready to help builders unlock new potential, and Paloma’s implementation of the Pyth prices is a great boon for traders.”
Paloma ushers in a new age of cross-blockchain application development by using Pyth network feeds. Developers of digital assets may now easily create automated asset trading systems that perform complicated trading strategies across different blockchains. Paloma’s collaboration with Pyth and AlgoReturns provides a decentralized data feed of prices and trading signals. Enabling automated systems to trade across many blockchains at the same time.
AlgoReturns (Algo), a firm developing trading methods based on Paloma’s Protocol, will use Paloma’s Pyth price feeds to offer trading techniques across hundreds of different DeFi blockchains.
“With industry-leading partners, we are very thrilled to provide sophisticated trading methods on Web3 platforms.” “We believe that the combination of our research and products, along with Paloma and Pyth, will provide a systematic pathway for traders and investors to capitalize on the unparalleled possibilities in the DeFi markets,” said AlgoReturns Co-Founder Indrajit Chatterji.
About Paloma
Paloma Protocol, a Cosmos-SDK blockchain protocol designed specifically for omnichain communication, allowing permissionless management of any contract on any chain. Paloma, created by Volume, provides the Cosmos ecosystem with the world’s first intelligently planned and automated smart contract transaction execution. Initially, developers may use the protocol to remotely regulate the flow of value without having to wrap, bridge, or trust validators with their digital assets. Indeed, Paloma, led by Sommelier’s founding members, is constructing Web3’s fundamental communication layer.
About Pyth Network
The Pyth Network, a specialize oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. Pyth network is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.
About AlgoReturns
AlgoReturns (Algo) offers a unique value proposition for the futures trading community. The Company has developed a turnkey solution with a family of algorithmic trading products that covers the entire spectrum of the needs of the players involved in futures trading including FCM’s, CTA’s, brokers and traders, both retail and institutional.
SOURCE
