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Back in August, we announced the Developer Release of Pyth on Stacks. Since that first iteration, Pyth rewrote and re-architected their oracle network with extensive testing, introducing a new Pull Model. This “pull” design translates to permissionless access to faster, cheaper, and more reliable price feeds from an aggregated set of data providers. This new full integration of Pyth is production-ready and supports the latest wire format on Pythnet, which makes Pyth’s unique Pull Model possible.
Over the past few months, DeFi teams like Hermetica also provided instrumental feedback to better understand their needs. The Hermetica vault, currently in private beta, uses automated options strategies to generate a risk-adjusted yield on Bitcoin.
"Pyth gives us a reliable, trust-minimized data source for settling our option contracts on-chain,” said Jakob, the founder of Hermetica. “As a DeFi protocol built on Bitcoin, Hermetica leverages price feeds as part of our Earn Vault. We're excited about integrating Pyth into our next release."
As part of the preparation for the full integration of Pyth’s new design, the protocol underwent an external audit with Coinfabrik to ensure the reliability and stability of the integration, and all relevant issues from the audit were addressed.
Building Blocks for Bitcoin DeFi
Thriving DeFi ecosystems need robust infrastructure, including oracles, to support a wide range of use cases from DEXs, to Liquidity pools and AMMs. As interest in Bitcoin layers increases, so will the demand for cross-chain solutions like Pyth.
“We’ve heard from our developer community the importance of accurate, reliable oracles, which is why we’re proud to contribute to bringing Pyth price feeds to Stacks,” said Alex Miller, CEO of Hiro. “The next generation of DeFi apps will be on Bitcoin layers like Stacks.”
Pyth Network is an oracle that publishes financial market data to multiple blockchains. The market data is contributed by over 80 first-party publishers, including some of the biggest exchanges and market-making firms in the world.
Pyth offers price feeds for several asset classes, including US equities, commodities, and cryptocurrencies. Each price feed publishes a robust aggregate of publisher prices that updates multiple times per second. Price feeds are available on multiple blockchains and can be used in off-chain applications.
“I’ve thoroughly enjoyed working with the Pyth and Wormhole protocols,” said Ludo Galabru, Staff Engineer at Hiro. “Their elegant design, involving on-chain threshold secp256k1 signature verifications, merkle proof verifications, and robust security checks, has been fascinating and is a testament to their sophistication. It's been rewarding to witness Clarity [Stacks’ smart contract language]'s capability in supporting these advanced protocols.”
Start Building With Pyth
Check out our documentation for more details on how to consume Pyth price feeds. We can’t wait to see what you build with this new oracle in the ecosystem. Let us know what you think!
