By using the confidence interval feature, the integration gives DeFi protocols an extra degree of risk management.
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According to a statement released by the Pyth Network today, Pyth Price Feeds will be integrated into the Hedera Network by the HBAR Foundation, an organization devoted to fostering the expansion and improvement of Hedera’s ecosystem. Hedera hopes that this move will make it simple for DeFi builders to access more than 400 real-time price feeds in the following markets: cryptocurrency, foreign exchange, commodities, equities, and exchange-traded funds (ETFs).
The Pyth Network claims that these price feeds will enable Hedera developers to create safe and effective DeFi applications. Additionally, Pyth Price Feeds’ Pull Oracle design, which offers constant, low-latency access to all the most recent prices, can help Hedera users and developers.
In addition to providing data, Pyth Price Feeds have a confidence interval feature that makes DeFi protocols more stable and secure in unusual market conditions by enabling them to detect high volatility and market disruptions.
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The HBAR Foundation’s Director of Business Development, Grace Pfluger, stressed the value of public oracle price feeds in stimulating business activity in the DeFi sector.
“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.
The Pyth Data Association’s Director, Marc Tillement, emphasized the need for solid and trustworthy pricing data by explaining:
“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.”
Pyth Network has highlighted that HLiquity, a decentralized lending protocol developed on Hedera, is the inaugural application to integrate Pyth Price Feeds. Reto Habegger, the Chief Operating Officer at Swisscoast, which spearheads the HLiquity protocol, shared his enthusiasm for incorporating Pyth Price Feeds, stating:
Recently, the Pyth Network launched its Bitcoin ETF Price Feeds, a tool aimed at providing DeFi developers with real-time, precise price data for all existing spot Bitcoin ETFs.
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