The Bybit exchange has entered into a partnership with the decentralized oracle Pyth, which supplies blockchain applications with high-fidelity, real-world data. Bybit will work with Pyth to ensure that DeFi applications and the public have access to reliable data as a result of the agreement. Furthermore, as part of Bybit’s commitment to supporting DeFi and the wider crypto industry, the exchange’s real-time prices for more than 350 spot pairs will be available to Pyth.
How Bybit’s data feed will strengthen the Pyth Network
To access financial data that requires low latency but is generally locked away in “walled gardens” at large financial institutions, the Pyth Network provides a customized oracle solution. The network offers support for almost 150 different assets, including equities, metals, foreign exchange, and cryptocurrencies.
Smart contracts rely on Pyth’s data feeds to make prudent decisions about the purchase or sale of assets, as well as the processing of payments and other financial transactions. Institutions that need the most up-to-date information use the data, which includes crypto analysts and portfolio managers. This is key to making smart decisions in the fast-paced industry.
Bybit’s high-performance API, which updates market data every 20 milliseconds, will be the source of the feed, and it will be distributed directly on-chain. Bybit will thus be involved in the multi-chain crypto asset price discovery process. Part of the process of “democratizing” financial markets will be the release of market data that was previously available exclusively to specific institutions and individuals.
To achieve its goal of becoming the leading digital asset oracle, Pyth needs access to data from the leading cryptocurrency exchanges. While the inclusion of Bybit on this list is hardly unexpected, it is nevertheless a significant boost to the network’s continued health and stability, given that the Pyth ecosystem now consists of roughly 15 leading crypto exchanges.