New York, United States, September 23rd, 2024,
Chainwire
Oracle Integrity Staking enables a more secure DeFi and gives
stakers the chance to earn yield
Pyth Network (“Pyth”),
the public decentralized data infrastructure that empowers the next
generation of financial applications, today announced the launch of
Oracle Integrity Staking (“OIS”). This is the latest innovation to
Pyth Price Feeds which unlocks an entirely new generation of
on-chain financial data, where anyone can be rewarded for providing
economic protection and data source accountability within the Pyth
Protocol.
As DeFi expands, the needs of builders
and users have continued to evolve. The demand for heightened
security and reliability in Web3 capital markets by smart contract
developers and market participants has never been greater. Oracle
Integrity Staking enhances the accuracy and reliability of Pyth
Price Feeds by aligning the incentives of publishers and stakers
with Pyth’s security and data quality goals. For developers, Oracle
Integrity Staking means greater confidence in the data they rely
on, enabling them to build fearlessly without concern over data
integrity and security. Oracle Integrity Staking directly rewards
data accuracy and performance by ensuring publishers and stakers
are incentivized to maintain high data standards.
Michael Cahill, CEO and Co-Founder of Douro
Labs, core contributor to the Pyth Network,
commented on the news, “With the launch of Oracle
Integrity Staking, Pyth Network is introducing a new era of
accountability, enhancing security and trust in the decentralized
finance ecosystem. Applications and users have suffered from
unreliable data for too long, and this simply isn’t acceptable in
our mission to create experiences on par with TradFi apps. By
enabling token holders to stake and contribute directly to the
integrity of our oracle services, we’re fortifying the reliability
of on-chain data and offering unique ways for Pyth’s ecosystem to
actively secure the oracle network, which has facilitated almost a
trillion dollars in total transaction volume.”
Pyth data publishers will
programmatically earn rewards from the Pyth protocol for
maintaining high-fidelity data contributions to the price oracle.
Oracle Integrity Staking incentivizes publishers to publish
additional price feeds and higher quality data in order to increase
the potential rewards received. PYTH stakers can delegate their
staked tokens to publishers to enhance the publishers’ rewards, and
obtain rewards for themselves, in exchange for reinforcing oracle
data integrity.
This contribution strengthens the
resilience and security of Pyth Price Feeds; in return, PYTH
stakers are programmatically rewarded for securing the oracle
network and protecting DeFi. In the unlikely event that a publisher
provides inaccurate data, both the publisher and any stakers
supporting them will have 5% of their stakes slashed as a penalty
to ensure all parties are economically aligned with the goal of
providing more reliable data.
Jayant Krishnamurthy, CTO and Co-Founder of
Douro Labs added, “As the infrastructure that powers over
400 protocols across more than 70 blockchains, the reliability and
accuracy of Pyth Price Feeds is paramount for advancing the DeFi
ecosystem. Oracle Integrity Staking reinforces our commitment to
building a more secure DeFi environment for all participants.
Holding Pyth Publishers to high standards of security, quality, and
excellence is made possible through a decentralized protocol which
properly rewards good actors and also slashes the stakes of network
participants who deliver faulty data. Through its support for all
500+ Pyth Price Feeds, Oracle Integrity Staking sets a higher
standard for oracle technology and paves the way for new market
participants to get involved in decentralized
finance."
Oracle Integrity Staking unlocks Pyth’s
Price Feeds V3, which introduces enhanced data source
accountability to every feed. The key component of Price Feeds V3
is the establishment of Oracle Integrity Staking to empower Web3
developers to build fearlessly without worrying about inaccurate or
malicious data. Oracle Integrity Staking introduces a new paradigm
in the oracle space—one that actively prioritizes data source
accountability and protection across the entire oracle’s data feeds
offering, setting a higher industry standard for decentralized
finance.
Data Publisher
Quotes
Tucker Watson, Venture at CMS Holdings, commented on
the launch of OIS, “At CMS, we’re thrilled to see Pyth Network
setting a new paradigm for oracle security with Oracle Integrity
Staking (OIS). By holding data providers accountable and aligning
incentives through staking, OIS redefines how developers can trust
and utilize decentralized data. Pyth isn’t just innovating—they’re
leading the charge in reshaping standards for secure, reliable data
across ecosystems. We’re proud to partner in this transformative
evolution, advancing the future of decentralized finance with
greater trust and transparency.”
Guilhem Chaumont, CEO of Flowdesk, commented on the
launch of OIS, “Oracle Integrity Staking enhances the Pyth Network
by enforcing data accuracy and reliability through economic
incentives and penalties. This system strengthens trust in the data
feeds, fostering a more secure and robust DeFi ecosystem. As a data
provider, Flowdesk is participating in OIS because it aligns our
mission with data integrity. By staking tokens, Flowdesk is not
just contributing data but actively aligning incentives with its
accuracy and reliability. This responsibility reinforces trust in
the network and in the broader DeFi ecosystem, ultimately leading
to a more resilient and dependable infrastructure for all
participants.”
Jordi Alexander, CEO of Selini Capital, commented on
the launch of OIS, “The power of cryptography gets unleashed when
incentive alignment fills the gap of trust- for this reason it is
great to see that Oracle Integrity Staking empowers data publishers
like Selini. By staking PYTH tokens, we're not just
participating—we’re showing our dedication to provide accurate,
timely, and reliable data that developers can trust. Oracle
Integrity Staking will motivate participants to continue delivering
the highest-quality data and demonstrating their commitment to
supporting DeFi's growth. We're excited to be part of this vision,
where the best data providers thrive, and developers are set up for
success.”
Data User Quotes
Rachel Lin, CEO and co-founder at SynFutures, commented
on the launch of OIS, “Partnering with Pyth Network and Oracle
Integrity Staking ensures that our decentralized derivatives
protocol has a foundation of trust. With data providers held
accountable through economic incentives, we can confidently rely on
accurate and timely data, which is integral to our continued
growth.”
Tristan Frizza, Founder of Zeta Markets, commented on
the launch of OIS, “Pyth have been critical to the success of Zeta
since our inception. Their oracle product has stood the test of
time and we've been thrilled to see them expand to hundreds of
other apps and chains across crypto. We're delighted to see Pyth
continue to innovate with the introduction of Oracle Integrity
Staking; directly addressing the problems of data quality and
scalability for teams like Zeta by holding publishers economically
accountable for price accuracy and asset coverage. This release
brings us one step closer to being able to compete with CEXs on all
metrics, and allows us to continue to push the boundaries of
decentralized trading.”
About Pyth Network
Pyth Network is the
public decentralized data infrastructure that empowers the next
generation of financial applications. Pyth provides DeFi builders
with the supercharged infrastructure they need to create dApps that
deliver experiences on the same level as apps. Equipping data
providers, typically financial institutions, with a new way to
monetize their quote and trade data while playing a key role in the
nascent digital asset class. As the underlying market
infrastructure, Pyth Network facilitates almost a trillion dollars
in total transaction volume across over 70 blockchains and 400
applications that rely on its quote and trade data.
To learn more, users can visit:
https://www.pyth.network/
Media Contact: press@pyth.network
Contact
Kevin
McGrath
press@pyth.network