We are very pleased to announce that BNB Chain has entered into a partnership with Pyth network that is set to benefit the broader ecosystem.
The move will provide high quality real time market data for crypto feeds available via Pyth network. The move ensures more accurate and quality data that people can draw from in a myriad of ways. The partnership comes just weeks after Pyth network announced the deployment of its first-party financial data on BNB Chain and integration with BNB Sidechain, and will only further improve the quality and robustness of the 100+ price feeds available on Pyth.
The partnership was announced during Binance Blockchain Week in Paris, and with this, BNB Chain joins 70+ data providers currently active on the Pyth network which include the likes of Jump Trading, Jane Street, CTC etc.
Pyth network is a first-party financial oracle solution specifically designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment. The network incentivizes market participants — exchanges, market makers, and financial services providers — to share directly on-chain the price data collected as part of their existing operations. The network then aggregates this first-party price data and makes it available for free to either on- or off-chain applications.
How Does Pyth Work on BNB Chain and Binance Sidechains?
Pyth prices are published and aggregated on Pythnet and then relayed to the BNB Chain and Binance Sidechains using the Wormhole Network as a cross-chain message passing protocol. Wormhole observes when Pyth prices on Pythnet have changed and publishes an off-chain signed message attesting to this fact.
This signed price update message can then be submitted to the Pyth contract. The contract verifies the Wormhole message and updates the on-chain Pyth price to the new price.
Pyth does not automatically submit the prices to the EVM networks; Protocols and users are responsible for updating the on-chain Pyth price before using it.
To learn more, please visit Pyth Network. You may directly find the BNB Chain developer material here and the Binance Sidechains here. All the price accounts for BNB Chain can be found here.
BNB Chain Ecosystem Begins to Utilize Pyth
Thanks to the introduction of Pythnet, and the support from both Wormhole and Binance, we are proud to enable any BNB native applications to be powered by Pyth. Indeed, your dApp can now request and consume any of the 80+ Pyth price feeds directly. We are already seeing influential parts of our ecosystem make use of this.
The very first BNB Chain application that has decided to be powered by Pyth is indeed Venus Protocol! We look forward to tracking the impact of this on Venus, and other projects that begin to utilize the new possibilities that have arrived since Pyth’s deployment.
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