Douro Labs launches to help Pyth Network transition to token-led governance
Pyth Network has quickly gained traction since its inception, boasting over 300 sub-second price feeds across major asset classes, including digital assets, equities, ETFs, FX, and commodities.
Douro Labs, a software development company dedicated to advancing the Pyth Network, has officially launched as the latest core contributor to the network.
This strategic move marks a significant development in the realm of decentralized finance (DeFi), as Douro Labs collaborates with the Pyth Data Association to bring about the next phase of the Pyth Network’s evolution.
Oracles are the backbone of DeFi
The Pyth Network is a platform that provides reliable, real-time financial data feeds to blockchain applications, essential for the functioning of DeFi protocols.
Oracles, the programmatic data feeds that bridge off-chain data with on-chain smart contracts, are the backbone of DeFi, enabling various applications such as decentralized exchanges, lending platforms, and derivatives markets to operate seamlessly.
By joining forces with the Pyth Network, Douro Labs seeks to bolster the network’s capabilities and contribute to its growth in this critical sector.
Pyth sources data from Cboe, Optiver, Flow Trader, OKX, Bybit, Wintermute, LMAX, etc
What sets the Pyth Network apart is its innovative approach to data provisioning. Traditionally, oracles relied on third-party operators to gather and aggregate pricing data, often through unauthorized scraping methods.
The Pyth Network takes a revolutionary leap by sourcing data directly from authoritative first-party data providers, including top trading firms, leading exchanges, and premier crypto companies like Cboe, Optiver, IMC, Flow Traders, OKX, Bybit, Wintermute, QCP Capital, Auros, Susquehanna International Group, and LMAX.
This model eliminates the need for slow and unreliable third-party aggregators, ensuring the delivery of low-latency, high-fidelity, and tamper-resistant price data feeds to blockchains.
The network has quickly gained traction since its inception, boasting over 300 sub-second price feeds across major asset classes, including digital assets, equities, ETFs, FX, and commodities. Moreover, it has found favor with both decentralized and centralized finance applications, with over 180 DeFi and CeFi projects, along with more than 30 blockchains, integrating its data feeds.
Douro Labs to help Pyth transition into a permissionless mainnet with token-led governance
Douro Labs, founded by experienced Pyth Network contributors Mike Cahill, Jayant Krishnamurthy, and Ciaran Cronin, is poised to play a pivotal role in shaping the future of the Pyth Network. With a team comprising professionals from esteemed institutions such as Goldman Sachs, Jump Crypto, and BNP Paribas, Douro Labs brings a wealth of expertise to the table.
The company’s initial focus will be on implementing the Perseus Upgrade, a significant step that aims to transition the network into a permissionless mainnet with token-led governance by fall 2023. Douro Labs will also dedicate its efforts to developing developer-centric oracle tooling and core protocol infrastructure, enhancing the network’s functionality and accessibility.
The announcement of Douro Labs’ entry into the Pyth Network has been met with enthusiasm from prominent figures within the financial and blockchain space. Marc Tillement, Director at Pyth Data Association, praised Douro Labs’ addition, underscoring how the Pyth Network is evolving into the largest first-party oracle network thanks to a diverse set of contributors and a growing user ecosystem.
David Mercer, CEO of LMAX Group, lauded Douro Labs as a transformative force in building the new financial infrastructure for both decentralized and traditional finance. The sentiment was echoed by Ben Roth, co-founder, and CIO of Auros, who emphasized Douro Labs’ commitment to democratizing high-fidelity market data.