OKX joins low latency market data oracle Pyth network to respond to liquidation events in DeFi
“Given the recent liquidation events in DeFi, we understand that a high-performance, robust and low latency market data oracle service is crucial in developing financial products in DeFi. The Pyth network, with sub-second latency and its rapidly growing network of highly respected data partners, is an example of this exciting potential.”
OKX has partnered with Pyth network, the specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens” of centralized institutions.
Pyth is built on the Solana blockchain and designed to provide trusted and verifiable market data to decentralized applications. Pyth aggregates and publishes data at sub-second speeds, making it available across blockchains via the Wormhole messaging protocol.
The network has quickly grown to operate one of the largest oracle networks, deriving price data from more than 70 leading institutions, both in crypto and traditional finance.
Market data oracle is crucial in developing financial products in DeFi
Lennix Lai, OKX Director of Financial Markets said: “Given the recent liquidation events in DeFi, we understand that a high-performance, robust and low latency market data oracle service is crucial in developing financial products in DeFi. The Pyth network, with sub-second latency and its rapidly growing network of highly respected data partners, is an example of this exciting potential.”
Michael Cahill, Director of the Pyth Data Association, said: “OKX has firmly established itself as a leading global crypto exchange known for innovation and security. Their commitment to DeFi and Web3 resonates with Pyth’s mission of promoting more efficient on-chain markets and we look forward to partnering with them on this journey.”
OKX, formerly known as OKEx, is the second biggest global crypto exchange by trading volume, serving more than 20 million global customers and providing a crypto trading app for investors and professional traders. The firm also boasts the OKX Wallet.
OKX partnered with TradingView
OKX has recently partnered with TradingView, bringing over 260 more cryptos to the top investing platform that already counts with 30 million customers.
Under the partnership, TradingView’s users can execute trades on OKX directly through the platform and are provided with 640 more spot trading pairs and over 100 crypto derivatives.
While OKX already caters to clients across 180 countries, the crypto exchange has recently received a provisional virtual assets license to operate in Dubai. The Seychelles-based cryptocurrency exchange has obtained the approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
OKX also launched Block Trading so that professionals and institutionals can execute large, privately negotiated transactions off the order books. The offering includes crypto spot, futures, options, and perpetual swap trades, as well as multi-leg combination trades, over the counter. OKX plans to eventually expand Block Trading to offer bespoke strategies, further OTC products and integrations with DeFi derivatives protocols.