On Wednesday, on-chain oracle network, Pyth Network, announced the launch of Pyth Indices. It’s a new suite of proprietary around-the-clock single-asset index products that will relay the latest data on U.S. equities, and commodities like gold, silver, WTI, and Brent oil.
Pyth Indices to offer 24/7 asset price feeds
What makes Pyth Indices unique is that they will offer continuous price data for assets that typically only trade during market hours. To provide this constant stream of price discovery, Pyth Indices will tap liquid on-chain and off-chain avenues.
The offering is being dubbed as the harbinger of first continuous pricing feeds for equity and commodities at scale, facilitating perpetual decentralized exchanges (DEX), prediction markets like Kalshi and Polymarket, and tokenized assets to trade seamlessly 24/7.
Notably, the Pyth Indices launch builds on Pyth Network’s previous partnership with Blue Ocean ATS for 24/5 U/S/ equity feeds. Mike Cahill, contributor to Pyth Network, said:
“Traditional data feeds were built for a world where trading stopped at the closing bell. Pyth Indices mark an inflection point in access to 24/7 markets, where ‘market close’ no longer means the end of trading.”
It should be emphasized that blockchain oracle projects like Pyth Network and Chainlink’s steady pivot toward providing live on-chain price discovery feeds on traditional assets is not without reason.
The explosion in popularity of decentralized perpetual futures trading platform Hyperliquid took the industry by storm. The platform pioneered the trend of launching 24/7 markets for traditional assets, and has even piqued interest from entities like Intercontinental Exchange and the CME Group.
Encouraged by Hyperliquid’s success, various projects – such as Chainlink – have made similar strides. On May 13, Chainlink became the official oracle infrastructure provider of Myriad, to provide the latter’s prediction markets with CRE and data streams.
Similarly, in January, Pyth Network’s rival focused on perpetual futures, Stork, introduced its own 24/7 oracle feeds for commodities like gold, silver, WTI, Brent Oil, and specific stocks like NVDA, TSLA, MSTR, and CRCL.
Coinbase, Kraken integrate Pyth Indices
Among the entities that have already integrated Pyth Indices are Coinbase, Kraken, dYdX, and Nado. It should be recalled that on April 29, predictions market platform Kalshi had selected Pyth Network as the resolution data source.
That said, reliability issues still plague blockchain-based oracle networks like Pyth Network, and Chainlink. On May 22, Pyth Network faced a network outage, resulting in a temporary 4 hour shutdown of its core infrastructure.
