Coin Metrics Joins Pyth Network to Provide Real-Time Reference Rate Pricing Data
BOSTON (September 21, 2022) – Coin Metrics, a leading provider of crypto financial intelligence, today announced that it has joined the Pyth network, a next-generation oracle platform designed to provide trusted and verifiable market data to decentralized applications.
Through the company’s Reference Rates data, Coin Metrics will provide the Pyth network with a fully proprietary and transparent new pricing source that promotes the functioning of efficient markets, reduces information asymmetries among market participants, facilitates trading in standardized contracts, and accelerates the adoption of cryptocurrencies as an asset class with the highest standards. Coin Metrics will also work towards integrating Pyth data feeds into its platform as an important reference rate given the composition of over 65 leading sources that Pyth has.
“Pyth is establishing itself as a leading on-chain market data solution, opening up an obvious synergy with Coin Metrics. Our independent and transparent cryptoasset prices will be additive to Pyth’s efforts to establish high-frequency updates for scalable blockchains, layer 2 solutions, and TradFi institutions,” said Tim Rice, co-founder and CEO of Coin Metrics. “We are excited to further enhance Pyth Price Feeds by contributing our Reference Rates, and we look forward to more opportunities to bring our range of data intelligence on-chain to support more advanced DeFi products.”
Stephen Kaminsky at Jump Crypto, one of the leading institutions contributing to the network, also commented, “Coin Metrics has built an incredibly valuable and strong data platform to support the crypto community. Their mission ‘to empower people to make informed financial decisions’ closely aligns with the Pyth mission to power on-chain DeFi and Web3 protocols. Their contribution to Pyth – and ultimately consumption of Pyth data – is a natural fit and we look forward to working alongside them on this exciting project.”
Coin Metrics’ Reference Rates provide prices calculated in U.S. Dollars and Euros for over 300 assets using a transparent and independent methodology. The real-time Reference Rates are calculated using a robust and resilient methodology that is resistant to manipulation and derived from high quality constituent markets through the company’s Market Selection Framework.
As this new partnership grows, Coin Metrics will look to provide additional data sources to Pyth and also consume on-chain activity from Pyth to serve via Coin Metrics Network Data Pro, a data feed of insightful, aggregate network data metrics for all of the top cryptoassets.
With the most extensive crypto data coverage in the industry, Coin Metrics offers a comprehensive suite of services – including on-chain data, a universal block explorer, market data and metrics, indexes and network risk management – to the most prestigious institutions touching cryptoassets.
Earlier this year, Coin Metrics announced $35 million raised in Series C financing, allowing the company to elevate its ability to usher the world’s premier financial institutions into crypto markets. The company was recently recognized as the Most Innovative Solution Provider at Hedgeweek’s 2022 European Digital Asset Awards.
ABOUT COIN METRICS:
Coin Metrics is the leading provider of crypto financial intelligence, offering network data, market data, indexes and network risk solutions to the most prestigious institutions touching cryptoassets. The company was founded in 2017 as an open-source project to determine the economic significance of public blockchains. Today, we expand on that original purpose to empower people and institutions to make informed crypto financial decisions. We aim to usher the world’s premier financial institutions into crypto with the most trusted data and insights. For more information, visit www.coinmetrics.io.
Pyth is a first-party financial oracle network 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 on-chain and makes it available for free to either on- or off-chain applications. Pyth data end-users will have the option of paying data fees to hedge against potential oracle failure. This data fee model is part of Pyth’s incentive mechanism design which aims to attract more publishers to the network and, in turn, enhance network robustness. The Pyth Data Association was created in support of the Pyth network and is overseen by a board of directors elected by members of the Pyth network. For more information, visit https://pyth.network/
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