Pyth Network has announced its latest strategic partnership with Portofino Technologies, a crypto-native technology startup that specializes in market-making, token services, and Web3 investments.
Pyth Network has announced its latest strategic partnership with Portofino Technologies, a crypto-native technology startup that specializes in market-making, token services, and Web3 investments.
Welcomed by the Pyth data provider community, this collaboration with Portofino Technologies signifies the next milestone in Pyth Network’s vision.
Portofino Technologies will support the security of Pyth Price Feeds coverage by contributing proprietary data on cryptocurrencies — providing accurate, reliable, and real-time blockchain data to users and developers on a global scale.
Joining the Pyth Network ecosystem, the partnership with Portofino Technologies underscores the advancement into progressive decentralized finance (DeFi) utilization of financial data.
Leo Lancia, the CEO and Co-Founder of Portofino Technologies expressed his enthusiasm for the partnership, stating, “We are excited to collaborate with Pyth Network and the team on its journey as a decentralized data provider. We look forward to leveraging our in-house proprietary market-making technology and experience to contribute to the growth of the Pyth ecosystem.”
Shane O’Callaghan, the Global Head of Business Development at Portofino further commented on the potential the partnership presents, adding, “Pyth’s low-latency oracle and innovative data technology, will be the foundation and growth of DeFi. We are extremely excited to partner with the Pyth team and look forward to enabling our proprietary technology to help contribute to the overall Pyth ecosystem.”
Pyth Network price feeds are drawn from over 100 reputable first-party data providers, including some of the biggest in the space such as Binance, Bitstamp, Gemini, and Huobi Global.
Pyth Network stands at the forefront of decentralized data provision, as a provider of financial market data to smart contract applications across over 50 blockchains. Portofino Technologies further augments this by augmenting Pyth Price Feed data with the reliability and robustness required to establish an institution-grade decentralized data marketplace.
While most modern oracles use the ‘push’ model to run an off-chain process to update on-chain prices, Pyth Network does it better. By using a ‘pull’ price update model, there is no need for any off-chain process to push price data onto the blockchain — instead delegating the work to Pyth Network users.
This process offers a plethora of benefits including enhanced decentralization, the avoidance of unnecessary blockchain congestion, decreased data update latency, reduced off-chain processes, and fresher data. The partnership with Portofino Technologies acts almost like an amplifier for all of these more efficient data update processes, ultimately contributing further to future data provision accuracy, growth, and success.
Partnering with the Switzerland-based market maker to incorporate its in-house proprietary market making technology, Pyth Network can now serve a broader range of users. From DeFi participants to institutional traders, both requiring high-fidelity and reliable data to act upon, Pyth Network can leverage Portofino’s technology to reach even further.
The partnership also brings fresh expertise to the already thriving collaborative governance model that Pyth Network employs to empower its community. Basing strategic and operational direction and efficiency upon the fundamentals of Pyth governance, Portofino contributes improved access to financial data to help guide the democratic process.
Pyth Network is a protocol that allows data providers the ability to submit pricing information to Pyth’s on-chain oracle program, which then aggregates price data and the confidence interval to produce accurate price feeds.
By incentivizing owners of real-time proprietary data to broadcast that data on-chain, Pyth Network overcomes common issues, like long latency, encountered by modern oracles solutions. Keeping latency low, the process decentralized, and the data on-chain, the Pyth Network has rapidly developed into one of the most used oracle solutions for high throughput DeFi.
Pyth Network’s underlying thesis determines that as data value increases, internet data quickly migrates from open to private — or worse, paywalled due to large language models (LLMs). Pyth’s model provides the solution by encouraging data owners to provide that data onto the blockchain, in exchange for a share of fees paid through the Pyth Network protocol.
Since conception of its thesis, Pyth Network has strived to solve the challenge of integrating external data on-chain for the provision of reliable and accurate real-time financial data.
This next step through the strategic partnership with Portofino Technologies shows Pyth Network’s continued commitment to this mission. Collaborating to provide a more efficient, inclusive, and transparent on-chain financial ecosystem, Pyth and Portofino further pave the way to decentralized democratic data access for all.
Want to learn more or join the decentralized data crusade?
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