DJ Shaw
2 min read
Pyth Network launched real-time price feeds for more than 100 exchange-traded funds on blockchain networks Tuesday, becoming the first platform to publish live ETF prices on-chain from institutional trading venues, according to a press release from the firm.
The feeds cover over $8 trillion in assets under management across ETFs from BlackRock Inc. (BLK), Vanguard and State Street Corp. (STT), according to the press release. The data span U.S. equities, global indices, commodities, fixed income and multi-asset portfolios across more than 100 blockchain networks.
The launch brings high-fidelity data that was previously expensive and exclusive to a broader audience, with Pyth delivering real-time financial information straight from top institutions, according to the press release.
"Market data isn't just unaffordable for the majority of participants; at its foundation, it's structurally exclusive," said Mike Cahill, CEO of Douro Labs, a leading contributor to Pyth Network.
Since 2008, exchanges have earned over $7.6 billion in market data fees, Cahill said. Intercontinental Exchange pulled in $1.4 billion from data and connectivity services in 2023 alone, according to the press release.
Traditional data providers charge thousands of dollars per month for single ETF feeds on Bloomberg Terminal, with redistribution adding more fees, Cahill said.
Pyth's feeds source prices from institutional-grade venues that power traditional trading desks, according to the press release. The difference lies in publishing this data on-chain in real time with full transparency, Cahill added.
The price feeds enable developers to build applications that reflect real-world market conditions without relying on synthetic proxies, according to the press release. Unlike synthetic tokens used in decentralized finance to approximate ETF exposure, Pyth provides actual traded prices sourced directly from global trading venues.
"For the first time, builders can create blockchain-backed products that reflect real-world market conditions in real time," Cahill said. "That means smarter lending markets, structured products and yield strategies built around sector rotations, macro themes or treasury moves."
The feeds unlock new functionality for decentralized finance protocols, real-world asset tokenization and structured yield strategies, according to the press release. Institutional investors can access market data without legacy infrastructure costs, Cahill said.
Pyth Network operates over 1,400 price feeds across more than 100 blockchain ecosystems, according to the press release. The platform is supported by financial institutions including Cboe Global Markets Inc. (CBOE), Revolut Ltd., Coinbase Global Inc. (COIN), Jane Street and Virtu Financial Inc. (VIRT), according to the press release.
