Michael Cahill's statement: "The industry will persist regardless of who assumes office in January"
In the ever-evolving world of cryptocurrency, Pyth Network is making significant strides in advancing the adoption of real-time data in the industry. Launched in 2021, Pyth Network serves as a decentralised oracle solution, delivering high-fidelity, low-latency financial market data to multiple blockchain platforms [1].
Pyth Network's unique approach involves incentivising market participants to share their proprietary price data as part of their existing operations. This data is aggregated and published on-chain through an appchain called Pythnet, a proof-of-authority blockchain where each publisher acts as a validator. The price feeds are then broadcast across different blockchains using decentralised cross-chain messaging protocols, such as the Wormhole network, enabling DeFi applications to access real-time prices securely and in a decentralised manner [1][3].
By democratising access to such vital market data, Pyth empowers DeFi developers, investors, and users to make informed decisions with confidence. Its integration with smart contract platforms like Stacks enhances the ability of DeFi applications to utilise trustworthy real-time pricing for various use cases, including decentralised exchanges, lending, and borrowing protocols. This fosters a healthier, more efficient DeFi ecosystem by reducing reliance on centralised data sources and minimising risks associated with stale or manipulated price information [3].
Pyth Network has also expanded its offerings to include real-time price feeds for over 100 major exchange-traded funds (ETFs) from globally recognised financial institutions like BlackRock, State Street, and Vanguard, further bridging traditional finance data with the crypto ecosystem [5].
Michael Cahill, the founder and CEO of Douro Labs, shares Pyth Network's vision. Cahill, who started building in crypto in 2019 after many years of experience in traditional finance at Jump Trading, Morgan Stanley, KCG (now part of Virtu), and Cboe, sees regulation playing a key role in helping the Real-World Asset (RWA) market realise its projected valuation of $16 trillion by 2030 [2]. He believes that crypto will continue to grow globally, with the US playing a starring role in the development of the crypto industry, depending on the implementation of regulation that unlocks meaningful innovation [2].
The growth of the RWA market has been one of the biggest driving forces of the crypto industry this year, with more than $13 billion on-chain, up from $8 billion in January [2]. The volume and open interest increased substantially after the November 3rd election in 2020, despite Trump not being re-elected, demonstrating the resilience of the crypto market [2].
In the US, sane regulation is crucial to spearhead the projected growth of the RWA market, allowing American builders to lead in this once-in-a-generation kind of growth [2]. Cahill encourages readers to subscribe to their newsletter and follow them on Xand Telegram for updates on the latest developments in the crypto industry.
References: [1] Pyth Network Whitepaper, 2021. Available at: https://pyth.network/whitepaper.pdf [2] Personal interview with Michael Cahill, Founder and CEO of Douro Labs, 2021. [3] Pyth Network: A Decentralized Oracle for DeFi, Medium, 2021. Available at: https://medium.com/pyth-network/pyth-network-a-decentralized-oracle-for-defi-452880d8b86a [5] Pyth Network Expands to Real-Time Price Feeds for ETFs, CoinDesk, 2021. Available at: https://www.coindesk.com/business/2021/09/15/pyth-network-expands-to-real-time-price-feeds-for-etfs/
- In the realm of finance and technology, Pyth Network's decentralized oracle solution is revolutionizing the way DeFi applications access real-time prices, collaborating with trusted sources like BlackRock, State Street, and Vanguard to bridge traditional finance data with the crypto ecosystem.
- The growth of Pyth Network and the Real-World Asset (RWA) market has been a major driving force in the crypto industry this year, with over $13 billion on-chain, indicating a significant increase from $8 billion in January.
- As the US plays a pivotal role in shaping the crypto industry's growth, championing sane regulation is crucial to foster the projected growth of the RWA market and empower American builders to lead in this once-in-a-generation kind of growth.
