In a world that is rapidly trending back towards being more decentralized, the potential of blockchain and other DeFi-based applications is beginning to gain significant momentum in offering innovative approaches that reach far beyond the cryptoasset space. As part of a global trading firm that was an early entrant in cryptoasset markets and blockchain technology, Cumberland is excited to help bring these solutions to fruition and advance infrastructure in a market that is continuously evolving.
To further our commitment, we are pleased to announce we have joined the rapidly expanding Pyth network, a decentralized financial market data distribution platform. This novel, next generation oracle solution has the potential to transform the way market data is used on the blockchain in a way that we believe will attract new market participants and establish greater efficiency in the markets.
Further improvements in decentralized finance require high-fidelity, time-sensitive, real-world data. This will require unlocking data that’s typically kept behind the “walled gardens’’ of centralized institutions.
“Using the power and speed of Solana, a fast blockchain well-suited for time, cost and energy-efficient receipt and distribution of fast-moving data, this project enables us to contribute our crypto market data directly on-chain, in a sub-second timescale and in a tamper-resistant environment,” said Chris Zuehlke, Partner at DRW and Global Head of Cumberland. “In doing so, we’re removing the added latency and friction of a middleman. As a firm that has long championed broader transparency, security and fairness in the markets, this is a welcome new way to interact with global markets.”
We remain bullish on DeFi and its growth potential, and we look forward to partnering with other market leaders who share our vision and are leading the charge to a decentralized future. Together through this integral and inclusive network, we can fill the gaps and provide the market with the data and tools necessary to thrive.
For more information about the Pyth network, please visit pyth.network or follow Pyth on Twitter.