Web3 Market Maker DWF Labs partners with Pyth Network to bring crypto data on-chain
There was a time when data was considered to be the new oil, but the expectation was short lived as all traditional industries realised that only "good data" was actually valuable. When it comes to financial projections, good data quality is essential to avoid a wide discrepancy between projected numbers and actual figures.
Pyth Network is a specialised oracle solution for latency-sensitive financial data that is typically walled off by centralised institutions. Deriving price data from more than 70 global institutions, including leading crypto firms as well as traditional exchanges and trading companies, Pyth data feeds are being utilised by DeFi applications across blockchains. Also, off-chain platforms and projects seeking real-time and reliable price data can tap the Pyth Network.
In a 2-ways partnership signed recently, global digital asset market maker and multi-stage Web3 investment firm DWF Labs has joined the Pyth network to supply high quality market data for crypto assets as well as utilising the Pyth data feeds.
"As experienced high frequency traders we can provide extremely valuable data that the whole industry can benefit from." said Andrei Grachev, the Managing Partner of DWF Labs. "By supplying our trading and pricing data to the Pyth Network, and at the same time by integrating their data in our existing workflows, we are growing the resilience of the Web3 industry."
"More data for everyone means greater transparency, improved scalability, and enhanced reliability for the Web3 community as a whole." commented Lingling Jiang, Head of Regional Sales in the Liquid Markets division of DWF Labs.
Abhimanyu Bansal, a contributor to Pyth network, said "Pyth has established a network of the top trading firms publishing real time market data directly on-chain. As one of the leading global crypto trading firms, DWF Labs' contribution to Pyth will be of immense value as we continue to scale and build the future of Web3, and we are very excited to welcome them to the network."