Unchained
Oracles: Does the Backbone of DeFi Need Fixing? - Ep. 537
Aug 29, 2023
Mike Cahill, CEO of Douro Labs and an expert in both traditional finance and crypto, shares insights into the evolving world of oracles in decentralized finance. He discusses Pyth Network's innovative solutions for delivering real-time data and its upcoming Perseus upgrade. The conversation covers the challenges of oracle reliability, the significance of institutional data providers, and the remarkable growth of Pyth amidst the changing crypto landscape. Cahill also emphasizes Douro Labs' role in enhancing the network and the future potential of decentralized finance.
44:00
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Quick takeaways
- Pyth aims to be the go-to place for global financial data distribution, ensuring fast and accurate updates for protocols downstream.
- Pith solves the oracle problem in crypto by creating a first-party data network, providing lower latency updates and confidence intervals for more informed decisions.
Deep dives
Pith's Vision for Financial Data on Blockchains
Pith envisions a future where all the world's financial data is brought onto blockchains through their data oracle network, similar to how all the world's music goes through Spotify. They aim to provide trustworthy and low-latency financial market data on chain. Pith has a network of 85 data providers, including major trading firms and exchanges, who publish data to the Pith network. They focus on inclusivity, with nodes in the network generating and publishing data themselves. Pith aims to be the go-to place for global financial data distribution, ensuring fast and accurate updates for protocols downstream.
