Want to trade stocks the same way you buy and sell bitcoin? Backers of the Pyth project are building a bridge between traditional markets and crypto
A look at how innovation and technology are transforming the way we live, work and play.Collectively, the firms behind Pyth trade hundreds of billions of dollars of assets daily. Earlier this year, they began streaming price data from some of their trades in stocks, currencies, commodities and cryptocurrencies into Pyth’s network.
Proponents say DeFi will cut out middlemen and benefit the world’s unbanked population—1.7 billion people who lack access to financial institutions, according to the World Bank—by providing banklike services to anyone with a mobile phone. For instance, people seeking loans could turn to DeFi has enjoyed extraordinary growth: Crypto investors have posted $250 billion worth of assets as collateral in various DeFi projects, up from $18 billion a year ago, according to data provider DeFi Llama. Still, there are many impediments to broader adoption. For one thing, DeFi is risky. Losses from thefts and fraud in DeFi have exceeded $10 billion this year, according to Elliptic, a blockchain analytics firm.
Many are calling decentralized finance, or DeFi, the “Wild West of finance.” This fast-growing industry aims to provide automated banking services for cryptocurrencies to everyone, with no middle men. But DeFi is still in its early stages, which means there are risks. WSJ explains. Photo illustration: Tammy Lian/WSJ
Pyth is undercutting rivals with free data—unlike Chainlink, for instance, whose oracles cost money to use. Pyth’s backers say it has better technology too. It’s based on the speedy Solana blockchain, which allows Pyth to update prices approximately every four-tenths of a second; the bigger Ethereum blockchain, home to some rival networks, takes up to 15 seconds to update.
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