The crypto market-making agency Jump Trading is engaged on a brand new initiative that goals to decentralize real-time buying and selling information.
Bounce’s involvement within the Pyth Community was mentioned throughout a brand new episode of its “The Bounce Off Level” podcast, printed on April 7. Throughout the episode, president and chief funding officer Dave Olsen detailed the challenge, which was incubated by Bounce.
“We’re very concerned within the improvement of a brand new functionality that, not less than as of this taping, has not been introduced but. Which I will do now. We’re collaborating on a world oracle challenge known as Pyth” Olsen mentioned throughout the April 7 episode.
Pyth Community’s targets embody “[a]llowing the uncooked materials of very excessive efficiency, very exact market information to be injected into good contracts that have been written utilizing these protocols.”
Olsen specified that Pyth will likely be constructed on Solana blockchain. Olsen’s commentary got here within the context of reward for DeFi generally and, particularly, Mission Serum, a permissionless Solana-based decentralized alternate launched by FTX. A blog post outlining the Pyth Community additional specified that the challenge:
“[R]equires legally approved entry to distinctive information units, sub-second replace speeds, subtle outputs and aggregation strategies, and a radical incentive system to push back spurious or malicious information breaches.”
The roster of companies engaged on Pyth stays unclear, as does the quantity of funding that Bounce or others have dedicated to the challenge. A consultant for Bounce declined to specify whether or not Pyth had acquired any funding as of the announcement.
Bounce is a major player in cryptocurrency buying and selling and, by way of affiliate Jump Capital, a number one investor in crypto tasks. Regardless of this, Bounce retains a comparatively low profile, although executives from Bounce have previously discussed its challenge incubation methods.
In a separate improvement, Reuters reported Wednesday that Bounce Buying and selling had invested an undisclosed quantity in Chiliz, a blockchain startup that makes so-called “fan tokens” tied to sports activities groups.