Jump is a major player in cryptocurrency trading and, via affiliate Jump Capital, a leading investor in crypto projects. Despite this, Jump keeps a relatively low profile, though executives from Jump have previously discussed its project incubation strategies. The roster of firms working on Pyth remains unclear, as does the amount of investment that Jump or others have committed to the project. A representative for Jump declined to specify whether Pyth had received any investment as of the announcement. In a separate development, Reuters reported Wednesday that Jump Trading had invested an undisclosed amount in Chiliz, a blockchain startup that makes so-called “fan tokens” tied to sports teams.
Olsen specified that Pyth will be built on Solana blockchain. Olsen’s commentary came in the context of praise for DeFi in general and, in particular, Project Serum, a permissionless Solana-based decentralized exchange launched by FTX. A blog post outlining the Pyth Network further specified that the project: Pyth Network’s objectives include “llowing the raw material of very high performance, very precise market data to be injected into smart contracts that were written using these protocols.”
“equires legally authorized access to unique data sets, sub-second update speeds, sophisticated outputs and aggregation methods, and a thorough incentive system to ward off spurious or malicious data breaches.” “We’re very involved in the development of a new capability that, at least as of this taping, has not been announced yet. Which I’ll do now. We’re collaborating on a world oracle project called Pyth” Olsen said during the April 7 episode.
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