We are thrilled to announce the partnership with Pyth Network!
BananaSwap is an AMM decentralized trading platform running on Solana with the design of Concentrated liquidity. Pyth Network will help us acquire high-fidelity, time-sensitive, real-world data. And what’s more, Pyth Network is giving us comprehensive access to the vast amount of HiFi financial services data we need to make smart contracts work smarter.
The Pyth network is able to provide and serve HiFi data to BananaSwap thanks to its unique data sources, Pyth technical construction, and its aggregation method. Pyth has been focused to source market data only from reputable and high-performing actors that have access to proprietary data. The latter is served in a 1st party manner, meaning that no middlemen or 3rd party actors bring any friction in between the data creation/source and its restitution to the blockchain and the Pyth network.
Finally, more than having the most updated data available in the market (while keeping high-quality sources), the Pyth smarter aggregation method aims to not only achieve greater accuracy but also increase security by tackling the risk of a malicious actor trying to affect the Pyth final output with erroneous quote.
The Pyth price represents an aggregate derived from multiple contributing market “quoters”. It is a two-stage process to derive the aggregate price: first, individual quoters submit their prices along with what they believe to be the most recently confirmed Solana slot value. The second stage gathers the latest prices from each quoter, discards those that are too old or not in a valid trading state, and derives an aggregate price.
With assistance from the Pyth network, we will be able to provide the latest & most accurate market prices to our users
● Pyth network connects high-fidelity market data from the world’s largest professional traders and exchanges to any smart contract, anywhere. In other words, the Pyth network is a specialized oracle network that focuses on sourcing continuous real-world and crypto-related market data originating off-chain and streaming it on-chain at sub-second speeds for smart contract consumption regardless of their blockchains.
About Banana Swap
● BananaSwap is an AMM decentralized trading platform running on Solana with the design of Concentrated liquidity.