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Solana-Based Pyth Network Adds Institutional Crypto Exchange LMAX as Data Provider

LMAX will provide foreign exchange and crypto trading data.

By Ian Allison
AccessTimeIconJun 22, 2021 at 8:00 a.m. UTC
Updated May 15, 2023 at 1:44 p.m. UTC
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Institutional exchange operator LMAX Group will provide foreign exchange and cryptocurrency trading data to the Solana-based Pyth Network.

LMAX Digital, which has recorded over $6.6 billion in cryptocurrency trading in one day, is the first exchange to join Pyth, a decentralized financial market data distribution network built on the super-fast Solana blockchain, which is backed by FTX chief Sam Bankman-Fried and Chicago-based Jump Trading, among others.

Automated digital contracts that run on blockchains obtain financial data from oracle services, which send data from an outside source to a blockchain network. They do so arguably in a more democratized manner than traditional finance does. In some respects Pyth overlaps with Chainlink, the oracle for decentralized finance (DeFi) contracts on the Ethereum network. But Pyth is designed more for high-speed, institutional trading.

“If you look ahead, DeFi, which is currently a scientific experiment, means putting balance sheets up on the blockchain and putting assets to work and earning interest on them,” LMAX Group CEO David Mercer told CoinDesk in an interview, adding:

“Once you accept that people will expect to earn interest, and to stake products on a second-by-second, minute-by-minute basis, then the key question is how do you value this stuff?”

LMAX joins market-making giant GTS, which recently began providing data to Pyth; Mercer said a number of other big players are in the pipeline to offer data.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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