LeverUp, a decentralized, liquidity provider (LP)-free perpetual exchange, today announced a strategic partnership with Pyth Network, a decentralized oracle protocol that provides real-time financial market data from institutional sources to blockchain networks. Through this partnership, LeverUp integrated Pyth’s oracle infrastructure into its perpetual trading platform to bring trusted and accurate on-chain market data to decentralized applications on its network.
LeverUp is a decentralized perpetual exchange built on the Monad’s Layer-1 blockchain that allows global users to access leverage of up to 1001x across major crypto tokens and real-world assets. It runs an alternative model that eliminates the need for liquidity providers, thus redistributing all protocol fees back to traders and users.
LeverUp Upgrades to Pyth’s Oracle Data Stream
LeverUp and other decentralized perpetual trading platforms thrive on real-time data for their on-chain efficiency, as the speculative trading in 24/7-running, volatile crypto markets demands rapid and reliable data. Through this partnership, LeverUp leverages Pyth’s oracle solution to boost mark-price accuracy, enhance sub-second data for leverage trading, and advance liquidation reliability.
Pyth Network is one of the prominent, reliable oracle networks, providing price data from multiple major institutions, both from traditional finance and crypto markets. Pyth collects and broadcasts data at sub-second speeds, making it accessible across blockchain networks through the Wormhole message protocol. Besides giants like Chainlink and RedStone, Pyth Network has gained recognition as a reliable source of financial data for the decentralized finance ecosystem.
By integrating Pyth’s oracle infrastructure into its perpetual trading platform, LeverUp unlocks several benefits. First, with Pyth’s reliable and decentralized real-world price feeds now in place, this ensures that perpetual contracts on LeverUp’s blockchain network accurately reflect the underlying market value of various decentralized applications. This integration contributes to more effective and reliable trading on the exchange.
Secondly, perpetual trading platforms like LeverUp rely on accurate market data and price stability to prevent unnecessary liquidation events and price slippage. Through this collaboration, Pyth delivers sub-second data updates, which are essential for LeverUp’s volatile assets. Also, by aggregating data from multiple decentralized and traditional sources, Pyth delivers a verifiable and real-time price feed, ensuring transparency and accuracy for LeverUp’s smart contract applications and a wide variety of financial assets on the trading platform.
Furthermore, with volatile crypto price movements, Pyth’s real-time oracles ensure that LeverUp’s perpetual contracts are always anchored to accurate market prices. This helps decrease funding rate mismatches and unnecessary liquidations. Lastly, Pyth Network is built on the Solana blockchain. Solana’s scalability and speed support Pyth’s real-time data feeds; this directly enables LeverUp’s trading platform to operate rapid, cost-efficient settlements and order matching.
Building The Future of Decentralized Perpetual Trading with Reliable Data
As decentralized perpetuals trading continues to evolve and serve users’ needs in DeFi, the partnership with Pyth Network is set to enable LeverUp to play a greater role in the Web3 environment. Through the collaboration, Pyth and LevelUp are redefining decentralized perpetuals trading to resolve its most problematic challenge: powering decentralized, accurate, and real-time price feeds.