This move brings more access to real-time data across the entire Bitcoin ecosystem
CAYMAN ISLANDS / ACCESSWIRE / January 9, 2025 / Granite, the protocol incubated by Trust Machines, today announces the Pyth oracle on Stacks, further solidifying its commitment to broaden the Bitcoin ecosystem. This enhancement provides critical real-time institutional market data to smart contracts on the Stacks Bitcoin Layer 2 and opens the doors for deeper DeFi innovation on Bitcoin.
Pyth is a decentralized financial data provider that delivers real-time, high-quality, and tamper-resistant price information to blockchain applications. It has a strong focus on decentralized finance (DeFi), where precise data feeds are crucial for accurate asset pricing and avoiding mispriced trades. Unlike other oracles that rely on multiple intermediaries, Pyth obtains its data directly from leading financial institutions, such as exchanges and trading firms, ensuring faster and more reliable feeds.
"Accurate, on-demand price data is the lifeblood of any DeFi ecosystem," said Blaize Wallace, founding contributor to Granite Protocol. "Oracles provide this essential foundation for protocols like Granite to seamlessly integrate tokens such as stablecoins and sBTC. Bringing Pyth to Stacks paves the way for the next wave of DeFi innovation on Bitcoin L2s."
Previously maintained by Hiro Systems, the Pyth oracle on Stacks is now maintained by Granite Protocol contributors with guidance from Trust Machines. Upgrades to the implementation, recently audited by the Clarity Alliance, now allow for projects looking to access data from the oracle to have a more streamlined and consistent experience to what they might expect from similar interactions across other blockchains.
Pyth Network provides transparency and reliability that is trusted throughout the industry with over 500 data feeds, 80 blockchains, and 400 dapps. Big DeFi apps also trust Pyth's decentralized approach.
Granite is a groundbreaking Bitcoin DeFi liquidity protocol that empowers users with unprecedented security and control over their Bitcoin assets. Granite protocol is focused on mitigating the biggest risks associated with lending and borrowing in order to create an environment where more users feel empowered to make their bitcoin productive. Granite is built on the Stacks Bitcoin layer and is building towards a future where DeFi eliminates unnecessary risk. Pyth's low-latency price feeds and real-time asset prices allow Granite to offer reliable, accurate, and competitive data for users.
Granite's contributors make security and safety a priority, recently completing multiple audits by leading firms and whitehats.
For more information or to access the oracle, visit GitHub.
About Granite
Granite Protocol is an autonomous Bitcoin Liquidity Protocol on the Stacks blockchain. The protocol allows borrowers to take stablecoin loans using Bitcoin as collateral, without exposure to counterparty or rehypothecation risk. Liquidity providers can earn yield on stablecoins by providing liquidity to the pool, which is then lent to borrowers. Granite is a project incubated by Trust Machines. For more information about Granite, please visit http://www.granite.world
PRESS CONTACT
Jayson Lynn
pr@granite.world
SOURCE: Granite
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