In April 2023, Buffer Finance integrated Pyth Network Oracle to power Up/Down options markets. Almost a year into this integration, we've expanded our offerings to include a diverse array of trading pairs in crypto, forex, and commodities. Pyth data feeds have also been instrumental in the development of Buffer’s most recent asset prediction markets - above/below options.
Pyth Retrospective Airdrop to Buffer
Our ongoing collaboration with Pyth represents more than just a partnership; it's a commitment to keep innovating in the on-chain trading space - underscored by our recognition as #PoweredByPyth. A distinction highlighted by our inclusion in Phase 2 of Pyth Network’s Retrospective Airdrop program and the receipt of $PYTH Tokens.
Buffer intends to use the $PYTH allocation to propel the growth of on-chain prediction markets and expand the platform's trading suite by incentivizing users through trading competitions, tournaments, rewards and community rewards. On top of ongoing product improvements and multi-chain expansion, the allocation would also be used to participate in Pyth’s governance decisions.
How Pyth Powers the Fastest Asset Prediction Markets on Arbitrum?
Buffer is an on-chain asset prediction market on Arbitrum. Up/Down and Above/Below options allow traders to participate in binary crypto and non-crypto markets that last anywhere between 1 min to a week. These markets are extremely fast-paced and as such need to be based on a snapshot of real-time asset prices when a trade is submitted.
However, securing high-fidelity, real-time price feeds on-chain is a huge challenge. This is where Pyth Benchmark data feeds come in. Thanks to Pyth’s low-latency, on-demand oracle that provides historically queryable prices, Buffer can validate trades in near real-time.
Both up/down and above/below markets leverage Pyth’s real-time, and historical price feeds. Relevant prices are served through off-chain APIs to contracts to verify on-chain. Pyth sources prices in real time from the leading venues in each market category. For crypto, that includes top-tier spot exchanges. Several venues are used to source prices in each market category to maximize data availability and speed while minimizing potential downtime.
Since the integration, Pyth has powered 7,237,500 in volume, 101,758 trades executed to 1819 traders on Buffer.
Here’s what traders are saying about Buffer’s Prediction Markets
Feedback and insights from our traders is what drives us forward and continues to be the basis for future improvements on Buffer. As a testament to our commitment to taking in user-feedback, one of our traders requested - standard fixed expiries as a feature for up/down options, we embraced this suggestion swiftly and it was incorporated into our immediate roadmap.
A few weeks later, Buffer’s dev team has already delivered the product on Blast testnet. Much like on Arbitrum, in this endeavour we are powered by Pyth’s unparalleled reliability and widespread availability on Blast and numerous other chains.
Try Prediction Markets on Buffer Powered by Pyth
The present this community has manifested through blood, sweat, and tears during the bear market is incredible. It has never been easier to trade on Buffer, largely thanks to Pyth’s incredibly fast and reliable oracle solution. Try it out for yourselves!
To explore Buffer’s universe further, visit:
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Trade Up/Down Options: https://app.buffer.finance/#/binary/
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Trade Above/Below Options: https://ab.buffer.finance/
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Twitter: https://twitter.com/Buffer_Finance
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Telegram: https://t.me/bufferfinance
As we forge ahead, Pyth will continue to be a key infrastructure solution and development partner helping Buffer with its critical oracle-related needs, directly aligning Pyth to Buffer’s continued growth as a leading decentralized options trading platform.
To learn more about Pyth’s Network’s oracle solutions and their role in powering the larger DeFi space, visit:
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Website: https://pyth.network
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Price Feeds: https://pyth.network/price-feeds
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Twitter: https://x.com/PythNetwork