Pike & Pyth

Pike is building DeFi 2.0 - a universal liquidity protocol to unify multichain ecosystems. A cross-chain lending market, with Pike, you can deposit assets on Chain A, and borrow against them on Chain B - seamlessly, quickly and securely.

Being a lending market - reliable and low latency price feeds for assets is crucial, whether to determine the value of collateral, or calculating health factors and triggering liquidations. Operating cross-chain natively, means we need these very same feeds on all the chains, and assets we support across the board. Pyth Network provides this functionality and hence is a key piece of fundamental infrastructure to Pike.

As such, we’re excited to announce that Pike has been selected as a recipient of PYTH tokens through the Pyth Network Retrospective Airdrop program!

PYTH Airdrop? Now what?

Friends of Pike are extremely precious to us, as are contributors, both from other teams and from within our passionate community.

As a result, we’re building out our community treasury to benefit everyone contributing to Pike, but also to invest in the projects that enable us to be successful and grow. PYTH tokens will be the first addition, and we will be participating in Pyth governance to quite an active degree.

As time goes on however, and as we increase our holdings of PYTH (and governance tokens from protocols we’re friends with), the Pike team and community alike will be able to engage in governance accordingly, whether to influence the direction of how protocols like Pyth Network grow, or how they can directly benefit Pike itself.

This has to be a two-way street however, and we also want the protocols like Pyth who are contributing to Pike’s success to have a stake within our future - with their teams and communities being able to have their say about our own protocol’s direction and roadmap.

In short, receiving this PYTH token allocation is a testament to our alignment with both the Pyth team, and the Wormhole Foundation, on product strategy and community.

Why are we using Pyth?

Inherent Multichain Compatibility

Pyth’s on-demand model allows for new price-feeds to be onboarded constantly, and across countless support networks - crucial as the multichain narrative picks up momentum, and the ecosystem becomes increasingly fragmented. With traditional “push” oracles, each new price feed on each individual chain is it’s own separate deployment, and getting data on one chain about an asset on another network is more or less not possible at scale as a result.

With Pyth, when a new asset on any chain (or financial market in general) is supported, by nature, all of the chains Pyth supports have instant access to that data (as it’s being streamed off-chain in real time). As a result, Pike is not limited to when X asset on Y chain is supported on Z chain, and instead has instant access to new price feeds across the board, and simply has to begin supporting the asset internally.

If there’s a new asset on e.g. Optimism that is growing in popularity and there is demand for it to be usable as collateral, as well being able to borrow it - Pyth is able to create a data feed for it extremely quickly. Since there are no on-chain commitments, the price feed is able to be up and running off-chain for minimal cost, and the onus is on Pike to pull this data when needed, and pay accordingly.

Low Latency

Since Pyth streams it’s price feed data off-chain, it’s not limited to the blocktime, transaction fee requirements or confirmations associated with data hosted on-chain. Due to how expensive certain chains can be for transacting this data, push-based Oracle providers often either throttle the frequency of updates, or alternatively, simply choose a handful of assets and chains to support.

Pyth in contrast, updates their price feeds once a second, which is static and not affected by anything occurring on-chain - meaning this low latency operates 24/7 regardless of the market.

This allows Pike to always have access to exceptionally accurate price data, giving users confidence when dealing with liquidations, health factor of outstanding debts, and calculating loan to value ratios.

Reliability

Continuing from the benefit of having low latency, often networks can become congested and because push-based oracles are always pushing their data on-chain by design, it runs the risk of transactions failing (in a worst case scenario) or paying unavoidably high transaction fees. This can result in slow to update price feeds, which can mean outdated data, compounded further by market volatility, and reduces their reliability - often when needed most.

On the other hand, Pyth’s off-chain updates are inherently not affected by blockchain congestion and better yet, as the user, you can choose specifically when to pay the higher gas fees, and to what degree. Furthermore, you’re able to automate a lot of these based on rules, whether it be to minimize expenditure on fees, or predetermine how often you’ll take a new price depending on set variables.

What’s Next?

We’ll be announcing further collaborations with Pyth, and especially community-driven initiatives!

For now however:

• Experiment with Pike in it’s Mainnet Beta

• Stake $PYTH

• Be a meaningful member of the Pike community:

• Be a meaningful member of the Pyth community:

About Pyth:

Pyth delivers real-time market data for crypto, equities, FX, and commodities to 50+ blockchains, and supports over 450 price feeds from across both DeFi and CeFi.

It’s unique architecture means applications choose when real-time prices appear on-chain. Pay only for what you need, while ensuring that critical updates are delivered.

• Website: https://pyth.network

• Price Feeds: https://pyth.network/price-feeds

• Docs: https://docs.pyth.network

• Twitter: https://x.com/PythNetwork

• Discord: https://discord.com/invite/PythNetwork

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance