How Pyth Network is trying to revolutionize a $6 billion Wall Street business
Quick Take
- Michael Cahill explores advancing Pyth Network for real-time data delivery, its superiority over other oracles and the hurdles faced in on-chain trading.
Episode 85 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Douro Labs CEO Michael Cahill.
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Michael Cahill is the CEO of Douro Labs, where he oversees the development and acceleration of the Pyth Network — an oracle network for real-time financial market data delivery to smart contract applications.
In this episode, Cahill unpacks the unique advantages of Pyth Network over other oracle providers and explains what obstacles currently stand in the way of replicating the centralized trading experience on-chain.
According to Cahill, DeFi is "very close to feature parity with some of the backend elements of derivatives trading on centralized exchanges — what we haven't yet cracked is the user experience."
Pyth Network was incubated by Jump Trading before going live on Solana mainnet back in August of 2021.
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