Crypto market maker Jump Trading details launch of DeFi data project built on Solana

The crypto market-making firm Jump Trading is working on a new initiative that aims to decentralize real-time trading data.

Jump's involvement in the Pyth Network was discussed during a new episode of its "The Jump Off Point" podcast, published on April 7. During the episode, president and chief investment officer Dave Olsen detailed the project, which was incubated by Jump. 

"We're very involved in the development of a new capability that, at least as of this taping, has not been announced yet. Which I'll do now. We're collaborating on a world oracle project called Pyth" Olsen said during the April 7 episode.

Pyth Network's objectives include "[a]llowing the raw material of very high performance, very precise market data to be injected into smart contracts that were written using these protocols."


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Olsen specified that Pyth will be built on Solana blockchain. Olsen's commentary came in the context of praise for DeFi in general and, in particular, Project Serum, a permissionless Solana-based decentralized exchange launched by FTX. A blog post outlining the Pyth Network further specified that the project:

"[R]equires legally authorized access to unique data sets, sub-second update speeds, sophisticated outputs and aggregation methods, and a thorough incentive system to ward off spurious or malicious data breaches."

The roster of firms working on Pyth remains unclear, as does the amount of investment that Jump or others have committed to the project. A representative for Jump declined to specify whether Pyth had received any investment as of the announcement. 

Jump is a major player in cryptocurrency trading and, via affiliate Jump Capital, a leading investor in crypto projects. Despite this, Jump keeps a relatively low profile, though executives from Jump have previously discussed its project incubation strategies.

In a separate development, Reuters reported Wednesday that Jump Trading had invested an undisclosed amount in Chiliz, a blockchain startup that makes so-called "fan tokens" tied to sports teams. 

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Kollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC. That includes legislation and regulation, securities law and money laundering, cyber warfare, corruption, CBDCs, and blockchain’s role in the developing world. He speaks Russian and Arabic. You can send him leads at [email protected].