KuCoin, a major cryptocurrency exchange, said on Monday that it has inked a partnership with Pyth Network, an Oracle solution built on the Solana blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. According to the press release, such a deal will allow KuCoin to provide real-time prices of trading pairs listed on the exchange to Pyth Network.
“As the People‘s Exchange, KuCoin is committed to providing users with a better crypto experience while also joining forces with more organizations to bring crypto to the masses. Bringing real-world data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data marketplace in the blockchain industry through Pyth network as a key partner, which will help to create a new DeFi world that is more collaborative and open and accelerates crypto to mass adoption,” Johnny Lyu, the CEO of KuCoin, commented.
What Is Pyth Network?
In the DeFi ecosystem, Pyth Network operates one of the largest and most reliable oracle networks, derived from price data contributed by more than 60 leading institutions, both in crypto and traditional finance.
Market participants, trading firms, market makers
Market Makers
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry. Read this Term and exchanges are rewarded for directly sharing on-chain the price information collected through their existing operations. Afterwards, the network aggregates this first-party price data and makes it available to both on-chain and off-chain applications.
“Consistently amongst the top five exchanges globally for all crypto trading with over 18 million users worldwide, KuCoin has clearly established itself as a leading player in the digital asset ecosystem. This market position in parallel with their ability to extract high-quality data makes them natural data provider partners for Pyth. KuCoin’s increased recent focus on DeFi and Web3 is also directly in line with the Pyth mission to support on-chain projects and protocols,” Stephen Kaminsky, the Head of Special Projects at Jump Crypto.
KuCoin, a major cryptocurrency exchange, said on Monday that it has inked a partnership with Pyth Network, an Oracle solution built on the Solana blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. According to the press release, such a deal will allow KuCoin to provide real-time prices of trading pairs listed on the exchange to Pyth Network.
“As the People‘s Exchange, KuCoin is committed to providing users with a better crypto experience while also joining forces with more organizations to bring crypto to the masses. Bringing real-world data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data marketplace in the blockchain industry through Pyth network as a key partner, which will help to create a new DeFi world that is more collaborative and open and accelerates crypto to mass adoption,” Johnny Lyu, the CEO of KuCoin, commented.
What Is Pyth Network?
In the DeFi ecosystem, Pyth Network operates one of the largest and most reliable oracle networks, derived from price data contributed by more than 60 leading institutions, both in crypto and traditional finance.
Market participants, trading firms, market makers
Market Makers
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry.
Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry. Read this Term and exchanges are rewarded for directly sharing on-chain the price information collected through their existing operations. Afterwards, the network aggregates this first-party price data and makes it available to both on-chain and off-chain applications.
“Consistently amongst the top five exchanges globally for all crypto trading with over 18 million users worldwide, KuCoin has clearly established itself as a leading player in the digital asset ecosystem. This market position in parallel with their ability to extract high-quality data makes them natural data provider partners for Pyth. KuCoin’s increased recent focus on DeFi and Web3 is also directly in line with the Pyth mission to support on-chain projects and protocols,” Stephen Kaminsky, the Head of Special Projects at Jump Crypto.
