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The exchange & HFT interest in Solana & Pyth has become too great for me not to do a deep dive on it now. Here's an introductory thread about Solana, the Pyth Network, and why so many trading firms are getting involved:pic.twitter.com/1BPoALRSZV
Blockchains suffer from what's called the "Trilemma" problem - it's REALLY hard to make a blockchain that is fully decentralized, secure, and scalable at the same time. No blockchain has perfectly solved the Trilemma problem yet.pic.twitter.com/UzxH5xdrAV
Some would say Solana has come as close as anyone has to solving the Trilemma problem. Launched in 2020 by ex Qualcomm & Dropbox developers, Solana brought a surprising amount of innovation to blockchain design:pic.twitter.com/vEUtUv9Hhx
Solana is fast. Like really fast. The Ethereum blockchain processes ~13 transactions a second. Solana processes 50,000 transactions per second, rivaling networks like Visa & Paypal. It can also execute large batches of smart contracts *at the same time*.
As mkt structure geeks know, fast networks attract fast sharks - HFT firms. In April 2021 Jump Trading launched a DeFi oracle called Pyth on top of the Solana blockchain. We've discussed oracles before - primer below:pic.twitter.com/TEpdHN3dW5
Pyth is a gateway between the physical world & the crypto world. Data providers can partner with Pyth to stream outside data for use in smart contracts on Solana. Partners already include Virtu, Akuna, LMAX, GTS, Jump, and now IEX.https://www.theblockcrypto.com/post/112222/iex-cloud-joins-pyth-network …
As an HFT firm, why do a Pyth partnership? A trading firm needs a few necessities to operate: Liquidity Quality mkt data Fast infrastructure Counterparty trust Legacy mkt structure gives firms all these things at high cost. Solana + Pyth can offer these things much cheaper.
It's no coincidence that all the Pyth parnters thus far have been the most outspoken about high market data costs, and have tried to break the exchange monopoly in the past (like w/ MEMX, SEC lobbying, etc...) Solana + Pyth may be their best shot yet.
I'll be publishing a larger paid piece on Solana & Pyth next week, diving into their structure & impact on the market data monopoly. Sign up below if interested:https://frontmonth.substack.com/1b8b8f63
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