Polymarket has partnered with oracle provider Pyth Network to launch traditional asset markets on its platform.
Summary
- Polymarket partnered with Pyth Network to introduce equity, commodity, and stock-linked contracts.
- The new markets include daily up or down and closing price contracts that reset at the end of each trading session.
- Pyth Network is providing real-time price feeds from trading firms and market makers to serve as the resolution layer for the new contracts.
According to an Apr. 2 announcement, the latest addition brings daily up-or-down and closing price contracts for major equity indexes, alongside commodities such as gold and oil, and US-listed stocks. Outcomes on these contracts are determined using Pyth’s real-time price feeds, and the markets reset at the end of each trading session.
Pyth Network will act as the resolution layer for these markets, replacing manual or exchange-specific references with a standardized data source aggregated from trading firms and market makers.
Simultaneously, Pyth has launched a data interface called Pyth Terminal, allowing users to track live price feeds and the reference values used to settle markets on Polymarket.
Oracle networks like Pyth bring off-chain data such as prices, foreign exchange rates, and commodities onto blockchains. These feeds are widely used across decentralized finance, prediction markets, and tokenized asset platforms, and have seen growing adoption, including by US government agencies.
PYTH price rallied over 70% after the announcement, while its market capitalization moved past $1 billion.
The latest products on Polymarket were launched as the platform continues to cement its position as a leading prediction market operator.
Last month, the project secured a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, as part of a broader multibillion-dollar commitment.
Meanwhile, Polymarket made investments of its own by acquiring DeFi infrastructure startup Brahma for an undisclosed sum.
Source: https://crypto.news/polymarket-rolls-out-stock-and-commodity-contracts-with-pyth-price-feeds/
