Pyth Network Unveils GMCI 30 Crypto Market Index

Pyth Network Unveils GMCI 30 Crypto Market Index

The Pyth Network has launched the GMCI 30 Index Price Feed, making the GMCI crypto market price index available to over 60 blockchain ecosystems. This initiative aims to provide smart contract and blockchain developers with real-time financial data, enhancing the transparency and accessibility of digital asset information.

Enhancing Crypto Market Transparency

Maarten Botman, CEO of GMCI, expressed excitement about the collaboration, stating, “We are excited to announce that Pyth Network will be streaming GMCI index prices. This collaboration represents a significant step forward in our mission to become the benchmark of choice in the crypto space.”

GMCI is known for creating indexes for digital assets, offering a transparent method to attract investors and financial institutions to Web3 markets. The GMCI 30 Index, introduced this year, tracks the top 30 digital assets by market capitalization, including leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The index provides a comprehensive snapshot of the crypto market, aiding in the assessment of industry stability and growth trends.

Seamless Integration with Pyth Network

The integration with Pyth Network allows developers to access the GMCI 30 real-time price feed permissionlessly and seamlessly. While Pyth Network already supports major traditional market indices like the DJIA and SPY, the GMCI 30 is its first digital assets index feed.

Ben Yorke, Ecosystem VP at WOO, expressed enthusiasm for the integration, highlighting the ongoing collaboration between GMCI, WOO, and Pyth in developing valuable new indices. “As a long-standing data provider on the Pyth Network, WOO X is excited to see the integration of the GMCI 30 index. GMCI is a partner of the WOO Innovation Hub, and we will continue to work together with Pyth on new indices that provide value to both traders and consumers of Pyth Price feeds,” said Yorke.

Adoption by DeFi Protocols

Several DeFi protocols, including Bluefin, D8X Exchange, Pingu Exchange, Vela Exchange, and Horizon Protocol, have already started utilizing the GMCI 30 price feed. The Pyth Network’s provision of real-time financial data to various blockchain ecosystems fosters innovation and reliability in the digital assets market.

With this launch, the Pyth Network aims to further solidify its position as a leading provider of financial data in the crypto space, supporting the growth and development of decentralized finance and blockchain technology.

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