LeverUp partners with Pyth Network to power real-time data feeds for decentralized perpetual trading applications

LeverUp, a decentralized liquidity provider (LP)-free perpetual exchange, today announced a strategic partnership with Pyth Network, a decentralized oracle protocol that provides real-time financial market data from institutional sources to blockchain networks. Through this partnership, LeverUp integrated Pyth’s oracle infrastructure into its perpetual trading platform, providing trusted and accurate on-chain market data to decentralized applications on the network.

LeverUp is a decentralized perpetual exchange built on Monad’s Layer 1 blockchain, giving users around the world access to up to 1001x leverage across leading crypto tokens and real-world assets. We implement an alternative model that eliminates the need for liquidity providers and redistributes all protocol fees to traders and users.

LeverUp upgrades to Oracle data stream in Pyth

LeverUp and other decentralized perpetual trading platforms leverage real-time data to increase on-chain efficiency. This is because speculative trading in the volatile crypto market, which occurs 24/7, requires fast and reliable data. Through this partnership, LeverUp will leverage Pyth’s oracle solutions to increase mark price accuracy, enhance sub-second data for leveraged trades, and improve clearing reliability.

Pyth Network is one of the prominent and reliable oracle networks, providing price data from multiple major institutions in both traditional financial and crypto markets. Pyth collects and broadcasts data at sub-second speeds, making it accessible across blockchain networks through the Wormhole Message Protocol. In addition to leading companies like Chainlink and RedStone, Pyth Network is gaining recognition as a source of trusted financial data for the decentralized finance ecosystem.

By integrating Pyth’s oracle infrastructure into its perpetual trading platform, LeverUp realizes several benefits. First, the introduction of Pyth’s reliable decentralized real-world price feed ensures that perpetual contracts on LeverUp’s blockchain network accurately reflect the underlying market value of a variety of decentralized applications. This integration contributes to more effective and reliable trading on exchanges.

Second, perpetual trading platforms like LeverUp rely on accurate market data and price stability to prevent unnecessary liquidation events and price slippage. Through this collaboration, Pyth will provide sub-second data updates that are critical to LeverUp’s volatile assets. Pyth also provides verifiable real-time price feeds by aggregating data from multiple decentralized and traditional sources, ensuring transparency and accuracy of various financial assets on LeverUp’s smart contract applications and trading platform.

Additionally, due to the volatile price of cryptocurrencies, Pyth’s real-time oracle ensures that LeverUp’s perpetual contracts are always locked to the exact market price. This can reduce funding rate discrepancies and unnecessary liquidations. Finally, Pyth Network is built on the Solana blockchain. Solana’s scalability and speed supports Pyth’s real-time data feeds. This enables LeverUp’s trading platform to perform fast and cost-effective settlement and order matching.

Building the future of decentralized perpetual transactions with data you can trust

As decentralized perpetual transactions continue to evolve and meet the needs of users in DeFi, our partnership with Pyth Network will allow LeverUp to play a larger role in the Web3 environment. Through their collaboration, Pyth and LevelUp are redefining decentralized perpetual trading and solving the most problematic challenges of powering decentralized, accurate, real-time price feeds.