GMCI 30 Index is Now Live on Pyth Network

Twitter icon  •  Published hace 4 semanas  •  Hassan Maishera

GMCI 30 Index Price Feed has officially launched on the Pyth Network, allowing DeFi applications to base their operations on the real-time price of the GM 30.

The Pyth Network has announced the GMCI 30 Index Price Feed launch on its network. In a press release shared with Cryptowisser, the team said the GMCI 30 Index Price Feed will provide exposure to the GMCI crypto market price index (or “GM 30”) to more than 60 blockchain ecosystems.

The team added that integration with the GMCI 30 feed and any of Pyth 540+ price feeds is permissionless. Thanks to this integration, DeFi applications can base their operations on the real-time price of the GM 30.

Pyth Network explained that GMCI is an index provider specializing in unique indices for the digital assets space. Cryptocurrency market indices with transparent methodologies are crucial as they help onboard investors, financial institutions, and market analysts to the Web3 capital markets. Indices also provide standardization to these newer markets, which paves the way for more sophisticated digital assets solutions.

GMCI launched its GMCI 30 Index or GM 30 earlier this year, tracking the performance of the 30 largest digital assets according to market cap. The index offers a global snapshot of the cryptocurrency markets, capturing major cryptocurrencies like BTC and ETH, and other major players in the ecosystem. 

GM30 helps investors easily track the performance of the leading cryptocurrencies while also evaluating the industry’s stability, sentiment, and growth trends.

While commenting on this latest development, Maarten Botman, CEO of GMCI, said,

"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. By leveraging Pyth's cutting-edge technology, we are ensured of providing even more accurate and reliable data to our users. This partnership underscores our commitment to innovation and excellence in the market.” 

GMCI 30 Now Available on Pyth Price Feeds

Thanks to the partnership between the two entities, Pyth Price Feeds now offers developers permissionless and seamless access to a real-time price feed for the GMCI 30. 

Pyth Price Feeds already covers major indices for traditional markets like the DJIA (Dow Jones Industrial Average), SPY (SPDR S&P 500 ETF Trust), and QQQ (Invesco QQQ ETF). however, GMCI 30 is its first digital assets index feed.

Ben Yorke, Ecosystem VP at WOO also commented that,

”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.” 

Who is Pyth’s GMCI 30 Feed for?

Pyth’s GMCI 30 can be used by smart contract developers from over 60 blockchains from the EVM, Move, Cosmos, and Bitcoin ecosystems. Furthermore, DeFi protocols across multiple chains are already integrating with the Pyth GMCI 30 feed to power their operations and serve users unique exposure.

Some of the protocols already using this price feed include Bluefin, D8X Exchange, Pingu Exchange, Vela Exchange, and Horizon Protocol.

The Pyth Network enables smart contracts to access real-time high-frequency and high-fidelity financial data.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.