Douro Labs Joins Network to Work on Perseus Upgrade as well as Permissionless Mainnet with Token-Led Governance
Douro Labs, a software development company dedicated to advancing the Pyth Network, officially launches and is excited to be joining the network as the latest core contributor. The Pyth Data Association and the Pyth Network’s community includes a vast network of data contributors including top trading firms, leading exchanges, and premier crypto companies globally including Cboe Global Markets, Optiver, IMC, Flow Traders, OKX, Bybit, Wintermute, QCP Capital, Auros, Susquehanna International Group, and LMAX. The Douro Labs entity will initially work to implement the Perseus Upgrade and bring the network into a permissionless mainnet with token-led governance for the fall of 2023.
Pyth Network is the largest first-party oracle for financial data. Oracles are programmatic data feeds that bring off-chain data on-chain for smart contracts to use. They are an essential component of decentralized finance (DeFi). The Pyth Network provides low-latency, high-fidelity, and tamper-resistant price data feeds directly to blockchains through a vast network of first-party data providers.
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“We are thrilled to welcome Douro Labs as the newest contributor to the Pyth Network,” said Marc Tillement, Director at Pyth Data Association. “The Pyth Data Association was formed with a mission to create the largest, most robust financial data marketplace for decentralized finance to build on. Thanks to a diversity of contributors and a growing ecosystem of users, the Pyth Network has quickly become the largest first-party oracle network.”
Douro Labs was formed by long-time Pyth Network contributors Mike Cahill, Jayant Krishnamurthy, and Ciaran Cronin in July 2023. The company employs close to 20 individuals who previously worked at firms such as Goldman Sachs, Jump Crypto, BNP Paribas, Amazon Web Services and Chorus One. The company is focused on contributing alongside other data providers and building developer-focused oracle tooling and core protocol infrastructure.
“The Pyth Network is the fastest growing decentralized oracle, and is already becoming the go-to solution for modern DeFi applications that need cheap, lightning-fast, ultra-accurate pricing information,” said Mike Cahill, CEO of Douro Labs. “At Douro Labs, we are committed to accelerating the network’s continued growth and lifting up the next generation of DeFi apps that are building new tools and experiences that simply aren’t possible on legacy oracle infrastructure.”
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“As one of the founding institutional data providers on the Pyth Network, we are pleased to see the formation of Douro Labs as a dedicated blockchain infrastructure company,” said David Mercer, CEO of LMAX Group. “We look forward to supporting Douro Labs as it accelerates the development of this transformative and fundamental building block of the new financial infrastructure for both DeFi and TradFi. This expansion of capability underscores the value of democratizing the distribution of readily available, real-time and verifiable market data.”
First-generation oracles rely on networks of third-party operators to source and aggregate pricing data, which is typically achieved through unauthorized scraping. Pyth Network’s model eliminates slow, unreliable third-party data aggregators and replaces them with fast, first-party data providers, such as trading firms, exchanges and brokerages.
“Auros is thrilled to see the formation of Douro Labs, which furthers the mission of Pyth Network to democratize high-fidelity market data for all blockchain participants. The Auros team is a proud supporter of Pyth’s vision,” added Ben Roth, co-founder and CIO of Auros. “Together with the talented individuals at Douro Labs, we are committed to contributing to the advancement of Pyth’s decentralized oracle solutions and the growth of the blockchain and Web3 ecosystem.”
The Pyth Network supports more than 300 sub-second price feeds across major asset classes including digital assets, equities, ETFs, FX and commodities. Additionally, over 180 DeFi and CeFi applications use the Pyth Network, including projects like Synthetix, Venus, Ribbon Finance, Vela Exchange, and Solend, as do more than 30 blockchains, including but not limited to Ethereum, BNB Chain, Arbitrum, Optimism, Base, Solana, Injective, zkSync Era, Fantom, Osmosis, Aptos, Sei, Aurora, and Sui.
“Making market data accessible to investors has always been a core focus for us at IEX,” said Ronan Ryan, President of IEX Group. “We look forward to seeing how the talented team behind Douro Labs will add the tooling and infrastructure needed to make the Pyth Network a go-to market data solution.”
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