The Pyth Network maintains its goal of providing global smart contract developers with access to financial data. In keeping with this perspective, the Oracle Network has introduced the GMCI 30 Index Price Feed, which gives more than 60 blockchain ecosystems access to the GMCI crypto market price index, also known as the “GM 30.”
Permissionless integration is available with the GMCI 30 feed and all Pyth 540+ price feeds. DeFi applications may operate based on the GM 30’s real-time price. This blog delves into the GM 30’s design, while Pyth broadens the index’s reach to include several blockchains.
The GMCI 30 Index: What is it?
Index provider GMCI specializes in creating one-of-a-kind indices for the digital assets sector. To facilitate the onboarding of investors, financial institutions, and market analysts into the Web3 capital markets, cryptocurrency market indices that follow clear procedures are essential. Additionally, indices provide standardization to these emerging markets, which opens the door for more complex digital asset solutions.
The GMCI 30 Index, often known as GM 30, was introduced by GMCI this year. It is an index that monitors the performance of the 30 biggest digital assets based on market capitalization. With the inclusion of both long-term market leaders and significant catalysts like Bitcoin and Ethereum, this index provides a worldwide view of the cryptocurrency markets. Market players may more readily monitor the performance of the top cryptocurrencies and assess the stability, sentiment, and growth patterns of the sector by using an index such as GM 30.
Maarten Botman, CEO of GMCI stated:
“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 on Pyth Price Feeds
Developers may now receive a real-time price feed for the GMCI 30 with ease and permissionless thanks to Pyth Price Feeds, which are made possible by the first-party data provider network of the Pyth Network. GMCI 30 is the Pyth Network’s first digital assets index feed, but Price Feeds also offers important indices for conventional markets, such as the DJIA (Dow Jones Industrial Average), SPY (SPDR S&P 500 ETF Trust), and QQQ (Invesco QQQ ETF).
Ben Yorke, Ecosystem VP at WOO stated:
”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’s Using Pyth’s GMCI 30 Feed?
The EVM, Move, Cosmos, and Bitcoin ecosystems provide smart contract developers with access to a dependable, high-frequency price source for the GMCI 30 on over 60 blockchains. DeFi protocols, which power several chains and provide users with unique exposure, have already begun merging with the Pyth GMCI 30 feed.
Bluefin— a Sui-based decentralized orderbook exchange. Bluefin has already facilitated $25 billion in trading activity since its 2023 debut.
D8X Exchange— a perpetual futures DEX on Arbitrum, Polygon zkEVM, and X Layer of institutional-grade.
Pingu Exchange— a perpetual, decentralized, community-driven protocol on Arbitrum. Pingu has facilitated over $2 billion in volumes since its inception in February.
Vela Exchange— a decentralized exchange including scalable infrastructure, community-focused incentives, and sophisticated perpetuals trading features. Vela has enabled $10 billion in volume and is now available on Base and Arbitrum.
Protocol Horizon— a decentralized derivatives trading and liquidity protocol with the goal of using synthetic assets to open up access to the real economy.
Get Started
The Pyth Network is intended to provide high-frequency, high-fidelity financial data to smart contracts in real time.
Start by looking over the developer resources. You may get in touch on the Pyth Discord if you have any questions.
