Drift is the #1 perpetuals DEX on Solana with $150M TVL and an average of $100m+ in daily volume from thousands of daily traders. Using Drift, Traders have the most CEX-like experience on Solana.
Drift uses Pyth as its main oracle provider, which enables traders to trade assets at accurate, real-time prices.
We are proud to announce that we are a recipient of PYTH tokens through the Pyth Network Retrospective Airdrop program! As one of the largest DEXes that have received the Pyth allocation, Drift plans to stake its allocated PYTH to participate in Pyth’s governance.
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Why Pyth?
Pyth is a protocol that allows market participants to publish pricing information on-chain for others to use. The protocol is an interaction between three parties:
- Publishers submit pricing information to Pyth's Oracle program. Pyth has multiple data publishers for every product to improve the accuracy and robustness of the system.
- Pyth's oracle program combines publishers' data to produce a single aggregate price and confidence interval.
- Consumers read the price information produced by the Oracle program.
Drift has used Pyth as a main oracle provider since Day 1. Pyth’s feeds have been indispensable in Drift’s commitment to providing the most liquid venue to trade derivatives.
This level of speed is incredibly relevant for our traders to trade using the most accurate prices. Pyth tackles this by pushing updates to its price feeds in every slot on Solana, every 400ms.
One way in which Pyth is unique among Oracle solutions is how it provides a confidence interval. Drift's on-chain calculation of a market's oracle TWAP is updated only on trades which incorporates the oracle's confidence interval and a few interpolations to provide the most accurate and resilient value.
Pyth also has a unique algorithm for aggregating prices from first-party data publishers that elegantly deals with edge case scenarios to ensure price robustness.
Price Feeds
Pyth’s high-frequency oracles enable trading with up-to-date prices for assets across multiple crypto ecosystems. Drift has built a robust trading infrastructure and liquidity mechanisms and draws from Pyth’s oracles to provide the best pricing in the market.
We are happy and excited to continue working with Pyth! 🔮
Links to official Pyth Network channels:
- Website: https://pyth.network
- Price Feeds: https://pyth.network/price-feeds
- Docs: https://docs.pyth.network
- Twitter: https://x.com/PythNetwork
- Discord: https://discord.com/invite/PythNetwork
