TechFlow news, April 11 — decentralized oracle solution Pyth Network has launched multiple real-time foreign exchange prices on-chain, specifically including:
FX.USD/CLP — Offshore spot rate for Chilean Peso
FX.USD/COP — Offshore spot rate for Colombian Peso
FX.USD/IDR — Offshore spot rate for Indonesian Rupiah
FX.USD/INR — Offshore spot rate for Indian Rupee
FX.USD/KRW — Offshore spot rate for South Korean Won
FX.USD/PEN — Offshore spot rate for Peruvian Sol
FX.USD/PHP — Offshore spot rate for Philippine Peso
FX.USD/TWD — Offshore spot rate for Taiwan Dollar
For a long time, foreign exchange data from emerging markets has been monopolized by banks and financial institutions, making it costly and difficult to access. By making this data public, real-time, and universally accessible, Pyth Network will greatly accelerate DeFi innovation. DeFi protocols can now build forex derivatives based on this data, stablecoin applications can offer fairer and more dynamic exchange rate conversions, and enterprises can hedge currency risks without relying on banks. This advancement further bridges DeFi and TradFi, on-chain and off-chain systems, paving the way for a borderless global financial market.
