Releap now powered by Pyth Network data feeds
Releap – the music NFT marketplace and artist social community platform built on Solana and Arweave – has announced that from here on out, it will be powered by data provided to it by the Pyth Network oracle.
Everyone will be improved by leaps and bounds with Pyth data 🔮
We are very pleased to welcome @Releap_IO to the #PoweredbyPyth ecosystem
Releap is the first music NFT marketplace in Solana where artists can publish tracks as a set of NFTs to be discovered, enjoyed and traded. pic.twitter.com/FgyWoRC59m
— Pyth (we're hiring!,🔮) (@PythNetwork) November 5, 2022
Let’s dive in and have a closer look!
Releap and Pyth Network Data Feeds
In the traditional world of finance, sometimes a lot of crucial data on current and historical asset prices is guarded by gatekeepers and only available to a select few. It is for this reason that the Pyth Network was born. The Pyth Network aims to provide the most accurate and up-to-date financial data to Decentralised Finance (DeFi) applications, as well as traditional web2 companies, and also the general public. Pyth Network achieves this goal by incentivising trading firms, market makers, and exchanges to share all the latest data they collect as part of their operations.
The Pyth Network, which had until recently been providing data solely to the Solana network, recently announced that its Pyth data feeds were now available on the Ethereum and Optimism main nets as well.
Pyth Network currently provides price updates for US equities, foreign currency pairs, commodities, and cryptocurrencies. All the data collected for these assets is provided to Pyth Network by over 73 prominent trading firms and exchanges in the traditional finance and cryptocurrency spaces, including Jane Street and Susquehanna.
And on the 1st of November 2022, Pyth announced that Binance would also be contributing price data directly to Pyth via its official data service Binance Oracle.
Each asset’s data is published on-chain via the mechanism and incentive process that Pyth uses and is readily available for web2 applications, as well as web3 ones.
You can see an example of the Pyth Network price feed data for their supported cryptocurrencies here.
Currently, there is a long list of applications and companies – called “Consumers” – that use the data provided by the Pyth Network. You can see them all here.
Releap is the latest addition to this long list of consumers. With its ever-growing user base and expanding development, it is natural that Releap needs a fast and reliable Oracle for all the necessary data they require to operate. Pyth Network will be providing just that.
Learn more about the Pyth Network here.
What is Releap?
Releap is a Web3, social, music-streaming NFT platform built on Solana and Arweave that aims to be the go-to place for musicians of all statuses. It offers a platform that artists can utilise to connect with their fans, as well as monetise their music in a way that has been unfathomable in recent traditional music industry history. They aim to be the de facto Web3 music streaming and music NFT platform around.
To learn more about Releap, read our article on it here.
And in case you missed it, check out all the recent developments from Releap:
- Releap X Gigaspace Strategic Partnership
- Releap Launches Solana Music Exchange
- Releap Circles Launches
- Releap Community Contributor Program