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DeFi and TradFi firms are borrowing each other’s benefits

The Waters Wrap: As blockchain tech gains a small foothold in market data, Nyela says the thing separating blockchain’s previous craze and its second wind is choice.

William Sidney Mount
Credit: William Sidney Mount

The Pyth Network first pinged my radar in 2022. It had been spun out of prop-trading firm and crypto market-maker Jump Trading in 2021 as a peer-to-peer network and decentralized oracle. In layman’s terms, it’s a device or entity that connects a blockchain with off-chain data.

At the time, a story about a crypto oracle serving the crypto industry wouldn’t have been of much interest to us. Crypto exchange FTX had just collapsed, and it looked like the asset class had been dealt a major blow.

But

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