2021-9-21 21:22 |
Solana-based oracle solution provider Pyth Network which boasts of high profile names in its client list suffered a big hit on Monday.
While the prices dropped across the cryptocurrency market with Bitcoin going as low as $42,425 things got wild on the Solana (SOL) ecosystem.
This highly-publicized network aims to deliver HiFi data feeds that are guarded by “some of the largest organizations in the world” to Dapps to accelerate the growth of decentralized finance. It counts the likes of Jump Trading, Virtu Financial, GTS, Genesis Trading, Chicago Trading Company, Amber Group, and others in its partners’ list.
Today, data analytics platform Bonfida first reported this anomaly as it tweeted that around UTC 13:22, the PythNetwork oracle's BTC/USD price feed suffered a flash crash causing a series of liquidation events on the Audaces protocol BTC-PERP market.
“Unfortunately working as intended,” it added.
Pyth Network, an oracle for real-time on-chain market data acknowledged this on Twitter saying that it was between 12:21 and 12:23 UTC that the Pyth BTCUSD aggregate price went below $40,000 to the lowest reported price of $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot.
The team is currently actively looking at the issue and said that it will come back later with corrective actions to prevent such issues.
“We are sincerely sorry for any potential damage incurred for Pyth users,” it said. Those affected by mispricing are asked to reach out to Pyth Network on Twitter or Discord.
“Engineers are continuing to investigate the cause and a full report is in the works.”
ChainLinkGod, the community ambassador of popular oracle solution Chainlink (LINK) then took his opportunity to point out how there was a percentage deviation of ~156% in the Pyth reported price and the market price of BTCUSD.
“This is what happens when your price oracle solution does not provide full market coverage.”
“Data quality is an underappreciated but extremely important aspect of on-chain price feeds.”
Bitcoin/USD BTCUSD 41,063.7215 -$5,137.07 -12.51% Volume 43.53 b Change -$5,137.07 Open$41,063.7215 Circulating 18.82 m Market Cap 772.89 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin Price Flash Crashes to ,400 on Solana-based Oracle Pyth Network Causing Liquidations first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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