Pyth Retrospective Airdrop — Fueling Horizon Futures’s Growth
Horizon Protocol is a recipient of the Pyth Retrospective Airdrop, further solidifying the partnership between Pyth and Horizon Protocol. As the mainnet launch of Horizon Futures approaches, we anticipate the integration of Pyth Oracle to enhance the user experience for traders. This article offers insights into our collaborative efforts with Pyth and articulates our strategic plans for leveraging the airdrop to facilitate the growth of Horizon Futures.
Leveraging Pyth Oracle at Horizon Futures — Low Fees, Accuracy, Reliability
Horizon Futures, a perpetual futures DEX, uses Pyth oracle’s pull model, where a price gets updated in a high-frequency on-chain upon execution of the trade on the blockchain, which then provides the trade with the most recent price, significantly reducing the amount of latency in the price. This means that traders transact at a more exact market clearing price and removes the possibility of oracle latency arbitrage and allows for lower fees due to the prices being more accurate.
Pull models are great at the time of transactions, but because the only time a new data point is recorded onto the blockchain is during a transaction, it does not produce a reliable and consistent price feed unless it is updated manually on-chain at regular intervals, which can be a costly endeavor. Pyth ensures data reliability by streaming prices alongside confidence intervals, where uncertainties vary based on market structure, with confidence representations such as bid/ask spreads for specific markets or a function reflecting expectations across multiple venues. This robust approach enhances the accuracy and dependability of the provided market data.
How the PYTH airdrop is going to be utilized:
The airdrop will be utilized to kickstart growth for the Horizon Futures mainnet launch, focusing on four main strategies:
- Promoting the launch of the Horizon Futures Exchange.
- Creating community incentives for trading and user acquisition.
- Help subsidize trading fees related to automated trade execution (Keeper fees) and Pyth price update fees.
- Enhance the security for Horizon Futures’ new features development.
To conclude, our collaboration with Pyth Network stands as a pivotal advancement for Horizon Protocol and the entire user community. Horizon Futures is currently available for testing on the BNB Chain Testnet. Development of crucial features such as stop-loss and limit orders are currently underway. As we seamlessly weave Pyth’s cutting-edge data into the fabric of Horizon Protocol, we extend a warm invitation for you to join us on this exciting expedition into the launch of Horizon Futures.
Horizon Protocol is a decentralized derivatives trading and liquidity protocol on a mission to unlock access to the real-world economy through synthetic assets. Offering Defi participants low fees, deep liquidity, zero slippage, and borderless synthetic assets, Horizon Protocol sets itself apart by aspiring to be a seamless UX-Driven Derivatives Powerhouse.
