The Pyth Network is dedicated to offering global smart contract developers access to financial data on a global scale. In line with this objective, the Oracle Network has unveiled the GMCI 30 Index Price Feed, granting over 60 blockchain ecosystems access to the GMCI crypto market price index, also known as the “GM 30.”
The GMCI 30 feed, along with all other 540+ price feeds on Pyth, allows for seamless and permissionless integration. DeFi applications can now operate based on the real-time price provided by GM 30. This article explores the design of GM 30, as Pyth extends the reach of the index to encompass multiple blockchains.
What is the GMCI 30 Index?
Index provider GMCI specializes in creating unique indices for the digital assets sector. Clear procedures for cryptocurrency market indices are crucial to onboard investors, financial institutions, and market analysts into the Web3 capital markets. Additionally, indices bring standardization to emerging markets, paving the way for more sophisticated digital asset solutions.
Introduced this year by GMCI, the GMCI 30 Index, or GM 30, tracks the performance of the 30 largest digital assets based on market capitalization. Including both long-standing market leaders and significant catalysts like Bitcoin and Ethereum, this index offers a global perspective on cryptocurrency markets. By utilizing an index like GM 30, market participants can more easily monitor the performance of top cryptocurrencies and evaluate the sector’s stability, sentiment, and growth patterns.
Maarten Botman, CEO of GMCI, commented:
GMCI 30 on Pyth Price Feeds
Developers can now access a real-time price feed for the GMCI 30 effortlessly and permissionlessly through Pyth Price Feeds, enabled by Pyth Network’s first-party data provider network. While GMCI 30 is the first digital assets index feed on the Pyth Network, Price Feeds also offers significant indices for traditional markets, such as DJIA (Dow Jones Industrial Average), SPY (SPDR S&P 500 ETF Trust), and QQQ (Invesco QQQ ETF).
Ben Yorke, Ecosystem VP at WOO, stated:
Who’s Using Pyth’s GMCI 30 Feed?
Smart contract developers in the EVM, Move, Cosmos, and Bitcoin ecosystems now have access to a reliable, high-frequency price source for the GMCI 30 across over 60 blockchains. DeFi protocols, which support multiple chains and offer users unique exposure, have already started integrating with the Pyth GMCI 30 feed.
Some of the platforms utilizing Pyth’s GMCI 30 feed include:
Bluefin – a Sui-based decentralized orderbook exchange that has facilitated $25 billion in trading activity since its launch in 2023.
D8X Exchange – a perpetual futures DEX available on Arbitrum, Polygon zkEVM, and X Layer, offering institutional-grade services.
Pingu Exchange – a perpetual, decentralized, community-driven protocol on Arbitrum that has facilitated over $2 billion in volumes since its launch in February.
Vela Exchange – a decentralized exchange with scalable infrastructure, community-focused incentives, and advanced perpetuals trading features, enabling $10 billion in volume and now accessible on Base and Arbitrum.
Protocol Horizon – a decentralized derivatives trading and liquidity protocol aiming to provide access to the real economy using synthetic assets.
Get Started
The Pyth Network aims to provide high-frequency, high-fidelity financial data to smart contracts in real-time. Begin by exploring the developer resources and reach out on the Pyth Discord if you have any inquiries.
