SAN FRANCISCO--(BUSINESS WIRE)--Paloma, a decentralized blockchain and communications protocol, today announced its partnership with oracle solution, Pyth Network, and algorithmic trading solution, AlgoReturns, to launch the first, decentralized, cross-chain systems trading blockchain. The partnership delivers trading signals across public blockchains and allows users to trade the same token across different blockchains simultaneously, streamlining the entire trading process.
As digital assets continue to rise, a recent survey finds that nearly 47 million Americans plan to buy cryptocurrency within the next year. However, the survey also revealed distinct barriers preventing greater adoption of digital currency. Unsurprisingly, 79% of Americans' primary fears when dealing with cryptocurrency are scams and nefarious activity, with an additional 17% of respondents choosing not to invest as a result of not knowing what to do with their assets. These findings indicate the growing need for improved and simplified tooling, as well as greater education, to improve the viability of cryptocurrency.
Paloma anticipates its partnership with Pyth Network and AlgoReturns as a critical step in removing crypto trading monotony for traders and developers, ultimately laying the groundwork for the next phase of decentralized oracles, messaging, and bridge technologies.
“Paloma’s implementation of the Pyth price feed library, as well as AlgoReturns’ trading signals, means that developers can now unleash new blockchain applications that can execute trades across different blockchain states,” said Taariq Lewis, Founder of Volume, a software development company building on the Paloma protocol. “Without the need to switch data feed providers or worry about execution continuity, developers can build more efficiently and securely while users trade with convenience.”
"We're always excited to see pioneers in the space leverage Pyth's permissionless and high fidelity data for new, exciting use cases," said Mike Cahill, Director of the Pyth Data Association. "Pyth data is always ready to help builders unlock new potential, and Paloma's implementation of the Pyth prices is a great boon for traders."
Leveraging the feeds from the Pyth network, Paloma enables a new era of cross-blockchain application development. Digital asset developers now have the ability to build automated asset trading systems that execute complex trading strategies across multiple blockchains with ease. Paloma’s partnership with Pyth and AlgoReturns delivers a decentralized data feed of prices, and trading signals, that allows for simultaneous, automated systems trading across multiple blockchains.
AlgoReturns (Algo), a company building trading strategies on Paloma’s Protocol, will leverage the Pyth price feeds on Paloma to deliver trading strategies across hundreds of various DeFi blockchains.
“We are very excited to offer powerful trading strategies on Web3 platforms with industry-leading partners. We feel the combination of our research and products together with Paloma and Pyth will provide a systematic avenue for traders and investors to exploit the unprecedented opportunities in the DeFi markets,” commented Indrajit Chatterji, Co-Founder of AlgoReturns.
To learn more about Paloma, please visit https://palomachain.com.
To follow the project on Github, please give a star to the project at https://github.com/palomachain/paloma.
To participate in the community, please join the Paloma Discord: https://discord.gg/HtUvgxvh5N
About Paloma
Paloma Protocol is a Cosmos-SDK blockchain protocol custom-built for omnichain communication that allows permissionless control of any contract on any chain. Built by Volume, Paloma delivers the world’s first intelligently scheduled and automated smart contract transaction execution for the Cosmos ecosystem. The protocol enables developers to remotely control the transmission of value without the need to wrap, bridge tokens, or trust validators with their digital assets. Led by founding members of Sommelier, Paloma is building the primary communication layer of Web3.
