SAN FRANCISCO–(BUSINESS WIRE)–Paloma, a decentralized blockchain and communication protocol, today announced its partnership with oracle solution, Pyth Network, and algorithmic trading solution, AlgoReturns, to launch the first decentralized cross-chain blockchain trading systems. 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 shows that nearly 47 million Americans plan to buy cryptocurrency in the next year. However, the survey also revealed distinct barriers preventing greater adoption of digital currency. Unsurprisingly, 79% of Americans’ primary fear when dealing with cryptocurrency is fraud and nefarious activity, with another 17% of respondents choosing not to invest because they don’t know what to do with their assets. These findings indicate the growing need for improved and simplified tools, as well as higher education, to improve the viability of cryptocurrency.
Paloma anticipates its partnership with Pyth Network and AlgoReturns as a critical step in removing the monotony of crypto trading for traders and developers, ultimately laying the foundation for the next phase of decentralized oracles, messaging and bridging technologies.
“Paloma’s implementation of the Pyth price feed library, as well as AlgoReturn’s 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. on the Paloma protocol. “Without the need to switch data stream providers or worry about continuity of execution, 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 permission-free, high-quality 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 Pyth prices is a huge boon for traders.”
By leveraging the inputs from the Pyth network, Paloma enables a new era of cross-blockchain application development. Digital asset developers now have the ability to build automated 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, enabling simultaneous, automated system trading across multiple blockchains.
AlgoReturns (Algo), a company that builds trading strategies on Paloma’s protocol, will leverage the Pyth price streams on Paloma to deliver trading strategies across hundreds of different DeFi blockchains.
“We are very excited to offer powerful trading strategies on Web3 platforms with industry-leading partners. We feel that the combination of our research and products together with Paloma and Pyth will provide a systematic path for traders and investors to take advantage of the unprecedented opportunities in DeFi- the markets,” commented Indrajit Chatterji, co-founder of AlgoReturns.
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About Paloma
The Paloma protocol is a Cosmos-SDK blockchain protocol purpose-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 transfer of value without having to wrap, bridge tokens, or trust validators with their digital assets. Led by the founders of Sommelier, Paloma builds the primary communication layer of Web3.
