According to ChainCatcher, Nasdaq has selected Pyth Network as its market data distribution channel, integrating its core product Nasdaq TotalView depth-of-book and order imbalance data into the on-chain and institutional-grade data network. Nasdaq will act as a data publisher on the Pyth Data Marketplace, allowing its market data to be distributed through a single interface to on-chain protocols, institutional systems, and various software-based financial applications.
Pyth Network's First Native Data from a Major Exchange
This marks the first time Pyth carries native market data from a mainstream exchange. Nasdaq TotalView is a standard depth-of-book product covering full order book information, showing bid-ask depth at each price level and market participant behavior, along with order imbalance data during opening and closing auctions. This partnership means on-chain protocols can directly access high-frequency, precise Nasdaq market data without relying on third-party aggregators.
Impact on On-Chain Data Ecosystem
This integration will significantly improve the credibility and timeliness of on-chain data. Pyth Network, as a decentralized oracle network with over 90 data publishers, gains a major traditional finance player like Nasdaq, signaling a trend of institutional-grade data sources opening up to the blockchain ecosystem. Going forward, on-chain DeFi protocols, derivatives platforms, and algorithmic trading bots can directly use TotalView data for pricing, settlement, and risk management, reducing dependence on centralized data sources. The move also aligns with Nasdaq's strategy to expand its data services beyond traditional Wall Street into the digital asset space.