Pyth x Synonym: Retroactive Airdrop

Synonym Finance
2 min readFeb 7, 2024

Synonym solves current inefficiencies in DeFi money markets by creating truly cross-chain lending and borrowing markets at scale. These markets enable users to lend an asset on one chain and borrow on another — all without complicated bridges or mutl-wrapped assets. To accomplish this feat, we’re partnering with some of the most advanced infrastructure and tooling projects in DeFi.

Reliably priced assets across multiple chains and execution environments is a critical part of Synonym. As a result, we’ve partnered with Pyth Network to provide pricing data and oracle infrastructure for all assets listed on Synonym. Pyth’s vast network of oracles provides over 400 real-time price feeds for tokens, stocks, forex, commodities, and more across nearly 50 blockchains spanning all layers of the emerging modular stack (L1s through to L2s and appchains).

We’re thrilled to announce that we’ll be receiving PYTH tokens in accordance with the Pyth Network Retrospective Airdrop program. We’ll be using these tokens to secure even more growth opportunities for the Synonym community and make the most of the technologies that Pyth offers.

By integrating with Pyth, Synonym is benefitting from more than just real-time price feeds. Between Pyth’s robust security which leverages confidence intervals, low fees due to their Pull Oracle design, and simple integration, they provide a valuable suite of products that we’re excited to use.

Pyth’s unique offering is a key part of Synonym’s overall strategy. “Pyth gives us the tools we need to securely deploy our cross-chain lending market across the most important ecosystems in DeFi. The combination of high-performance feeds and flexible asset listing processes are a key part of our expansion efforts” — 0xbeachball, Synonym Finance.

We’re looking forward to the performance and security enhancements that are expected to arrive throughout 2024. Synonym is always building with the latest tools and infrastructure — we’ll certainly be some of the first to build with the next-generation of Pyth products.

The Synonym Mainnet is now live! We encourage you to experience Pyth’s smooth and safe pricing across Ethereum, Arbitrum and Optimism here.

You can find more information on Pyth via their website, price feeds, docs, Twitter, and Discord Community.

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