Pyth Network API Overhaul Leaves DeFi Protocols Hanging

Pyth Network recently completed an API overhaul that has left some DeFi protocols in limbo. The migration, which was supposed to happen on August 26 at 16:00 UTC, added a new requirement for developers who call Pyth's Hermes price-delivery service directly: they need an API key.

According to the Pyth migration guide, developers who use a protocol that already integrates the oracle don't need to take direct action. However, those who call the Hermes service directly or integrate with Sui will need to update their authentication or configuration.

The updated API has been live since August 26, and while there have been no confirmed outages or losses of funds, some protocols may be at risk of freezing if they are not patched. Pyth's upgraded Hermes endpoint serves payloads intended for the upgraded Pyth Core contract, and changing the endpoint without updating the contract generation can leave an application unable to verify price updates.

Pyth's Sui-specific guide required developers to update both the client used to fetch price data and the on-chain Move package dependency. There are currently 300 DeFi protocols that use Pyth, with a total value of around $2.7 billion secured through its oracle services.