Nasdaq Selects Pyth Network to Distribute TotalView Market Data On-Chain

Nasdaq, Inc. said it will use Pyth Network to distribute its TotalView market depth data on-chain, marking the first time Nasdaq integrates its core institutional-grade market data into a blockchain network. According to ChainCatcher, Nasdaq’s TotalView provides full-depth U.S. equities quotes and trade data and has historically been available only to traditional financial institutions via paid subscriptions. The on-chain distribution could allow DeFi protocols, decentralized exchanges, and smart contracts to access Nasdaq-level real-time equities data for on-chain pricing. Separately, the U.S. prediction market and event-contract ecosystem tied to Robinhood Markets, Inc. faced two regulatory setbacks. The U.S. Commodity Futures Trading Commission has launched a comprehensive investigation into Polymarket, covering its social media activity and alleged wash trading. In addition, a Michigan court ruled to prohibit Kalshi from offering sports betting services to Michigan residents. While the actions directly target Polymarket and Kalshi, the developments may affect Robinhood’s event-contract business. Robinhood offers event-contract products through Robinhood Derivatives LLC linked with KalshiEx LLC or ForecastEx LLC, and is described as the largest distribution channel among regulated U.S. brokerages for prediction markets. ChainCatcher reported that heightened enforcement against similar platforms could influence Robinhood’s compliance structure and the pace of product expansion, after the segment’s average daily trading volume hit a record in June. ChainCatcher also reported that the PYTH token rose more than 6% following Nasdaq’s announcement.