Pyth Network Integrates Price Oracles with IOTA EVM - Blockchain.News

Pyth Network Integrates Price Oracles with IOTA EVM

Lawrence Jengar Jun 13, 2024 05:00

Pyth Network deploys its oracle services on IOTA EVM, enhancing data accuracy and security for DeFi applications.

Pyth Network Integrates Price Oracles with IOTA EVM

Pyth Network, a prominent provider of low-latency price oracles, has officially launched its oracle services on the IOTA EVM, according to the IOTA Foundation Blog. This deployment aims to significantly enhance data accuracy and security within the IOTA ecosystem, thereby bolstering the infrastructure necessary for a thriving decentralized finance (DeFi) landscape.

Securing Data Availability and Accuracy

Pyth Network's solution delivers price feeds for over 500 different assets, offering decentralized applications (dApps) quick, easy, and secure access to crucial data. Oracles are essential for obtaining trusted real-world data from outside sources and bringing it on-chain, making it usable in smart contracts.

Enhancing DeFi Infrastructure

This integration is particularly beneficial for decentralized exchanges (DEXs), lending protocols, and derivatives platforms. More than 300 applications and 50 blockchains already rely on Pyth Network's services, which push price updates multiple times per second to ensure uninterrupted data availability.

With the addition of Pyth Network's oracle services, the IOTA ecosystem gains a robust infrastructure that enhances data accuracy and security. This is crucial for the development of innovative financial products and services, ranging from sophisticated trading algorithms to comprehensive lending platforms.

Milestone for IOTA EVM

The integration marks a significant milestone in the effort to bootstrap a successful ecosystem within the IOTA EVM. It opens the door for many developers to leverage IOTA EVM's powerful properties to build the digital economy of the future. Accurate, reliable, and secure data feeds are a necessity for every DeFi protocol, and Pyth Network provides these for over 500 assets, positioning itself as a state-of-the-art solution for projects and innovators.

For more details, visit the IOTA Foundation Blog.

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