DeFi
Pyth Network integrates price oracles with IOTA EVM
Pyth Network, a leading low-latency oracle provider, has officially launched its Oracle services on the IOTA EVM, according to the IOTA Foundation blog. This deployment aims to significantly improve data accuracy and security within the IOTA ecosystem, strengthening the infrastructure necessary for a thriving decentralized finance (DeFi) landscape.
Ensuring data availability and accuracy
Pyth Network’s solution provides price feeds for over 500 different assets, giving decentralized applications (dApps) quick, easy and secure access to crucial data. Oracles are essential for obtaining reliable real-world data from outside sources and putting it on-chain, making it usable in smart contracts.
Improving DeFi Infrastructure
This integration is particularly beneficial for decentralized exchanges (DEX), lending protocols, and derivatives platforms. More than 300 applications and 50 blockchains already rely on Pyth Network services, which update prices multiple times per second to ensure uninterrupted data availability.
With the addition of Pyth Network’s Oracle Services, the IOTA ecosystem benefits from a robust infrastructure that improves 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 efforts to start a successful ecosystem within the IOTA EVM. This opens the door for many developers to leverage the powerful properties of IOTA EVM 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 them for over 500 assets, positioning itself as a leading solution for projects and innovators.
For more details, visit IOTA Foundation Blog.
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