Cross-chain oracle Pyth Network goes live on Solana

Cross chain oracle Pyth Network goes live on Solana
Cross chain oracle Pyth Network goes live on Solana

Cross-chain oracle Pyth Network goes live on Solana – Decentralized, cross-chain oracle Pyth Network is going live on leading blockchain Solana. The platform shared on their Twitter:

The data oracle was until now getting tested on the Solana devnet. Now, the Pyth Network developers will launch it on the mainnet, allowing users to integrate Pyth Network’s “real-time” market data into decentralized finance (DeFi) applications.

Originally incubated by Jump Trading, Pyth Network has since then received contributions from other high-profile trading firms as well. These include the likes of GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading, and KGI Securities, a wholly-owned subsidiary of China Development Financial Holding Corporation.

Pyth Network will offer market data from trading firms and exchanges to any smart contract through the Solana blockchain, once implementation is complete. Since Pyth Network is, in essence, fully decentralized, it doesn’t rely on any single data source. This is very beneficial to its users as single data sources can easily be manipulated. It supports real-time data at “sub-second intervals” of various financial markets, such as crypto, US equities, forex, and commodities.

At this moment, it only supports Solana-based projects. However, it plans to integrate with the Wormhole interoperability protocol “in coming weeks”. This will enable it to support three other blockchains — EthereumBinance Smart Chain (BSC), and Terra.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Sam Gabriel 1699 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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