back02 May 20234 min read
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A Milli | Newsletter #39

What’s New in the Ecosystem?

A Milli, A Milli

In December 2022, the Pyth network introduced an innovative low-latency pull oracle model—the result of long R&D since the beginning of that year. The pull model empowers users to “pull” available prices off-chain (from Pythnet) and make them available on-chain when needed, enabling everyone in that blockchain environment to utilize that price point.

By April 2023, the Pyth’s pull oracles received over 1 million on-chain, cross-chain price update request from over 100 #PoweredByPyth applications across 18 blockchains!

Price updates peaked on March 12 at 25,000 price update requests, a day marked by the USDC de-peg. The growing Pyth ecosystem is now pushing towards greater heights!

Looking back at the last five months of usage, it’s clear that Pyth’s new design improves on existing oracles in many dimensions, especially scalability.

On-demand price updates eliminate the transaction costs paid by the oracle and data providers, enabling the oracle to scale in ways that traditional push oracles cannot. Consequently, Pyth’s low-latency data feeds can support extremely high-frequency price updates for thousands of price feeds across a virtually unlimited number of blockchains.

Overcome Your Limitations

The most valuable Web3 and DeFi services need oracles — but developers face limitations with current solutions. Enter Pyth.

Pyth's low-latency pull oracles were built to offer developers and DeFi with high-frequency updates, extensive asset selection, and transparent, trustworthy data sourcing.

Gone are the days where you trade at a price from 10 minutes ago and not the current price. Pyth's prices update more than once a second, ensuring that dApps have the most recent data.

Gone are the days where DeFi protocols can support limited assets. Pyth offers builders across nearly 20 blockchains a catalog of over 200 price feeds. This makes Pyth the go-to oracle for applications that are aiming for a multi-chain deployment.

Gone are the days where DeFi protocols rely on unknown and obscure data API. Pyth’s first-party design means your data come directly from the source of financial market prices—the market participants themselves.

Don’t just take our word for it. Tune into Jayant as he explains how you can build better apps with Pyth.

Pyth Low-Latency Pull Oracles Launches on NeonEVM Devnet

Last week, the newest iteration of the Neon EVM (devnet), the first smart contract on Solana acting as the Ethereum Virtual Machine, has become #PoweredByPyth.

As a smart contract on Solana, Neon EVM benefits from Solana’s low gas fees (up to 0.000015 SOL per transaction) and high throughput (over 2K TPS). This makes Neon EVM the cheapest and most efficient way to run Ethereum dApps!

"We are joining forces with Pyth to empower builders across the Neon ecosystem with access to high-fidelity financial data. This collaboration creates a dynamic environment that supports accurate price discovery, improved risk assessment, and enhanced transparency," said Marina Guryeva, director of the Neon Foundation. "Our strategic partnership enables developers to innovate and build reliable DeFi applications, strengthening a robust and accessible decentralized financial infrastructure for all.”

We look forward to enabling the EVM DeFi community to enjoy the benefits of Solana’s technology.

Pyth Low-Latency Pull Oracles Launches on ShimmerEVM Testnet

Pyth’s low-latency pull oracles became available on the ShimmerEVM test chain in April. ShimmerEVM will be the first L2 chain to deploy on Shimmer, the L1 staging and validation network of the IOTA distributed ledger technology (DLT).

To help bootstrap the ecosystem, the Tangle Ecosystem Association (TEA) will deploy and automate its own price pusher for six asset pairs: SMR/USD, IOTA/USD, ETH/USD, BTC/USD, USDC/USD, USDT/USD.

The price data for these pairs will be pushed onto the EVM chain at regular intervals and according to certain volatility parameters. Once these prices are available on-chain, applications on ShimmerEVM can freely leverage them in their operations. TEA will make its price pushing service available for as long as network demand necessitates.

We look forward to supporting the Shimmer DeFi community and helping grow the broader ecosystem by unlocking once-inaccessible financial data for builders.

#PoweredByPyth Applications

Everyday, new applications become #PoweredByPyth and existing ones achieve new milestones!

Synthetics protocols have also experienced a resurgence lately, driven by Pyth’s extensive asset coverage across crypto and real-world assets! Just take a look at our new #PoweredByPyth partners:

  • Synthex, a trustless synthetic asset issuance and trading protocol built on Arbitrum
  • Forge, a new DeFi protocol enabling anyone to mint and trade real-world assets on Arbitrum

Last but not least, Pyth’s low-latency pull oracles have been the go-to oracle provider for the zkSync borrow-lending ecosystem:

  • Nexon, zkSync’s first money market platform, has launched on mainnet
  • Reactor Fusion, the number one lending market in value locked, is also #PoweredByPyth

It’s starting to look like Pyth is setting and becoming a new industry standard 👀

We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.

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