back24 Mar 20233 min read
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Pyth Launches Price Oracles on zkSync Era

We’re excited to announce that Pyth Price Feeds are now available on the newly launched Ethereum zkEVM: zkSync Era! This deployment on zkSync Era was made possible thanks to the amazing contributors at Matter Labs.

We look forward to supporting the zkSync Era community and helping grow the broader DeFi ecosystem by unlocking once inaccessible financial data for builders. Builders on zkSync can now access Pyth’s 200+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrencies! We’re kicking off our launch with Derivio, OT, and Nexon Finance, all of who will soon be or are already #PoweredByPyth.

“Data availability is key to increasing much-needed transparency on chain, and this collaboration with Pyth will enable us to bring the scalability, security, and low fees of zkSync Era to more developers and users worldwide,” said Marco Cora, Head of Business Development at Matter Labs.

“Zero-knowledge based chains are among the most exciting and innovating recent solutions to hit the market, which is one of the reasons why making Pyth data available there is important,” said Mike Cahill, a Director of the Pyth Data Association. “We’re excited to continue making Pyth data available everywhere, and specifically the zkSync ecosystem as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth.”


Pyth on zkSync Era

The Pyth Network introduces an innovative On-Demand Price Update model, where users are empowered to “pull” available prices on-chain when needed and enable everyone in that blockchain environment to utilize that updated price.

Pyth data on zkSync Era is already powering Derivio, an institutional-grade structured derivatives ecosystem where users can trade any types of digital assets; OT protocol, a new DeFi protocol featuring single token liquidity pools (instead of pool pairs); and , Nexon Finance, a decentralized lending protocol where users can either participate in pooled or peer-to-peer lending.

By integrating with Pyth’s low-latency price feeds, DEXs can offer lower fees to users, as they are less likely to receive toxic trading flow from using a stalled oracle. Thanks to Pyth’s permissionless nature, DEXs can also support more crypto assets and cover new asset classes. Similarly, borrow-lending protocols can benefit from Pyth data to increase the loan-to-value of the collateral accepted or leverage Pyth’s confidence intervals to value assets more conservatively.


zkSync Era

zkSync Era is a ZK rollup, a trustless protocol that uses cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum. In zkSync, computation is performed off-chain and most data is stored off-chain as well. Since all transactions are proven on the Ethereum mainchain, users enjoy the same security level as in Ethereum.

zkSync Era is made to look and feel like Ethereum, but with lower fees. Just like on Ethereum, smart contracts are written in Solidity/Vyper and can be called using the same clients as the other EVM-compatible chains.

In the past four months, zkSync testnet has seen approximately 9 million transactions, 30,000 contracts deployed, 497,000 active addresses and over 650,000 blocks produced.

For more information, please visit the zkSync website.

Pyth

The Pyth Network is a first-party financial oracle network designed to provide continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment.

The network incentivizes market participants — exchanges, market makers, and financial services providers — to share directly on-chain the price data collected as part of their existing operations. The network continuously aggregates this first-party price data and makes it available to either on- or off-chain applications through a price service API. Users of Pyth Data can then permissionlessly update the prices on-chain whenever needed.

In less than a year, the network secured more than $2.0B in total value. Pyth has supported more than $40B in total trading volume, with over 800K client downloads from passionate developers looking to use Pyth data.

Pyth currently supports 200+ price feeds across crypto, equities, FX, and commodities, with multiple price updates per second. Upcoming feeds include additional ERC tokens.

More details are available on our website, whitepaper, docs, and wiki.


What’s Next?

We look forward to building the future of finance together! Check out the resources below to get started. If you have any questions, please reach out.

Now that Pyth has officially joined the zkSync Era community, you will soon see many more ERC tokens supported on the network as well as zkSync Era applications leveraging Pyth data. You can find our price feeds on our website and discover which price feeds are in the pipeline. If you would like to request a new price feed, please let us know in our Discord.

Resources


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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