back18 Apr 20234 min read
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Pyth Launches Price Oracles on ShimmerEVM Testnet

We’re excited to announce that Pyth’s low-latency pull oracles are now available on the ShimmerEVM test chain. ShimmerEVM will be the first L2 chain to deploy on Shimmer, the L1 staging and validation network of the IOTA distributed ledger technology (DLT).

Developers on ShimmerEVM testnet can now access Pyth’s 200+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency. In addition, to help bootstrap the ecosystem, the Tangle Ecosystem Association (TEA) will set up and automate its own “price pushers” for six asset pairs—which applications can leverage for free!

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


Pyth on ShimmerEVM

The Pyth Network introduces an innovative low-latency pull oracle design, where users are empowered to “pull” price updates on-chain when needed, enabling everyone in that blockchain environment to access that data point. Builders on ShimmerEVM testnet can already permissionlessly access any of the Pyth’s 200+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency.

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.


IOTA

The IOTA Foundation is a global non-profit foundation that develops next-generation decentralized technologies for a new digital economy in a connected world. It redesigns the way people and devices connect to share information and value, removing middlemen. The Foundation collaborates with a global ecosystem and partners to research and develop technologies that deliver sustainable, real-world impact. Together, they are shaping a new digital economy, removing unnecessary friction and unlocking human potential.

At the heart of the Foundation's mission is the Tangle, its open, feeless and highly scalable distributed ledger. Designed to support frictionless value and data transfer, the Tangle is a DLT infrastructure for Web3 applications and digital economies. Unlike blockchain alternatives, the Tangle allows transactions to be added in parallel; it also boasts low resource requirements, as well as zero-fee and fast transactions with finality within seconds. The IOTA token is the native currency on the IOTA network. It is used to transfer value and data and enable feeless micro-payments.

ShimmerEVM

Shimmer is the official L1 staging and validation network of the IOTA distributed ledger technology (DLT). It is a rapid innovation playground with short development cycles, allowing developers to build applications and use features that are not yet available on the IOTA mainnet.

Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized, directed acyclic graph (DAG), guaranteeing higher scalability than conventional Blockchains, and it provides the core building blocks for a scalable, modular multi-chain architecture.

Shimmer ensures interoperability and composability of L2 smart contract chains and is capable of connecting any type or flavor of L2 smart contract chain anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for minting and transfer of native assets without middle men or crippling gas fees.

$SMR is the native token of the Shimmer network and serves as the network’s economic backbone, facilitating value transactions and interactions within the Shimmer ecosystem. Users of Shimmer use the $SMR token to launch new DeFi applications, DEXs, NFTs, DAOs and other dApps.

Pyth

The Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchains in a secure and transparent manner.

The network incentivizes some of the world’s biggest institutional market participants — exchanges, market makers, and financial services providers — to share their proprietary price data on-chain. Pyth continuously aggregates this first-party data on-chain for use by smart contract applications. Applications “pull” Pyth prices onto their native blockchain when needed thanks to Pyth’s on-demand (or “pull-based”) oracle design.

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

Pyth currently supports 200+ real-time price feeds across crypto, equities, FX, and commodities.

You can learn more about Pyth from their website and documentation.


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 Shimmer community, you will soon see many more tokens supported on the network as well as ShimmerEVM 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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