Pyth Price Feeds are now operational on IOTAs EVM platform
Pyth Network, a cutting-edge market data platform, has just unveiled the launch of Pyth Price Feeds on IOTA (MIOTA), according to the latest updates provided to Finbold on June 12.
This launch represents a significant milestone in Pyth Network’s objective to bring real-world asset (RWA) and cryptocurrency price data onto the blockchain.
Real-time information for developers
As a fully Ethereum Virtual Machine (EVM)-compatible Layer-2 solution for the IOTA network, IOTA EVM offers a scalable, fee-less, and permissionless distributed ledger for secure financial transactions.
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The recent integration now allows smart contract developers on IOTA to access more than 500 real-time price feeds for stocks, cryptocurrencies, commodities, exchange-traded funds (ETFs), and Forex. Pyth collects this price data from both institutional and decentralized market participants.
Susanne Krone, Head of Ecosystem at IOTA Foundation, highlighted the significance of this integration, stating:
“The incorporation of Pyth’s oracle services signifies a major advancement for the IOTA ecosystem. We are thrilled to introduce a source of precise, real-time data, opening up a plethora of new opportunities for developers utilizing IOTA EVM. This integration improves data reliability and security, providing our developers with the essential tools to innovate and build the digital economy of the future.”
IOTA’s innovative approach to data exchange
IOTA’s distributed ledger technology enables secure on-chain value and data exchange without any fees. Leveraging these capabilities, IOTA EVM aims to offer tamper-proof data, fee-less transactions, and low resource requirements, promoting new business models centered around tokenization and RWAs.
The implementation of Pyth Price Feeds is crucial in achieving these objectives, offering trustworthy price data for real-world and traditional assets to ensure their secure exchange and value transfer.
Several decentralized finance (DeFi) applications on IOTA EVM are already utilizing Pyth Price Feeds, including Deepr Finance, a DeFi platform initially developed on Shimmer EVM and now accessible on IOTA EVM, and Virtue Money, a protocol enabling users to mint an over-collateralized stablecoin on IOTA EVM with 0% interest rates.
