Pyths Oracle Integration Launches on Solana
The Pyth Network has introduced its Pull Oracle on the Solana (SOL) blockchain, as reported to Finbold on June 17. This development represents a significant milestone for developers utilizing the Solana mainnet-beta, as they now have access to Pyth’s oracle prices by requesting updates from the Pythnet appchain.
While the Pyth push oracle will continue to operate on Solana until June 30, 2024, the introduction of the pull oracle is expected to improve reliability during congested periods and increase the number of available price feeds.
Initially, the Pyth Network on Solana utilized a push oracle design, where price inputs were received from data providers through Solana transactions, aggregated on-chain, and then updated in the Solana environment every 400ms. Although the Pyth push oracle became the most popular decentralized finance (DeFi) oracle on Solana, it faced limitations during times of high volatility and congestion.
To address these challenges, the Pyth Network contributors developed a new price oracle utilizing a pull oracle design called Pythnet Price Feeds. This new design ensures that on-chain prices are only updated when specifically requested, unlike the constant updates in a push oracle system.
The pull oracle design allows users to include price updates in their transactions, ensuring timely updates during critical periods. Additionally, the update frequency on Pythnet is higher than on Solana mainnet-beta during congestion.
The introduction of the pull oracle also opens the door for oracle support in new Solana Virtual Machine environments. Pyth Network’s scalability enables data to be sent cross-chain to new SVM instances, whether they are private or permissioned.
The Solana DeFi ecosystem is already transitioning to the Pyth pull oracle, with 200,000 pull updates being processed daily. Leading platforms such as Kamino, Jupiter, Zeta Markets, Drift, Solend, Flash Trade, GooseFX, RainFi, PsyOptions, Mango Markets, Clone Protocol, Lifinity, and Bonfida are benefiting from the improved performance, reliability, and security provided by the new Pyth pull oracle, enhancing their operations on Solana.
