[Pyth price source is online on IOTA EVM]
Pyth Network is a real-time market data platform. It announced the launch of Pyth price data on IOTA (MIOTA) on June 12, 2024. This is an important step for Pyth Network in bringing real-world assets (RWA) and crypto-asset price data to the chain. .
IOTA EVM is a fully compatible Layer 2 solution for the Ethereum Virtual Machine (EVM) on the IOTA network, providing a scalable, fee-free and permissionless decentralized ledger for secure financial transactions.
With this integration, smart contract developers on IOTA now have access to over 500 real-time price data sources, including stocks, cryptocurrencies, commodities, exchange-traded funds (ETFs), and FX. Pyth Network obtains this price data from first-party institutions and decentralized market participants.
Susanne Krone, Head of Ecosystem at the IOTA Foundation, emphasized the importance of this integration, saying: “The integration of Pyth’s oracle service is an important step forward for the IOTA ecosystem. We are excited to introduce an accurate, real-time data source, which opens up countless new possibilities for builders leveraging the IOTA EVM. This integration increases the reliability and security of data, giving our developers the keys they need to innovate and build the digital economy of the future. tool."
IOTA’s decentralized ledger technology facilitates secure, fee-free on-chain exchange of value and data. Based on these characteristics, IOTA EVM aims to provide tamper-proof data, fee-free transactions and low resource requirements, promoting new business models focused on tokenization and RWA. The deployment of Pyth price data is critical to achieving these goals, providing reliable price data for real-world and traditional assets to safeguard their exchange and value transfer.
Several decentralized finance (DeFi) applications on the IOTA EVM are already leveraging Pyth price data, including Deepr Finance, a DeFi platform originally built on the Shimmer EVM and now available on the IOTA EVM; and Virtue Money, a platform that allows users A protocol to mint overcollateralized stablecoins on IOTA EVM at 0% interest.
