Oracle service Pyth Network announced the deployment of its pull oracle on the Solana network. This update allows developers on Solana mainnet-beta to access Pyth’s oracle prices by requesting or pulling price updates from the Pythnet appchain into the Solana environment.
With this deployment, the use of the Pyth oracle on Solana is now aligned with how applications utilize it on other blockchains.
In the pull oracle design, the oracle updates the on-chain price upon request. The Pythnet appchain, which operates as a Solana Virtual Machine instance, aggregates prices from Pyth data providers in every slot. Users on Solana can then request or pull any of these high-frequency updates into the Solana environment.
The launch offers several benefits to users, including increased reliability, higher frequencies, more data feeds, access to historical data, and enhanced security.
Austin Federa, head of strategy at the Solana Foundation, emphasized the importance of oracles in decentralized finance (DeFi), noting that Pyth’s high-frequency oracle network has been driving innovation since 2021. He highlighted that the introduction of the pull oracle on Solana offers developers increased control and flexibility in utilizing oracle data. This development also sets the stage for expansion into the growing world of new Solana Virtual Machine (SVM) networks.
Some of the projects from the Solana DeFi ecosystem have already begun migrating to the Pyth pull oracle. Currently, it processes 200,000 pull updates daily. Among the notable users transitioning to the pull oracle are Kamino, Jupiter, Zeta Markets, Drift Protocol, Solend, Flash Trade, Mango Markets, Rain.fi, Clone, and Lifinity, among others.
Solana DeFi deserves a pull oracle.
That’s why the Pyth pull oracle has been deployed today on @solana to bring the following benefits to users:
Increased reliability
Higher frequencies
More feeds
Historical data
Increased security
Learn more about this launch… pic.twitter.com/pAyb63fjun
— Pyth Network 
(@PythNetwork) June 17, 2024
Pyth Network Surpasses $100B In Traded Volume Secured, Achieves Over 3M Daily Updates
Pyth Network functions as an Oracle protocol that connects market data providers with applications on various blockchains. The platform gathers market data from more than 100 first-party publishers, encompassing major exchanges and market-making firms worldwide. Trusted by more than 350 protocols across over 55 blockchains, it ensures the security and reliability of these applications.
As of May, Pyth’s Traded Volume Secured—a metric that tracks the volume generated by protocols powered by Pyth—surpassed the $100 billion mark. Additionally, Pyth recorded over 3 million daily average updates, a measure used to model on-chain protocol revenue for Pyth Price Feeds. This activity is driven by platforms such as Sui and Aptos.
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