The Pyth Network, known for its pull oracle financial design, allows users to pull price data updates on demand to better optimize the blockchain environment. Traditional oracles operate on a push mechanism, providing data at set intervals, but with Pyth, "users have the ability to 'pull' price updates on-chain when needed, allowing everyone in that blockchain environment to access that data point."
STACKS, acting as an important layer of Bitcoin, allow connecting decentralized applications and smart contracts to Bitcoin. Using Bitcoin as a transactional asset, it allows customers to use BTC to complete transactions.
Developed by Bitcoin-level developer Hiro, this integration ensures Stacks developers have seamless access to over 300 price channels spanning stocks, commodities, currency pairs, ETFs, digital assets and more.
Central to this collaboration is enhanced access to data for developers. Through the integration, developers working on the Stacks platform can access Pyth Network pricing data in real-time, pulling information from a wide range of over 300 pricing channels:
"This early access launch is designed to allow developers to test, explore and begin integrating their decentralized applications with real-time pricing data."
Leading platforms in the industry, including ALEX, Arkadiko, Hermetica and Zest, are already benefiting from the integration by leveraging Pyth's oracle capabilities to expand their financial services. The real-time infusion of reliable data will increase functionality, security and user trust in these platforms.
As #Stacks continues to occupy its niche as a provider of smart contracts and decentralized applications on Bitcoin, the integration with the Pyth Network expands its ecosystem, giving developers the tools to build more complex and sophisticated applications.
Announcing the new collaboration, Mark Thilement, director of the Pyth Data Association, said they are committed to providing developers with important tools. Hiro CEO Alex Miller also acknowledged the importance of this integration for the Bitcoin DeFi ecosystem:
"Bitcoin DeFi is booming and Hiro is proud to be a part of Pyth's integration into the Stacks ecosystem to help provide developers with the building blocks they need as a powerful oracle."
STACKS should be doing x3-x20 of what bitcoin is doing from now on 💳.
$STX is Bitcoin's layer for smart contracts
What are Stacks (#STX )?
STACKS is a Bitcoin layer for smart contracts; it allows smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.
Bitcoin is the largest, most valuable and most stable decentralized asset. The Stacks layer unlocks $500 billion in BTC capital by using Bitcoin L1 for settlement in decentralized applications.
Thanks to the Proof of Transfer consensus and the Clarity language, Stacks has information about the complete state of Bitcoin, allowing it to read data from Bitcoin at any time.
All transactions at the Stacks level are automatically hashed and settled on Bitcoin L1. Stacks blocks are protected by 100% Bitcoin hash memory. In order to change the order of blocks/transaction Stacks, an attacker would have to reset Bitcoin.
