Pyth Price Feeds officially launched on IOTA EVM
Pyth Network, a cutting-edge platform for real-time market data, has recently unveiled the introduction of Pyth Price Feeds on IOTA (MIOTA), according to the latest reports shared with Finbold on June 12.
This launch represents a significant milestone for Pyth Network’s objective of bringing real-world asset (RWA) and cryptocurrency price information onto the blockchain.
Providing real-time data for developers, IOTA EVM, a fully Ethereum Virtual Machine (EVM)-compatible Layer-2 solution for the IOTA network, offers a scalable, fee-less, and permissionless distributed ledger for secure financial transactions.
With this recent integration, developers working on smart contracts within the IOTA ecosystem now have access to a wide range of over 500 real-time price feeds covering equities, cryptocurrencies, commodities, exchange-traded funds (ETFs), and Forex. These price feeds are sourced by Pyth from both institutional and decentralized market participants.
Susanne Krone, the Head of Ecosystem at IOTA Foundation, highlighted the significance of this integration, stating:
“The integration of Pyth’s oracle services represents a major step forward for the IOTA ecosystem. We are thrilled to introduce a source of accurate, real-time data that opens up numerous possibilities for developers utilizing IOTA EVM. This integration enhances data reliability and security, providing our developers with essential tools to innovate and build the digital economy of the future.”
IOTA’s innovative approach to data exchange leverages its distributed ledger technology to enable secure on-chain value and data exchange without any fees. Building on these capabilities, IOTA EVM aims to offer tamper-proof data, fee-less transactions, and low resource requirements, fostering new business models centered around tokenization and RWAs.
The deployment of Pyth Price Feeds is crucial in achieving these objectives, as it provides dependable price data for real-world and traditional assets to ensure secure exchange and value transfer.
Several decentralized finance (DeFi) applications on IOTA EVM have already begun utilizing Pyth Price Feed, 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.