Pyth Pull Oracle arrives on Solanas platform

The Pyth Network, a cutting-edge market data platform, has introduced its Pull Oracle on Solana (SOL), as per the latest information shared with Finbold on June 17.
This launch represents a major step forward for developers utilizing the Solana mainnet-beta, as they now have the ability to access 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 new pull oracle is set to improve reliability during times of congestion and broaden the range of available price feeds.
The original Pyth Network on Solana was initially based on a push oracle model, where price inputs were received from data providers through Solana transactions, aggregated on-chain, and then updated prices were pushed to the Solana environment every 400ms.
Although the Pyth push oracle became the most popular decentralized finance (DeFi) oracle on Solana, it faced limitations during periods of high volatility and congestion.
To tackle these challenges, the Pyth Network contributors developed a new price oracle using a pull oracle design, known as Pythnet Price Feeds.
This new design ensures that the oracle updates on-chain prices only when specifically requested.
In a push oracle system, each price update must be pushed on-chain, often competing for bandwidth with other transactions.
The pull oracle design allows users to include these price updates in their transactions, ensuring they are processed during critical times.
Additionally, the price update frequency on Pythnet is higher than on Solana mainnet-beta during congested periods.
Solana developers now have access to Pyth Benchmarks, a tool for querying historical Pyth prices, crucial for accurate settlement and preventing frontrunning.
The Pythnet appchain supports more data providers per feed than the push oracle on Solana, enhancing reliability and security.
The introduction of the pull oracle opens the door for oracle support in new Solana Virtual Machine environments.
Pyth Network’s scalability enables it to transmit data cross-chain to new SVM instances, whether they are private or permissioned.
The Solana DeFi ecosystem has already started transitioning to the Pyth pull oracle, which now receives 200,000 pull updates daily.
Current users include Kamino, Jupiter, Zeta Markets, Drift, Solend, Flash Trade, GooseFX, RainFi, PsyOptions, Mango Markets, Clone Protocol, Lifinity, and Bonfida.
These platforms benefit from the improved performance, reliability, and security offered by the new Pyth pull oracle, further solidifying their operations on Solana.