In a significant development for the DeFi sector, Pyth Price Feeds have officially been launched on the Injective inEVM platform, marking a new chapter in the evolution of concurrent virtual machine development. This move comes shortly after the successful integration of Pyth Price Feeds on the Injective mainnet in April 2023.
The newly introduced inEVM platform, a notable advancement in the Ethereum Virtual Machine (EVM) landscape, now hosts over 450 real-time, low-latency price feeds. These feeds encompass a wide array of asset classes, including cryptocurrencies, commodities, foreign exchange pairs, equities, and exchange-traded funds, thereby significantly expanding the tools available to smart contract developers.
Enhanced Data Access for Developers
The integration of Pyth Price Feeds into the inEVM ecosystem represents a substantial leap forward for developers, offering them unrestricted access to a broad spectrum of data. This development is expected to facilitate a wide variety of decentralized finance (DeFi) applications, including those focused on perpetual trading, derivatives, borrowing, lending, and stablecoin protocols.
Pyth Network distinguishes itself with a specialized pull oracle design, which allows smart contract applications to request the latest price updates on demand. This innovative approach ensures that users can access up-to-date price information, benefiting from Pyth’s commitment to high-frequency and high-resolution data.
Injective has made a name for itself as a rapid, interoperable layer one blockchain, designed with the creation of leading Web3 finance applications in mind. The platform offers developers a range of powerful, easy-to-integrate modules for developing unparalleled decentralized applications (dApps). The ecosystem is fueled by its native asset, INJ, and has received backing from high-profile investors, including Binance, Jump Crypto, Pantera, and Mark Cuban.
The inEVM, developed collaboratively by Injective and Caldera, stands out as the first Ethereum Virtual Machine capable of true composability across major blockchains such as Cosmos and Solana. This integration offers Ethereum developers unparalleled access to Injective’s expansive global network and user base, presenting new opportunities for protocol expansion.
A Beacon of Data Reliability
Pyth Network operates as a premier financial data oracle network, delivering secure, low-latency price data to various blockchains. By incentivizing contributions from leading exchanges, market makers, and trading firms, Pyth has established a reliable source of proprietary data aggregation for smart contracts. This decentralized approach allows applications to retrieve necessary price updates directly from the blockchain as needed.
Since its inception, the Pyth Network has rapidly scaled, securing over $2.0 billion in total value and now supporting more than $3.0 billion across its services. The network’s provision of over 450 real-time data feeds has enabled over $120 billion in total trading volume across more than 50 blockchain ecosystems, solidifying its position as a cornerstone of the DeFi community.
This latest deployment of Pyth Price Feeds on Injective inEVM not only enhances the infrastructure available to smart contract developers but also signifies a growing trend of collaboration and innovation within the blockchain and DeFi sectors. This development also exemplifies how strategic integrations can drive forward the scalability and efficiency of financial applications in the Web3 space.
