Walrus Protocol has announced a strategic partnership with Pyth Network to bring highly accurate and reliable token price feeds to its network. Pyth Network is a decentralized oracle that brings real-world pricing data to digital asset projects operating in blockchain.
On the other hand, Walrus Protocol (WAL) is a decentralized data storage network that runs on top of Sui blockchain. This protocol functions to offer storage that is scalable, efficient, and reliable for DApps, which need top-notch security and data integrity. Walrus Protocol has become a major solution for various decentralized applications that require efficient and secure data storage in the blockchain ecosystem.
Price feeds for storage allocation pricing
By integrating with the Pyth Network, Walrus now has access to the top-quality, protected price feed required to supply accurate real-time asset prices in its smart contracts. This helps to source the most accurate market rates when storing data on its multi-chain storage.
With this integration, Walrus now provides its users across the world with accurate fair market rate when paying for multi-chain storage. The integration involving the WAL/USD, USDC/USD, and USDT/USD price feed for real-time and accurate market data enables efficient token swapping for multi-chain storage.
This is the reason Walrus chose PYTH Network as a preferred oracle solution. Pyth network is a prominent decentralized oracle network with strong infrastructure. It works with major crypto networks, providing them with reliable price data feeds, helping to secure their DeFi protocols that manage billions of dollars in assets.
Role of Walrus in decentralized storage
Walrus is a decentralized storage solution designed to store metadata for digital asset projects and is compatible with a wide range of blockchains. Its multi-chain storage solution helps accelerate the mass adoption of storage by linking to various blockchain networks.
With its multi-chain storage solution, several users benefit, including:
- NFT projects require durable and secure data storage, particularly for files and metadata dealing with digital assets. With Walrus, NFT data can be stored in a protected and decentralized manner, ensuring the functionality and authenticity of such assets.
- Blockchain-focused social media projects need a storage system that can handle user text, videos, and images in big numbers. In this approach, Walrus provides data storage that is uncensorable, secure, and constantly available for users.
- Business and AI firms are required to store datasets with complete transparency and high integrity. Through this this way, Walrus helps to ensure data utilized in business processes and AI models remain valid, verifiable, and auditable.
- Walrus’ role is also important for Layer-2 solutions, which require off-chain data storage to expedite transaction ability. With an efficient and rapid storage system, Walrus helps Layer-2 solutions execute transactions more efficiently.
In this way, Walrus’ multi-chain storage solution allows Web3 users to store a broad range of data from various sectors, including those named above and others.
To help secure WAL/USD, USDC/USD, and USDT and USD asset swaps when users pay for multi-chain storage, Walrus require to access fresh asset prices that are provided directly on-chain in a highly accurate manner. This explains why it partnered with Pyth Network. It uses Pyth’s oracle network to fetch a broadly collected price data off-chain and supply it on-chain to be used by its applications.
