Horizen Labs announced a partnership with Pyth Network, a specialized Oracle solution, on September 19 to deliver decentralized Oracle services for EON, Horizen’s EVM-compatible smart contracting platform.
The proposed partnership aims to provide precise and reliable market data on the blockchain for EON. This would enable developers to augment their smart contract functionalities and broaden the potential applications of decentralized finance (DeFi), gaming, and non-fungible token (NFT) platforms.
Horizen’s EON is a smart contracting platform that is compatible with the Ethereum Virtual Machine (EVM). It empowers developers to construct blockchains that are highly customizable, offering flexibility in several aspects such as consensus mechanisms, transaction processing speed, privacy features, and crypto-economies.
By incorporating Pyth Network’s decentralized oracle services, EON will be able to get dependable market data, hence enabling a wide range of DeFi integrations and facilitating the growth of its ecosystem.
Rob Viglione, Co-Founder and CEO of Horizen Labs noted:
“Partnering with Pyth Network aligns with our mission to provide a secure and scalable ecosystem for decentralized applications.”
“By leveraging Pyth Network’s specialized oracle solution, we can enhance EON’s capabilities and offer developers the trusted market data they need to build innovative solutions for DeFi protocols.”
Wormhole messaging protocol
The oracle system used by the Pyth Network leverages the Wormhole messaging protocol to efficiently collect and disseminate data with little latency, enabling its accessibility across several blockchains. The provision of low latency and strong market data is essential for the development of financial products within the DeFi sector.
“We’re excited to see the Pyth oracle and its 350 Price Feeds going live on Horizen EON — over the past year, zk solutions have been steadily growing in adoption and enabling DeFi to happen there is of first order,” said Marc Tillement, Director, Pyth Data Association.
The next months will see the integration of several decentralized applications (dApps) and services into the EON ecosystem, facilitated by the partnership between Horizen and Pyth Network.