Pyth Network, a financial data oracle network, has announced the launch of Pyth Price Feeds and Entropy on Sei V2, as per the information shared with Finbold on May 27.
This advancement allows developers on Sei V2, the first parallelized Ethereum Virtual Machine (EVM) designed to offer developers enhanced flexibility and scalability, to access over 500 real-time price feeds for digital and other major asset classes, as well as a secure and reliable source of on-chain random number generation.
Real-time Pyth data on Sei V2
The Pyth Network’s pull oracle for price feeds provides Sei users with permissionless access to low-latency price updates on-chain, which is crucial for securing next-generation apps in decentralized finance (DeFi).
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Additionally, Entropy enables Sei V2 developers to design unpredictable outcomes for Web3 applications, including gaming, non-fungible tokens (NFTs), and prediction markets.
Sei V2 is full of features aimed at boosting blockchain performance and enhancing the developer experience.
The interoperable EVM allows seamless deployment of existing Ethereum (ETH) applications without modifications, offering a remarkable 100x performance improvement and continued support for CosmWasm.
The importance of on-chain randomness in DeFi
The Pyth pull oracle architecture allows apps to request price updates from the Pythnet appchain as needed.
This ensures the Sei ecosystem has access to high-frequency market data and the latest price updates in a gas-efficient manner.
Moreover, Pyth Entropy enhances Sei’s capability to support a wider array of decentralized applications, improving user experience and trust.
On-chain randomness is critical for applications relying on unpredictability, such as gaming, lotteries, and any protocol requiring fair distribution processes.
Wrapping up
By incentivizing major exchanges, market makers, and trading firms to contribute their proprietary data, Pyth ensures high-quality price information is aggregated on-chain for use in smart contracts.
Decentralized applications can request or pull these price updates as needed.
With over $5 billion in total value locked (TVL), Pyth supports more than 350 protocols and offers over 500 real-time data feeds, including crypto, equities, ETFs, Forex pairs, and commodities.
