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Pyth Price Feeds go live on IOTA EVM

Pyth Price Feeds go live on IOTA EVM

Pyth Network, a real-time market data platform, has announced the launch of Pyth Price Feeds on IOTA (MIOTA), as per the most recent updates shared with Finbold on June 12.

The launch marks a significant step forward in Pyth Network’s mission to bring real-world asset (RWA) and crypto asset price data on-chain. 

Real-time data for developers

As a fully Ethereum Virtual Machine (EVM)-compatible Layer-2 solution for the IOTA network, IOTA EVM offers a scalable, fee-less, and permissionless distributed ledger for secure financial exchanges.

With the new integration, smart contract developers on IOTA can now access over 500 real-time price feeds for equities, cryptocurrencies, commodities, exchange-traded funds (ETFs), and Forex.

Pyth sources this price data from first-party institutional and decentralized market participants.

Susanne Krone, Head of Ecosystem at IOTA Foundation,emphasized the importance of the integration, stating:

“The integration of Pyth’s oracle services represents an important advancement for the IOTA ecosystem. We are delighted to bring in a source of precise, real-time data, which opens up a multitude of new possibilities for builders utilizing IOTA EVM. This integration enhances data reliability and security, equipping our developers with the critical tools needed to innovate and construct the digital economy of the future.”

IOTA’s unique approach to data exchange

IOTA’s distributed ledger technology facilitates secure on-chain value and data exchange without fees. 

Building on these features, IOTA EVM aims to provide tamper-proof data, fee-less transactions, and low resource requirements, fostering new business models with a focus on tokenization and RWAs.

The deployment of Pyth Price Feeds is essential for achieving these goals, providing reliable price data for real-world and traditional assets to secure their exchange and value transfer. 

Several decentralized finance (DeFi) applications on IOTA EVM are already leveraging Pyth Price Feed, including Deepr Finance, A DeFi platform originally built on Shimmer EVM and now available on IOTA EVM, and Virtue Money, A protocol allowing users to mint an over-collateralized stablecoin on IOTA EVM with 0% interest rates.

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