Pyth Network, a next generation oracle solution built on Solana blockchain, has announced that it will go cross-chain via Wormhole, a cross-chain bi-directional bridge between Ethereum, Terra, and Solana.
In a blog post on Wednesday, May 12, Pyth Network announced that through Wormhole, its oracle solution will also be available on Ethereum and Terra after Solana. This means that once the project is live, developer from mentioned blockchain network will have access to Pyth Network.
The team has recently announced the project the community. The introductionary blog post describes Pyth Network as a “next generation oracle solution designed to bring Hifi data to DeFi.” The project promises to bring real-world data on-chain on a sub-second timescale.
Pyth is building a way to deliver a decentralized, cross-chain market of verifiable data from high-quality nodes to any smart contract, anywhere.
Pyth Network team believes that DeFi market will grow to multiple trillions of dollars of TVL and the tools to empower that exponential growth need to be robust. Reliable, institutional grade market data oracles are lacking in DeFi, and Pyth Network hopes to fill that gap.
The project is currently in development stages and team has plans to launch a beta version available in testing in the next week or so. The project is currently being developed on Solana but will cross-chain to Ethereum and Terra blockchain networks through Wormhole.
As Crypto Economy reported, Solana Labs introduced Wormhole in October of 2020. Initially, the project was aimed to be a bidirectional cross-chain bridge that connects ETH and ERC20 tokens to SPL Tokens, the token standard of the Solana blockchain.
Now, it has been repurposed to connect the highest value chains across the blockchain space. The Wormhole guardians have chosen the first three chains in the network to be Solana, Terra, and Ethereum.
Through this cross-chain expansion, Pyth Network believes that it will better serve the DeFi market by becoming increasingly more available to application developers across different blockchain environments.
The team said that it has selected Solana as the foundation of Pyth Network because it enables low latency to leverage high speed price updates and the throughput required to process the inputs intelligently to produce an aggregate price.
As a DeFi king, Ethereum is always the first choice of every DeFi-focused project. Pyth Network, about Ethereum, said:
“Ethereum has the lion’s share of developer mindshare, and the most mature applications and assets. We’re excited to get plugged in and provide solutions that support that large ecosystem. Wormhole is also readily extendable to any other EVM based chain, so as the Ethereum world expands into L2 scaling solutions, we’ll be ready to get Pyth prices there at the get go.”
Pyth oracle service will also be available on Terra as it is one of the fastest growing and most promising blockchains with an ever-growing developer community. The team also has plans to expand to other chain in the future.