Oracle solution Pyth Network, a Solana-based next-generation data oracle platform, is going live on Solana blockchain on Thursday, August 26.
According to a report by Financial Times on Wednesday, August 25, Pyth Network is network is launching on Solana mainnet. Until now, the project has been available on the Solana devnet as a testnet version. With this launch, developer building on Solana can now integrate Pyth Network’s real-time market data into their decentralized applications (Dapps).
The project is initially available to Solana-based developers but the team has plans to expand to other larger DeFi chains. As Crypto Economy reported, in May, Pyth Network announced that it would go cross-chain through Wormhole, a cross-chain bi-directional bridge between Ethereum, Terra, and Solana. With Wormhole, Pyth Network’s financial and crypto market data will be available to Ethereum, Binance Smart Chain (BSC), and Terra.
Pyth Network is built and incubated by a large number of traditional finance and crypto companies that include main contribution from Jump Trading along with Virtu Financial, GTS, Hudson River Trading and DRW Cumberland. Crypto derivative exchange FTX, CMS, CoinShares, and Bitso have also contributed in the project.
4/ … and the list continues:@cmsholdings, @CoinsharesCo, @DRWTrading, @FTX_Official ,@genesistrading, GTS, @wehrtyou @iexcloud, @jumptrading, KGI Securities (Singapore), @lmax, @projectserum, @virtufinancial, and XR Trading!
— Pyth (@PythNetwork) August 25, 2021
Pyth Network describes itself as a next generation oracle solution designed to bring Hifi data to DeFi. The network promises to bring real-world data on-chain on a sub-second timescale. Pyth Network connects market data from trading firms and exchanges to any smart contract through the Solana blockchain. The data that the network will provide through its oracle will be from various financial markets, including crypto, U.S. equities, foreign exchange or forex, and commodities.
Solana Labs, the organization behind the Solana blockchain network, is working on many projects to make Solana a DeFi heaven. Wormhole is one these project that is built by Solana Labs itself. It is a bidirectional cross-chain bridge to connect Solana with other high-value chains across the blockchain space.
More recently, after many months of close collaboration, Solana Labs have also integrated Chainlink Price Feeds on Solana Devnet at sub-second updates. The Chainlink team plans to ship the mainnet integration before the end of Q4. With Chainlink oracle functionality enabled, developers on Solana can leverage Chainlink Price Feeds for highly decentralized, high-quality, and fast-updating price reference data to build a wide variety of hybrid smart contract applications in DeFi.
DeFi and NFT activity on Solana is growing. According to its website, there are currently around 100 DeFi and 22 NFT projects exists in Solana ecosystem. Serum, a DEX built on the Solana blockchain from the same team that created crypto derivative exchange FTX, and Apricot Finance are best known DeFi platforms on Solana.