TL;DR
- Pyth Network has launched its Solana Extraction Oracle, improving the reliability and frequency of financial data.
- The new system replaces Push Oracle, offering updates only when requested.
- Important DeFi platforms on Solana have already migrated to the new Oracle.
Pyth Network has taken a significant step in improving decentralized financial infrastructure on Solana with the launch of its Mining Oracle.
This innovation represents a crucial advance over the previously used Push Oracle, offering developers and users greater reliability and flexibility in obtaining real-time pricing data.
Solana DeFi deserves a pull oracle.
That’s why the Pyth pull oracle has been deployed today on @solana to bring the following benefits to users:
💪 Increased reliability
⏱ Higher frequencies
💱 More feeds
🕰 Historical data
🔐 Increased securityLearn more about this launch… pic.twitter.com/pAyb63fjun
— Pyth Network 🔮 (@PythNetwork) June 17, 2024
The Extraction Oracle allows developers on the Solana main-beta network to access pricing provided by Pyth through active requests from the Pythnet application blockchain to the Solana environment.
This change marks the end of the Push Oracle, which had obvious limitations during periods of congestion and high market volatility.
With the new pull design, prices are updated only when requested, avoiding competition for bandwidth with other higher priority transactions during critical times.
Additionally, the price update frequency on Pythnet exceeds that of Solana’s mainnet-beta, ensuring more up-to-date and accurate data for real-time financial operations.
The transition to this new model not only improves the reliability and efficiency of the oracle system, but also increases the number of feeds available to users.
Pyth Benchmarks provides access to historical price data, essential for accurate settlement transactions and to prevent price manipulation.
Pyth: A Drive towards innovation in Solana
With the adoption of the Extraction Oracle, major DeFi platforms on Solana have migrated to take advantage of these improvements.
These includes Kamino, Jupiter, Zeta Markets, Drift, Solend, Flash Trade, GooseFX, RainFi, PsyOptions, Mango Markets, Clone Protocol, Lifinity and Bonfida.
These platforms highlight the improved reliability, performance and security provided by the new Oracle, crucial elements to compete in a decentralized and dynamic environment like Solana.
The launch of the Extraction Oracle marks an important milestone in the development of DeFi infrastructures on Solana.
With its ability to scale and adapt to new Solana Virtual Machine (SVM) environments, Pyth Network is positioned to continue supporting innovation in decentralized finance, offering robust and scalable solutions for the changing needs of the blockchain ecosystem.
The transition to a more efficient and secure oracle system not only strengthens the Solana network, but also sets new standards in the provision of critical financial data for decentralized applications, paving the way for broader growth and adoption in the near future.
