The Pyth network will be interconnected through the Solana Wormhole
Pyth Network, a next-generation oracle solution built on top of Solana's blockchain, has announced that it will interconnect via Wormhole, a two-way cross-chain 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, the developer of the aforementioned blockchain network will have access to the Pyth Network.
The team recently announced the community project. The introductory blog post describes Pyth Network as a "next-generation Oracle solution designed to bring high-fidelity data to DeFi."
The project promises to stream real-world data on a timescale of less than a second.
Pyth is building a way to deliver a decentralized cross-chain marketplace of verifiable data from high-quality nodes to any smart contract, anywhere.
The Pyth Network team believes that the DeFi market will grow to several trillion dollars of TVL and the tools to drive that exponential growth must be robust. DeFi lacks reliable oracles of institutional-grade market data, and Pyth Network hopes to fill that gap.
The project is currently in development stages and the team plans to release a beta version available for testing within the next week. The project is currently being developed in Solana, but will connect to the Ethereum and Terra blockchain networks via Wormhole.
As reported by Crypto Economy, Solana Labs introduced Wormhole in October 2020. Initially, the project aimed to be a two-way cross-chain bridge connecting ETH and ERC20 tokens with SPL tokens, the Solana blockchain token standard.
Now, it has been repurposed to connect the highest value chains across the blockchain space. The Wormhole guardians have chosen the first three chains on 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 more and more available to application developers in different blockchain environments.
The team said it has selected Solana as the foundation for the Pyth Network because it enables low latency to take advantage of high-speed price updates and the throughput required to intelligently process inputs to produce an aggregated price.
As the king of DeFi, Ethereum is always the first choice of all DeFi-centric projects. Pyth Network, on Ethereum, said:
“Ethereum has most of the shared mind of developers and the most mature applications and assets. We are excited to connect and provide solutions that support that great ecosystem. Wormhole is also easily scalable to any other EVM-based chain, so as the Ethereum world expands into L2 scaling solutions, we'll be ready to get Pyth pricing right from the start. '
The Pyth oracle service will also be available on Terra as it is one of the fastest growing and most promising blockchains with a constantly growing developer community. The team also has plans to expand to other chains in the future.
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