Pyth Network Price Feeds are now Available on Neon Labs
Pyth Network Price Feeds are now available on Neon Labs to Unlock HiFi Price Feeds for EVM Developers on Solana!
This implementation empowers any Ethereum applications deployed on Solana via Neon EVM to access the Pyth network’s high fidelity price feeds and to power their protocols.
Neon EVM is a tool that allows Ethereum-like transactions to be processed on Solana, taking full advantage of the functionality native to Solana, including the ability to execute transactions in parallel. As such, Neon EVM allows dApps to operate with the low gas fees, high transaction speeds, and high throughput made possible by Solana, as well as access to the growing Solana market. Many prominent protocols like Aave and SushiSwap have announced that they will port their protocols to Solana via Neon.
Pyth is a next-generation oracle specially designed to publish high-fidelity financial market data at sub-second latency onto the Solana blockchain and to republish that data onto other blockchains via Wormhole. The Pyth network will be a decentralized, blockchain-based marketplace for aggregated data.
Data owners will be able to contribute their data to the Pyth network and earn rewards for their data provision, while consumers of data will be able to access aggregated market data directly from a blockchain and consume it from their on-chain or off-chain application.
The Pyth network has already gathered more than 40 prominent financial institutions as data publishers for various asset classes. Pyth price feeds have been available on the Solana mainnet since August 2021. Leading Solana dApps have integrated with Pyth network, including Mango Markets, Drift, Bonfida, Synthetify, Solend, Port Finance, Jet Protocol and Project Larix.
What does this implementation mean?
Ethereum dApps choosing to deploy on Solana via the Neon EVM can easily retrieve HiFi price feeds from Pyth to power their protocols.
EVM developers can look forward to more than just pricing data: Pyth is a new type of oracle that also provides a confidence interval value alongside price data. The confidence interval specifies how much precision or uncertainty there is in a single observation, enabling developers to customize their protocol’s handling of incoming pricing data for safer and more precise operations.
Pyth released two interfaces in the pyth-neon GitHub repo for reading Pyth data via Neon EVM. The Pyth Native Interface provides access to all the Pyth-specific features, including confidence intervals. The second interface is designed to be familiar to EVM developers and replicates the Chainlink Data Feeds API — excluding the historical API. While the second interface provides an instant solution for EVM dApps to retrieve HiFi off-chain data, we strongly recommend builders leverage the Pyth Native Interface. Implementing the Pyth confidence interval can further protect your users from unusual market conditions and deliver a more refined product: Zeta Markets’ Options Settlement design is a prime example.
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