Pyth Network Introduces Pyth Price Feeds on XION

Published on: 15.05.2024
Pyth Network Introduces Pyth Price Feeds on XION

The Pyth Network and XION have joined forces to empower developers with access to reliable, high-quality data. This paves the way for a new generation of user-friendly decentralized applications (dApps) aimed at mainstream adoption.

As of today, developers building on XION can leverage over 500 real-time price feeds for various assets, including traditional financial instruments and digital currencies. This integration empowers them to create reliable and trustworthy dApps that drive mass adoption of blockchain technology.

By integrating Pyth’s pull oracle, XION applications can request price updates directly from the Pyth network whenever needed. This permissionless and gas-efficient approach ensures XION users always have consistent access to the latest market data and high-frequency updates.

Unlocking New Possibilities for Developers

The Pyth and XION integration opens exciting new avenues for developers to create groundbreaking consumer-facing dApps. By leveraging Pyth’s permissionless access to off-chain data, developers can ensure their applications are always equipped with the most accurate and up-to-date information. This reduces latency and minimizes pricing discrepancies, leading to more responsive and reliable dApps that can react to market changes in real-time.

Beyond Price Feeds: Provable Fairness with Pyth Entropy

Pyth offers an additional valuable tool – the Entropy product. This provides a secure source of randomness directly on-chain. This feature empowers developers to create applications with verifiably fair and unbiased outcomes. Examples include provably fair games and transparent prediction markets. This “provable fairness” establishes a strong foundation of trust between developers and users, fostering engaging on-chain experiences.

The Future of Web3 is Accessible

The combined power of XION’s Generalized Abstraction capabilities and Pyth’s comprehensive data products equips developers to build a future where Web3 is accessible to everyone. They can create intuitive and user-friendly experiences that hide the complexities of blockchain technology, making it approachable for a wider audience. Fueled by Pyth’s reliable real-time data, these applications will offer users unparalleled experiences that seamlessly blend the benefits of decentralization with the familiarity and ease of use of traditional applications. This powerful combination of simplicity and functionality will pave the way for mass adoption of decentralized applications.

About Pyth Network

Pyth Network is a unique oracle network that delivers secure, low-latency price data for various assets directly onto blockchains. It incentivizes leading market participants like exchanges and trading firms to contribute their valuable data to the network. Pyth then aggregates this data on-chain, making it accessible for smart contracts to utilize. Additionally, dApps can request or “pull” real-time price updates from Pyth whenever needed.

Website | Twitter

About XION

XION is a layer-one blockchain designed to simplify user experience by hiding the complexities of blockchain technology. This allows developers to build user-friendly applications that  abstract away blockchain intricacies like accounts, fees, and device compatibility. By focusing on user experience, XION aims to make Web3 technology accessible to a mainstream audience.

Website | Twitter

Source:
https://xion.burnt.com/blog/pyth-integrates-with-xion

 

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