Solana (SOL) takes off – data oracle Pyth Network goes into operation

Chainlink competitor Pyth Network went live on the Solana Blockchain yesterday. Pyth wants to provide the SOL ecosystem with data and enable interoperability.

Solana price (SOL) continues to know only one direction, hitting another all-time high this week at $ 83.04.

After the course had consolidated for a few days, SOL has been on the up again since yesterday. But not only the course of the Ethereum competitor is currently developing at record speed, decentralized finance (DeFi) on Solana is also growing strongly. According to the Defi Llama crypto analysis platform, Total Value Locked (TVL) now includes all SOL DeFi protocols $ 2.66 billion. With the start of Pyth Network, the emerging ecosystem now receives another pillar and important data source for building a solid DeFi sector.

Chainlink is probably the best-known data oracle in the crypto space and has made headlines in the last few days, especially with a large-scale expansion in the NFT space. Like Chainlink, Pyth Network is a decentralized data oracle. However, while Chainlink operates on several platforms, Pyth Network is based on the Solana Blockchain and primarily wants to supply its ecosystem with data.

On August 26th, Pyth is on the Solana Mainnet started. This means that developers now have the option of integrating various real-time data into decentralized applications on Solana. Some Solana DeFi projects that Pyth Network is currently using or will be using are the Saber Labs, Mango Markets, and Bonfida decentralized exchanges.

In the near future, Pyth is also aiming for integration with “Wormhole”, an interoperability protocol that enables communication between the SOL blockchain and other blockchains. First of all, Ethereum, Binance Smart Chain and Terra are supported.

Who is behind Pyth Network?

Pyth Network was started by Jump Trading, a trading company specializing in high frequency trading. Because of this, Pyth Network focuses on real-time data at “sub-second intervals” and lives up to Solana, the blockchain often referred to as the high-speed network.

Furthermore support many reputable trading companies the project – including GTS, Virtu Financial, Chicago Trading Company, IEX, Akuna Capital, DRW Cumberland, XR Trading, Hudson River Trading and KGI Securities. Other supporters of the data oracle include LMAX, MIAX / BSX, Genesis Global Trading, FTX, CMS, Bitso and CoinShares.

Among other things, Pyth Network supplies smart contracts on the Solana Blockchain with the data from these trading companies and exchanges. The data therefore include, for example, price data for cryptocurrencies, US stocks, foreign exchange, indices or commodities.