Pyth Network and Chainlink price feeds join the Solana ecosystem

August 26, 2021 0 Comments

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Both developments will give Solana’s DeFi ecosystem access to high-quality price data that updates at sub-second intervals

Solana has been going from strength to strength lately, with its native SOL token soaring to a new all-time high above $83 last week. And it may not be done yet, with all the developments happening in the Solana ecosystem.

The Solana-based market data provider Pyth Network is launching on the blockchain today. This will be beneficial to developers of decentralised finance (DeFi) applications, who will be able to integrate Pyth’s data feeds.

Pyth streams high-fidelity data at sub-second intervals, covering markets including crypto, commodities, foreign exchange and US equities. Data is aggregated so the prices provided are not vulnerable to attacks on any single data source.

LMAX Group chief executive, David Mercer, commented, “We believe the Pyth network, built on the low-latency Solana blockchain, can revolutionize and democratize market data provision. This is a milestone for the industry as the DeFi ecosystem expands.”

In other Solana news, it was announced yesterday that the project’s Devnet has integrated Chainlink price feeds. This provides Solana developers with high-quality, decentralised price reference data that updates at sub-second intervals.

Fast-updating data is possible on-chain, thanks to Solana’s high throughput of 65,000 transactions per second, each costing less than a penny in fees. This will be good for DeFi as the price reference data has a broad range of hybrid smart contract applications.

Founder and CEO of Solana Labs, Anatoly Yakovenko, said, “Integrating Chainlink natively into the Solana blockchain can significantly increase the rate at which Solana developers can build secure, high-throughput DeFi applications by providing them with direct access to reliable off-chain data and computation. The combination of high-quality oracle infrastructure and Solana’s high-speed blockchain network can enable DeFi applications to scale to a global level.

Solana’s DeFi ecosystem has been growing at an impressive rate, gaining more applications and users on a daily basis. It has also been gaining more value, with the total value locked (TVL) in the Solana ecosystem soaring lately.

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