Pyth Network, a real-time market data platform, has announced the launch of Pyth Price Feeds on IOTA (MIOTA), according to the latest updates shared with Finbold on June 12.
The launch marks a significant step forward in Pyth Network’s mission to bring real-world asset (RWA) and crypto asset price data on-chain.
Real-time data for developers
As a fully Ethereum Virtual Machine (EVM)-compatible Layer-2 solution for the IOTA network, IOTA EVM provides a scalable, cost-free, and permissionless distributed ledger for secure financial exchanges.
With the new integration, smart contract developers on IOTA can now access over 500 real-time price feeds for stocks, cryptocurrencies, commodities, exchange traded funds (ETFs) and Forex.
Pyth collects this price data from first-party institutional and decentralized market participants.
Susanne Krone, Head of Ecosystem at the IOTA Foundation, emphasized the importance of the integration and said:
“The integration of Pyth’s oracle services represents a significant advancement for the IOTA ecosystem. We’re excited to offer a source of accurate, real-time data, opening up a host of new possibilities for builders using IOTA EVM. This integration improves the reliability and security of data, giving our developers the critical tools needed to innovate and build the digital economy of the future.”
IOTA’s unique approach to data exchange
IOTA’s distributed ledger technology enables secure on-chain value and data exchange at no cost.
Building on these features, IOTA EVM aims to provide tamper-resistant data, zero-fee transactions and low resource requirements, fostering new business models with an emphasis on tokenization and RWAs.
The commitment of Pyth Price Feeds is essential to achieving these goals, providing reliable price data for real and traditional assets to secure their exchange and transfer of value.
Several decentralized finance (DeFi) applications on IOTA EVM already use Pyth Price Feed, including Deepr Finance, a DeFi platform originally built on Shimmer EVM and now available on IOTA EVM, and Virtue Money, a protocol that allows users to over-collateralize can create stablecoin on IOTA EVM with 0% interest rates.