XION Ecosystem: Pyth Integration
The Pyth Network has integrated with XION, empowering developers to leverage reliable, high-quality data to build the next generation of decentralized consumer applications
Today marks the launch of Pyth Price Feeds on XION. Developers throughout the ecosystem can now tap into over 500 real-time price feeds across traditional and digital asset classes. This integration empowers developers to leverage reliable, high-quality data to build the next generation of decentralized consumer applications that drive mass adoption.
Pyth Overview
The Pyth Network is a first-party financial data oracle network that delivers low-latency price data for various assets to blockchains securely. Pyth incentivizes some of the world’s largest exchanges, market makers, and trading firms to contribute their proprietary data to the network. Pyth aggregates their price data on-chain for smart contracts to use. Decentralized applications can request or pull Pyth price updates on-chain when needed.
In less than a year since the launch of its cross-chain pull oracle, the network has secured over $2.0B in total value. Pyth supports over 500 real-time data feeds across crypto, equities, ETFs, FX pairs, and commodities, and has facilitated more than $300B in total trading volume across over 50 blockchain ecosystems and 350+ applications.
Pyth & XION Integration
Deploying the Pyth pull oracle will enable applications on XION to request or "pull" price updates permissionlessly from the Pythnet appchain as needed. Thanks to the gas-efficient design of Pyth's pull architecture, downstream users in the XION ecosystem will always have consistent access to high-frequency market data and the latest price updates.
XION’s layer one blockchain simplifies user experiences by abstracting the complexities of blockchain technology across multiple dimensions including accounts, signatures, gas fees, pricing, devices, interoperability, and more. This enables the creation of innovative Web3 projects aimed at bringing decentralized technologies to mainstream audiences globally.
The integration with Pyth opens up new avenues for developers to create groundbreaking consumer-facing applications. By leveraging Pyth's permissionless access to off-chain data, developers can ensure their applications always have the most up-to-date and accurate information, reducing latency and minimizing pricing discrepancies. This enables the creation of more responsive and reliable applications that can react to market changes in real-time.
Moreover, developers can take advantage of Pyth's Entropy product, which provides a secure source of randomness on-chain. This feature enables the development of applications with verifiably unbiased and random outcomes, such as fair gaming experiences, transparent prediction markets, and beyond. By leveraging this provable fairness, developers can establish a strong foundation of trust with their users while creating engaging on-chain experiences.
Going Forward
In combining XION's Generalized Abstraction capabilities with Pyth's comprehensive data products, developers are well-equipped to build towards a future where Web3 is accessible to everyone. They can create intuitive, user-friendly experiences that abstract away the complexities of blockchain technology, making it accessible to a wider audience. Powered by reliable, real-time data from Pyth, these applications will offer users unparalleled experiences that 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 towards greater adoption of decentralized applications.
Start Building
Developers can start to explore the resources below and access Pyth’s price feeds on XION today using the Pyth Stable price sources accessible here. Developers can find the full catalog of price feeds available on here and discover which price feeds are in the pipeline. If you would like to request a new price feed, you can submit your request in the Discord.
For more information about Pyth, please visit the website and documentation.