Pyth x Wormhole Partnership

The partnership makes Pyth a cross-chain platform, allowing Ethereum and Terra users to connect to the Solana project.

By
Solana News
on
May 14, 2021
Category:
Breaking News

The Partnership

The two teams announced their collaboration on May 12th, just before a market dip caused by recent developments across the blockchain industry. Pyth is an oracle protocol designed to retrieve data on-chain instantaneously, which is cross-chain compiled and verified before being presented to the user. Wormhole Bridge allows users on the Solana blockchain to connect to the Terra and Ethereum blockchains, with the partnership enabling users of those chains to gain access to Pyth’s data sourcing.

Pyth + Wormhole = Global Blockchain

Source

As Wormhole connects with high-value chains such as Ethereum, application developers will begin to invest in Pyth to retrieve accurate prices. Having access to lightning-fast price updates is a powerful tool for active traders, who will see more effective trading patterns using the data that Pyth provides. The ability to cross chains via Wormhole opens up a dearth of possibilities for investors on both Solana and Ethereum, and Pyth can take advantage of both sides of this coin.

Current Crypto Markets on Pyth

With this partnership, Pyth can be plugged into Ethereum's l2 scaling solutions since Wormhole is readily extendable to other EVM-based chains. By reaching the enormous audience of Ethereum, Pyth will find many opportunities for growth. Ethereum users will benefit from the high-speed solutions Pyth can provide due to their Solana base, and will provide higher market value options for the network. The oracle protocol can also be plugged into Terra, which focuses on providing stablecoin trading services. Looking at Pyth functioning on Terra, its unique capabilities make it an effective partner for many projects. Mirror Finance users would benefit from the oracle’s on-chain data retrieval as they are trading their synthetic assets.


Pyth Network Roadmap

  • More data providers, and integrations 
  • More supported Layer 1 chains
  • Increase data set coverage to include Expand Time-Weighted Average Prices (TWAPs) and volatility tracking measures
  • Update the website to include a documentation portal
  • Launch curation, staking, and rewards features

The main objective of the last phase is the introduction of fees and slashing. Pyth also hopes to expand into other Cosmos-based chains (through Terra) or other individual chains with more adoption of inter-blockchain communication within the ecosystem. 

For more info, visit Pyth’s social media pages.

Medium

Discord

Telegram


Tags:
No items found.
Solana News

Solana & DeFi Latest News, Features & Analysis.