Injective – a layer 1 blockchain – announced the integration of Pyth with the Injective mainnet. The move should allow decentralized applications (dApps) to access any of Pyth’s on-chain data for hundreds of markets covering equities, commodities, and foreign exchange pairs, in addition to crypto.
According to a press release shared with CryptoPotato, Injective revealed that the integration is a first for the Cosmos IBC ecosystem positioning Injective as the first IBC-enabled chain to aggregate Pyth data via Wormhole.
Injective Pyth Integration
The testnet phase by Helix has already utilized the Pyth integration, which enabled the Injective-based exchange hub to list several novel real-world assets (RWA) markets on-chain for the first time, such as gold, Yen, and Euro. As a result, Helix processed more than $9 billion in volume to date – the highest in the entire Cosmos derivatives market.
Injective Labs co-founder and CEO Eric Chen commented,
“We are thrilled to have Pyth bring novel asset data into the Injective universe,” said Eric Chen, co-founder, and CEO of Injective Labs. “Now developers create markets with high fidelity on-chain data, bringing forth a new paradigm of cross-chain data composability.”
Facilitating dApps built on the network to access real-world asset data is expected to be hugely impactful within DeFi as the industry continues to evolve, the exec said in a statement to CryptoPotato. Chen further highlighted the importance of merging traditional finance with decentralized finance and added that the latest move “is a step towards creating a thriving environment for the future.”
Pyth is essentially a first-party financial oracle network that is tasked with publishing continuous real-world data on-chain, introducing an innovative low-latency pull oracle design. Binance, CBOE, Jane Street, Hudson River Trading, DRW Cumberland, and Virtu Financial, are some of the prominent data publishers to Pyth.
Injective So Far
Since launching its mainnet in 2021, the total value locked in Injective Protocol has surged to $20.53 million. The Cosmos-based network released a layer-2 testnet that utilizes Solana’s Sea Level Virtual Machine (SVM), enabling developers to port Solana Web3 apps to the Cosmos ecosystem in March.
Earlier this year, the platform also announced a $150 million ecosystem initiative to boost the adoption of interoperable infrastructure and DeFi amidst a struggling market. The consortium was joined by several prominent Web3 players, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs, and IDG Capital, among others.
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