IOTA: Billion-$-Market Prep with Super Industry Giant Onboard!
• ShimmerEVM has integrated oracle services from the Pyth Network to help developers create advanced DApps.
• The oracles will facilitate on-chain lending protocols, derivatives exchanges, and provide access to price feeds across crypto, equities, FX, and commodities.
• The launch of these oracles will help prepare IOTA for a billion-dollar industry.
ShimmerEVM Onboards Oracle Services
ShimmerEVM has onboarded the Pyth Network oracle services to enhance its infrastructure. Developers can now tap the oracle to create new advanced DApps that will fuel the evolution of IOTA.
Integration Of Oracles Into The System
Oracles are essential in building a very functional blockchain and smart contract system in today’s Web 3.0 world. With a direct bridge to both on-chain and off-chain data, Decentralized Applications can be designed to offer more tailor-made solutions for users across the board. The launch of these oracle services by the Pyth Network will further help prepare Shimmer and IOTA for the billion-dollar industry that it is looking to carve out a niche for itself.
Benefits Of Oracle Price Feeds
The integration of Pyth Network’s price feeds into Shimmer EVM’s Testnet will enable developers to pull real-time price data onto the Ethereum Virtual Machine layer. Projects on Shimmer can now reference any Pyth Network data feed in their application with on-demand updates or by setting up their own price pusher. These price feeds are necessary for on-chain lending protocols, derivatives exchanges, and more.
Growth Of The Pyth Network
Pyth Network has been growing sporadically since its inception and it is undoubtedly growing to become a formidable oracle service provider to multiple blockchain protocols. Its versatility is best showcased in that it “currently supports over 200 price feeds across crypto, equities, FX, and commodities, with multiple price updates per second.“
The deployment of the Pyth Network oracle price feeds onto ShimmerEVM’s Testnet is an important development towards preparing IOTA for its entrance into the billion dollar market space while providing developers access to reliable real time data sources through which they can build robust applications