Pyth announced last Tuesday, December 28, through its Twitter account, that the Pyth network price sources are available at Neon Labs.
“We are delighted to announce that the Pyth network is now available for all protocols using Neon’s EVM. This implementation allows any Ethereum application implemented in Solana through Neon EVM to access the high fidelity price sources of the Pyth network and feed its protocols”, he said through an article published on the Medium platform.
The company explained that Neon EVM is a tool that enables Ethereum-like transactions to be processed on Solana, taking full advantage of Solana’s native functionality, including the ability to execute transactions in parallel. As such, Neon EVM enables dApps to operate with the low gas rates, high transaction speeds, and high throughput that Solana enables, as well as access to Solana’s growing market. Many prominent protocols such as Aave and SushiSwap have announced that they will be porting their protocols to Solana via Neon. You can read more about Neon Labs here.
Pyth is a next-generation oracle specially designed to publish high-fidelity financial market data with latency less than one second on the Solana blockchain and to republish that data on other blockchains via Wormhole. The Pyth network will be a blockchain-based decentralized marketplace for aggregated data.
According to the company, data owners will be able to contribute their data to the Pyth network and earn rewards for their data provision, while data consumers will be able to access aggregated market data directly from a blockchain and consume it from their application. on or off the chain.
What does this implementation mean?
The company explained that Ethereum dApps that choose to deploy to Solana through Neon EVM can easily retrieve Pyth’s hi-fi pricing sources to power their protocols.
In his view, EVM developers can expect more than just price data: Pyth is a new type of oracle that also provides a confidence interval value along with the price data. The confidence interval specifies how much precision or uncertainty there is in a single observation, allowing developers to customize their protocol’s handling of incoming price data for safer and more accurate trading. Be sure to check out our blog post on trust and Best Practices guide.
“We released two interfaces on the pyth-neon GitHub repository to read Pyth data through Neon EVM. Pyth’s native interface provides access to all Pyth-specific functions, including confidence intervals. The second interface is designed to be familiar to EVM developers and replicates the Chainlink Data Feeds API, excluding the historical API. While the second interface provides an instant solution for EVM dApps to retrieve high fidelity off-chain data, we highly recommend that developers take advantage of the native Pyth interface. Implementing Pyth’s confidence interval can further protect its users from unusual market conditions and deliver a more refined product – Zeta Markets’ option settlement design is a prime example”, he said.