Pyth Price Feeds go live on IOTA EVMPyth Price Feeds go live on IOTA EVMPyth Price Feeds go live on IOTA EVM

Pyth Network, a real-time market data platform, has announced the launch of Pyth Price Feeds on $IOTA (MIOTA), as per the most recent updates shared with Finbold on June 12.

The launch marks a significant step forward in Pyth Network’s mission to bring real-world asset (RWA) and crypto asset price data on-chain.

Real-time data for developers

As a fully Ethereum Virtual Machine (EVM)-compatible Layer-2 solution for the $IOTA network, $IOTA EVM offers a scalable, fee-less, and permissionless distributed ledger for secure financial exchanges.

With the new integration, smart contract developers on $IOTA can now access over 500 real-time price feeds for equities, cryptocurrencies, commodities, exchange-traded funds (ETFs), and Forex.

Pyth sources this price data from first-party institutional and decentralized market participants.

Susanne Krone, Head of Ecosystem at $IOTA Foundation,emphasized the importance of the integration, stating:

“The integration of Pyth’s oracle services represents an important advancement for the $IOTA ecosystem. We are delighted to bring in a source of precise, real-time data, which opens up a multitude of new possibilities for builders utilizing $IOTA EVM. This integration enhances data reliability and security, equipping our developers with the critical tools needed to innovate and construct the digital economy of the future.”

$IOTA’s unique approach to data exchange

$IOTA’s distributed ledger technology facilitates secure on-chain value and data exchange without fees.

Building on these features, $IOTA EVM aims to provide tamper-proof data, fee-less transactions, and low resource requirements, fostering new business models with a focus on tokenization and RWAs.

The deployment of Pyth Price Feeds is essential for achieving these goals, providing reliable price data for real-world and traditional assets to secure their exchange and value transfer.

Several decentralized finance (DeFi) applications on $IOTA EVM are already leveraging Pyth Price Feed, including Deepr Finance, A DeFi platform originally built on Shimmer EVM and now available on $IOTA EVM, and Virtue Money, A protocol allowing users to mint an over-collateralized stablecoin on $IOTA EVM with 0% interest rates.