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- The IOTA Foundation has integrated Pyth Network’s oracle services into its Ethereum Virtual Machine (EVM), enhancing data accuracy and security for dApps.
- Pyth Network, trusted by over 300 applications and 50 blockchains, provides low-latency price feeds for more than 500 assets, making it a key player in the DeFi space.
In the latest development, the IOTA Foundation announced that Pyth Network has deployed its oracle services on IOTA’s Ethereum Virtual Machine (EVM). Oracles are essential for bringing trusted real-world data on-chain, making it accessible for use in smart contracts.
Pyth Network, a first-party oracle network, aims to provide seamless solutions for decentralized exchanges (DEXs), lending protocols, and derivatives platforms. Trusted by over 300 applications and 50 blockchains, Pyth Network also ensures data availability with price updates multiple times per second.
👏 Excited to announce that @PythNetwork launches its state-of-the-art price oracles on #IOTAEVM, delivering secure, low-latency price feeds for 500+ assets! This integration enhances data accuracy & security for #dApps, empowering the #IOTA ecosystem. 💪🔗https://t.co/MbeDqGB0I4 pic.twitter.com/jEZ5JOrcHL
— IOTA (@iota) June 12, 2024
With this integration, the IOTA ecosystem gains a robust infrastructure that enhances data accuracy and security, vital for a thriving DeFi ecosystem. This partnership equips developers with tools to create innovative financial products and services, including sophisticated trading algorithms and comprehensive lending platforms.
Besides, Pyth Network offers accurate, reliable, and secure data feeds for over 500 assets, positioning it as a leading solution for DeFi projects and innovators. This integration marks a significant milestone for IOTA, fostering a successful ecosystem and inviting builders to leverage IOTA EVM’s capabilities to develop the digital economy of the future.
IOTA EVM Launch and Other Major Integrations
Earlier this month on June 4, the IOTA Foundation officially launched its EVM mainnet. Recent infrastructure upgrades and new tools are poised to enhance the functionality and adoption of the IOTA EVM. The IOTA EVM also introduces several advanced features, including smart contracts, cross-chain functionality, parallel processing, and enhanced security against MEV attacks, as reported by Crypto News Flash.
In a significant advancement for blockchain interoperability, IOTA has integrated the LayerZero cross-chain messaging protocol with its Ethereum Virtual Machine (EVM). Moreover, LayerZero, renowned for enabling seamless communication across diverse blockchain networks, has now extended its messaging infrastructure to IOTA EVM, following its successful integration with the Shimmer network in late 2023. This integration introduces LayerZero’s immutable V2 Endpoint on IOTA EVM, thus empowering developers to create omnichain applications, per the Crypto News Flash report.
In his recent interview with Crypto News Flash, IOTA founder Dominik Schiener highlighted IOTA’s strategic focus on Real-World Asset (RWA) tokenization, with the goal of digitizing billions of assets within its ecosystem. Schiener emphasized IOTA’s innovative use of Directed Acyclic Graph (DAG) technology, which sets it apart from other cryptocurrencies and facilitates seamless collaboration with various global entities.
After some quick gains following the favorable US CPI data, IOTA has lost steam once again dropping under $0.20.