DeFi
IOTA EVM improves DeFi with Pyth price feeds
Arman Shirinian
Pyth Price Feeds deployed on IOTA EVM, providing real-time data to smart contract developers
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The organization of Pyth value flow on Particle EVM marks a big step toward the Pyth organization’s goal of putting real-world and cryptographic resource cost information on-chain. Developers now have access to over 500 real-time price feeds via IOTA EVM, a layer 2 solution for the IOTA network fully compatible with EVM.
On IOTA EVM, smart contract developers now have permissionless access to a wide range of price data for cryptocurrencies, commodities, stocks, ETFs and currency pairs. The Pyth oracle obtains this information from first-party institutional and decentralized members of the market.
Susanne Krone, Ecosystem Manager of the IOTA Foundation, mentioned that the integration of Pyth’s Oracle services is an important step for the IOTA ecosystem. They expressed their pleasure at adding an accurate, real-time data source, which they believe will create many new opportunities for builders using IOTA EVM. This integration is seen as a way to improve data reliability and security, providing developers with essential tools to innovate and build the future digital economy.
IOTA’s distributed ledger technology enables the secure and free exchange of data and value on-chain. IOTA EVM enhances these capabilities by focusing on tokenization and real-world assets (RWA), and providing tamper-proof data with low resource requirements.
Pyth price feeds are essential to achieving these goals because they provide accurate price data to protect the exchange and transfer of RWA value. Pyth price feeds are already supported by a number of DeFi applications on IOTA EVM:
Deepr Things: A decentralized digital asset lending and borrowing platform that operates without intermediaries.
Virtue Money: A protocol that supports multiple collateralized assets and allows users to create an over-collateralized stablecoin on IOTA EVM at a 0% interest rate.
IOTA is a public goods infrastructure created in 2015, with the aim of fostering trust in digital interactions. IOTA’s “Tangle” technology enables rapid transactions and frictionless transfer of data and value with low resource requirements. On the network, the native currency is the IOTA token.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.