The Injective testnet has integrated Pyth, allowing developers to build decentralized applications that can access high-fidelity, high-frequency market data for a wide range of assets. This also marks the first time that Pyth data has become available within the broader Cosmos ecosystem, making Injective the primary gateway for robust data to enter the world of IBC.
What is Pyth?
Pyth is a high-fidelity data oracle, enabling access to institutional grade data at unprecedented speeds. In less than a year, the network secured more than $2B in total value with over 800K client downloads from passionate developers looking to use Pyth data.
Pyth works to provide real-time market data for 200+ markets spanning crypto, equities, forex, and commodities to leading L1 networks such as Injective. The data is sourced and aggregated from 70+ major market participants across traditional finance institutions and major Web3 companies. Some prominent data publishers to Pyth include the likes of Jane Street, CBOE, Hudson River Trading, DRW Cumberland, Binance, Virtu Financial, and more.
Pyth is able to aggregate the data and then distribute it to the L1 network when specific data is requested.
How does the Pyth oracle work on Injective?
The Pyth network introduces an innovative on-demand pull model oracle, where users are empowered to push available prices on-chain when needed and enable everyone in that blockchain environment to access that data point.
Pyth going live on Injective is made possible by Wormhole, which recently integrated Injective, enabling assets such as Solana to be bridged over to Injective. Wormhole is a cross-chain messaging protocol that powers different blockchain networks to communicate with one other seamlessly.A graphic representation of Pyth data transfers into Injective
Publishers are able to send data directly to Pyth in the form of transactions. Pyth then attests this data on-chain. When the data is requested by a destination chain such as Injective, Pyth is able to send the data via Wormhole which in this case acts as the general cross-chain message passing layer.
Injective: Bringing Institutional Data to Web3 Finance
Injective is the first sector-specific blockchain built for finance. As a result, accessing Pyth data will be an invaluable asset to the future growth of the broader ecosystem as a whole.
“Injective is one of the most successful blockchains within the Cosmos Hub to date, which is one of the many reasons why this integration is significant,” said Mike Cahill, a director of the Pyth Data Association. “We are excited to officially join the Cosmos ecosystem as we continue to provide developers with high-quality data and enable a revolution within DeFi”.
The collaboration between Injective and Pyth is a significant development for Web3 as a whole, further demonstrating the potential for interoperability between different networks. By enabling different L1 chains to communicate with each other, developers can build applications that can access a wide range of datasets, enabling new and innovative use cases.
“We are thrilled to be working with Pyth to bring novel asset data into the Injective universe. Now developers create markets with high fidelity on-chain data, bringing forth a new paradigm of cross-chain data composability,” said Injective Labs co-founder and CEO, Eric Chen.
The Pyth integration allows dApps on Injective to access never before seen assets and markets. For example, applications on Injective such as Helix could utilize Pyth to create markets for new cryptoassets or real-world assets (RWAs). This could mean that users could now access gold, FX and more in an entirely decentralized setting rooted in transparency.
The collaboration between Injective and Pyth is a significant development for Web3 finance as a whole. By enabling developers to access high-fidelity market data, Injective is taking a significant step forward in building a truly decentralized and transparent financial system. Now anyone can access not only crypto but also real world assets on-chain at the click of a button.
Pyth is a high-fidelity data oracle, enabling access to institutional grade data at unprecedented speeds. Pyth delivers real-time market data for crypto, equities, forex, and commodities to smart contracts — all sourced and aggregated from 70+ major market participants, such as Jane Street, CBOE, DRW Cumberland, Binance, OKX, and more.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native deflationary asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.