Pyth Mainnet Launches on Injective

May 16, 2023

Injective dApps can now access any of Pyth’s on-chain data for 200+ markets spanning equities, commodities, foreign exchange pairs and crypto. This integration is a first for the Cosmos IBC ecosystem, as Injective will become the only IBC-enabled chain to aggregate Pyth data via Wormhole. By integrating Pyth, Injective has achieved a major milestone. “We are thrilled to have Pyth bring novel asset data into the Injective universe,” said Eric Chen, co-founder and CEO of Injective Labs. The Pyth integration marks the latest milestone in the Injective journey to revolutionize the current financial system.

Pyth is officially live on the Injective mainnet! Injective dApps can now access any of Pyth’s on-chain data for 200+ markets spanning equities, commodities, foreign exchange pairs and crypto.

This integration is a first for the Cosmos IBC ecosystem, as Injective will become the only IBC-enabled chain to aggregate Pyth data via Wormhole.

What is Pyth?

Pyth is an oracle network that publishes continuous real-world data on-chain through an innovative low-latency pull oracle design. With this feature, dApps on Injective can easily access available prices on-chain whenever needed, making it possible for everyone in the blockchain environment to access real world asset data.

In less than a year, Pyth has secured more than $2B in total value with nearly a million client downloads. Some prominent data publishers to Pyth include institutions such Jane Street, CBOE, Hudson River Trading, DRW Cumberland, Binance, Virtu Financial, and more.

How does this impact the Injective community?

By integrating Pyth, Injective has achieved a major milestone. With more than 200 markets that include equities, commodities, and foreign exchange pairs, Injective dApps can now offer additional use cases and opportunities for its users with access to on-chain data.

This integration has already been utilized during the testnet phase by Helix, the premier exchange built on Injective. By integrating with Pyth, Helix was able to list a number of novel real world asset (RWA) markets on-chain for the first time, such as gold, Yen and Euro.

“Injective is one of the most successful blockchains within the Cosmos ecosystem 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.”

As the finance industry continues to evolve, it is essential to merge traditional finance with decentralized finance, and this integration is a significant step in creating a thriving environment for the future.

As a part of the launch, Pyth also released its INJ/USD price feed, which is now available across more than 20 blockchain networks.

“We are thrilled to have Pyth bring novel asset data into the Injective universe,” said Eric Chen, co-founder and CEO of Injective Labs. “Now developers create markets with high fidelity on-chain data, bringing forth a new paradigm of cross-chain data composability.”

Injective has rapidly grown its network to date with a number of major integrations. In recent months, it also released the Cascade testnet, the first Solana SVM rollup while also seeing Tencent Cloud bring more tooling to builders on Injective. The Pyth integration marks the latest milestone in the Injective journey to revolutionize the current financial system.

About Pyth

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.

About Injective

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 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.

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The source of this news is from Injective

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