Pyth Price Feeds Officially Launches on Xion, Empowering Developers

Today marks the debut of Pyth Price Feeds on Xion, the first blockchain designed specifically for consumer adoption by providing seamless user experiences for everyday consumers via crypto abstraction. Xion-based smart contract developers now have access to more than 500 real-time price feeds for both digital and conventional asset types.

In order to let developers to use Pyth’s dependable, high-quality data to create the next wave of decentralized consumer apps that spur widespread adoption, this alliance oversees the Pyth oracle’s deployment on Xion. A detailed look at this strategic alliance may be seen below in this blog post.

Burnt Banksy, core contributor at XION stated:

“The integration with Pyth’s industry-leading oracle will empower developers with high-frequency data feeds to build the next-generation of consumer applications.”

Pyth Data and Xion

XION is a layer one blockchain that uses crypto abstraction to facilitate widespread adoption on a global scale. By abstracting the intricacies of blockchain technology across many dimensions, including as accounts, signatures, gas fees, interoperability, pricing, devices, and payments, it makes user interactions simpler. This makes it possible to develop cutting-edge Web3 initiatives that want to introduce decentralized technology to a worldwide audience.

Applications running on Xion will be able to “pull” or request permissionless price updates from the Pythnet appchain whenever necessary thanks to the Pyth pull oracle. Downstream users in the Xion ecosystem will always have reliable access to high-frequency market data and the most recent price updates because of Pyth’s pull architecture’s gas-efficient design.

Developers using XION now have more opportunities to build innovative consumer-facing apps thanks to its integration with Pyth. Developers can ensure that their apps always get the most recent and correct information, avoiding latency and price disparities, by using Pyth’s permissionless access to off-chain data. This makes it possible to develop apps that are more dependable and responsive and that can respond instantly to changes in the market. With Pyth’s extensive data products and XION’s Generalized Abstraction capabilities, developers may work towards a future where Web3 is available to everybody.

Please check out Xion’s docs or website for further details. Pyth is presently accessible via Hermes Stable’s Pyth Stable price sources on Xion. The contract address and testnet profile are available here.

Xion

For consumer adoption via crypto abstraction, XION is the first layer 1 blockchain designed with that goal in mind. By using Generalized Abstraction to abstract away Web3’s inherent difficulties, it seeks to make Web3 easy to use for all users. XION facilitates safe, user-friendly, and seamless interactions by using protocol-level solutions pertaining to abstracted accounts, signatures, fees, interoperability, and more. Over $30M has been funded for the project by prominent companies including Animoca, Circle, Multicoin, and others.

Pyth

The biggest first-party financial oracle solution, Pyth Network securely and transparently provides real-time market data to over 55 blockchains. More than 500 real-time price feeds covering the main asset classes—digital assets, stocks, ETFs, FX, and commodities—are supported by Pyth.

Some of the biggest market makers, exchanges, and financial services companies in the world are part of the network; they supply their exclusive pricing data on-chain for smart contract applications to aggregate and distribute. Apps may “pull” the most recent pricing onto their native chain whenever needed because of the Pyth Network’s creative pull oracle design.

With the introduction of its cross-chain pull oracle, the network has secured total value of over $2.0 billion in less than a year. More than 350 on-chain and off-chain apps have made use of the Pyth Network, and the trade volume has surpassed $400 billion. Pyth’s documentation and website both provide further information.

See the docs and website for further details on Pyth.

What Comes Next?

We are excited to work with your team to develop Web3’s future on Xion. Please don’t hesitate to reach out for any questions.

Here, developers may see the complete catalog of price feeds that are now accessible as well as learn which price feeds are upcoming. You may ask in the Discord channel for a new price feed if you would like one.