Pyth Launches Price Oracles on ShimmerEVM Testnet

Enabling Price Feeds for Smart Contracts

TL;DR:
A critical piece of infrastructure is coming to ShimmerEVM. Pyth Network, an oracle provider for low-latency price feeds of over 200 assets has deployed on the ShimmerEVM testnet. This enables projects on Shimmer to pull real-time price data onto the EVM, which is crucial for lending protocols, derivatives platforms, and much more! To bootstrap the ecosystem, the Tangle Ecosystem Association (TEA) will set up its own “price pushers” for six different assets, bringing prices on-chain that any application can reference and utilize for free. TEA will provide its price-pushing service for a limited period, variable upon network demand.

We are pleased to announce that Pyth Network has deployed its oracles contracts on the ShimmerEVM testnet! Oracles are a key piece of infrastructure in distributed ledger technology (DLT) that helps bring trusted real-world (or “off-chain”) data onto the network for use in smart contracts.

The Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchains in a secure and transparent manner. Pyth currently supports over 200 price feeds across crypto, equities, FX, and commodities, with multiple price updates per second. Upcoming feeds include additional ERC tokens.

Through this integration, the Shimmer ecosystem will have access to price feeds that are necessary for on-chain lending protocols, derivatives exchanges, and more. Ecosystem projects can reference the price feeds at any time and “push” them on-chain for use in smart contracts.

Community projects can additionally reference any Pyth Network data feed in their application with on-demand updates or by setting up their own price pusher.

This is a major milestone in the growth of Shimmer and we are excited for builders and developers to leverage Pyth to build novel smart contract infrastructure and applications.