The Osmosis community is excited to announce that Osmosis, the Interchain Liquidity Layer of the Cosmos, has successfully integrated Pyth’s low-latency pull oracles. This integration marks a major achievement for the Osmosis community and the broader Cosmos DeFi ecosystem.
Through the deployment of the Pyth smart contract on Osmosis following a governance proposal with an overwhelming 86.4% community support, builders on Osmosis can now leverage over 200 price feeds for equities, commodities, foreign exchange pairs, and digital assets. This integration unlocks valuable financial market data that was previously inaccessible, providing enhanced opportunities for builders and fostering further growth within our ecosystem.
The Osmosis community is excited to announce that Osmosis, the Interchain Liquidity Layer of the Cosmos, has successfully integrated Pyth’s low-latency pull oracles. This integration marks a major achievement for the Osmosis community and the broader Cosmos DeFi ecosystem.
Through the deployment of the Pyth smart contract on Osmosis following a governance proposal with an overwhelming 86.4% community support, builders on Osmosis can now leverage over 200 price feeds for equities, commodities, foreign exchange pairs, and digital assets. This integration unlocks valuable financial market data that was previously inaccessible, providing enhanced opportunities for builders and fostering further growth within our ecosystem.
Pyth on Osmosis
Pyth’s innovative low-latency pull oracle design brings a new level of accessibility to users on Osmosis. Where historically, Osmosis has leveraged TWAP to price assets, the introduction of Pyth brings with it the ability to “pull” price updates on-chain as needed, and market participants can easily access a variety of data points. Builders on Osmosis now have seamless access to Pyth’s extensive selection of over 200 price feeds across various asset classes, including equities, commodities, foreign exchange pairs, and cryptocurrencies.
Prior to Pyth, Osmosis had implemented both arithmetic and geometric TWAPs to offer protocols building on Osmosis pricing mechanisms that suited them best. The integration of Pyth’s price feeds on Osmosis paves the way for exciting opportunities within the broader Osmosis ecosystem.
Notably, prominent platforms such as Mars Protocol, Levana, and Margined Protocol are in discussions to migrate to Pyth for their asset price sources. By leveraging Pyth’s reliable data, these platforms can expand their range of listed assets, attract liquidity, and stimulate the growth of their respective ecosystems. This collaboration sets the stage for enhanced functionality and potential synergies among the different projects within the Cosmos ecosystem.
The ability to source and maintain quality price data for assets is a significant challenge for developing money markets and credit protocols. By leveraging Pyth’s sophisticated metrics, Mars Protocol and other platforms can mitigate potential risks and attract a wider range of assets as collateral. This collaboration between Pyth and the Cosmos ecosystem is poised to foster growth and innovation.
Pyth
The Pyth network is a first-party financial oracle network that securely and transparently provides low-latency real-world data to multiple blockchains. Pyth incentivizes major institutional market participants to share their proprietary price data on-chain, aggregating this data for use by smart contract applications. Its on-demand or “pull-based” Oracle design enables applications to pull Pyth prices onto their native blockchains when needed.
Pyth has quickly gained traction, securing over $2.0 billion in total value and facilitating more than $40 billion in trading volume. With over 800,000 client downloads, Pyth has attracted passionate developers eager to utilize its real-time price feeds across various asset classes, including crypto, equities, foreign exchange, and commodities.
You can learn more about Pyth from their website and documentation.