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IOTA EVM Enhances DeFi With Pyth Price Feeds

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Thu, 13/06/2024 - 7:53
IOTA EVM Enhances DeFi With Pyth Price Feeds
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The organization of Pyth Value Feeds on Particle EVM marks a huge move toward the Pyth Organization's objective to bring real-world and crypto resource cost information on-chain. Developers now have access to over 500 real-time price feeds via IOTA EVM, a layer-2 solution for the IOTA network that is fully compatible with EVM.

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On IOTA EVM, smart contract developers now have permissionless access to a wide range of cryptocurrency, commodity, equity, ETF and forex pair price data. The Pyth oracle sources this information from first-party institutional and decentralized market members.

IOTA Foundation's Head of Ecosystem Susanne Krone mentioned that integrating Pyth's oracle services is a significant step forward for the IOTA ecosystem. They expressed their delight in adding a source of accurate, real-time data, which they believe will create many new opportunities for builders using IOTA EVM. This integration is seen as a way to improve data reliability and security, providing developers with essential tools to innovate and build the future digital economy.

The distributed ledger technology of IOTA enables the secure, fee-free exchange of data and on-chain value. IOTA EVM improves these features by focusing on tokenization and real-world assets (RWAs), and providing tamper-proof data with low-resource requirements.

The Pyth Price Feeds are essential to achieving these objectives because they provide accurate price data to safeguard the exchange and transfer of RWA value. Pyth Price Feeds are already supported by a number of DeFi applications on IOTA EVM:

Deepr Things: A platform for lending and borrowing digital assets that is decentralized and operates without middlemen.

Virtue Money: A protocol that supports multiple collateral assets and allows users to mint an over-collateralized stablecoin on IOTA EVM at 0% interest rates.

IOTA is a public goods infrastructure that was established in 2015, with the goal of fostering trust in digital interactions. The "Tangle" technology of IOTA enables fast transactions and frictionless data and value transfer with low resource requirements. On the network, the native currency is the IOTA token.

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