Pyth Network is Available in Neon to Unlock HiFi Price Feeds for EVM Developers on Solana
We are thrilled to announce that the Pyth network is now available to all protocols using Neon‘s EVM. This implementation empowers any Ethereum applications deployed on Solana via Neon EVM to access Pyth network’s high fidelity price feeds and to power their protocols.
Neon EVM is a tool that allows Ethereum-like transactions to be processed on Solana, taking full advantage of the functionality native to Solana, including the ability to execute transactions in parallel. As such, Neon EVM allows dApps to operate with the low gas fees, high transaction speeds, and high throughput made possible by Solana, as well as access to the growing Solana market. Many prominent protocols like Aave and SushiSwap have announced that they will port their protocols to Solana via Neon. You can read more about Neon Labs here.
Pyth is a next-generation oracle specially designed to publish high-fidelity financial market data at sub-second latency onto the Solana blockchain and to republish that data onto other blockchains via Wormhole. The Pyth network will be a decentralized, blockchain-based marketplace for aggregated data.
Data owners will be able to contribute their data to the Pyth network and earn rewards for their data provision, while consumers of data will be able to access aggregated market data directly from a blockchain and consume it from their on-chain or off-chain application.
The Pyth network has already gathered more than 40 prominent financial institutions as data publishers for various asset classes. Pyth price feeds have been available on the Solana mainnet since August 2021. Leading Solana dApps have integrated with Pyth network, including Mango Markets, Drift, Bonfida, Synthetify, Solend, Port Finance, Jet Protocol and Project Larix.
What does this implementation mean?
Ethereum dApps choosing to deploy on Solana via the Neon EVM can easily retrieve HiFi price feeds from Pyth to power their protocols.
EVM developers can look forward to more than just pricing data: Pyth is a new type of oracle that also provides a confidence interval value alongside price data. The confidence interval specifies how much precision or uncertainty there is in a single observation, enabling developers to customize their protocol’s handling of incoming pricing data for safer and more precise operations. Be sure to check out both our blog post on confidence and the Best Practices guide.
We released two interfaces in the pyth-neon GitHub repo for reading Pyth data via Neon EVM. The Pyth Native Interface provides access to all the Pyth-specific features, including confidence intervals. The second interface is designed to be familiar to EVM developers and replicates the Chainlink Data Feeds API — excluding the historical API. While the second interface provides an instant solution for EVM dApps to retrieve HiFi off-chain data, we strongly recommend builders to leverage the Pyth Native Interface. Implementing the Pyth confidence interval can further protect your users from unusual market conditions and deliver a more refined product: Zeta Markets’ Options Settlement design is a prime example.
Some kind words from supporters and network participants:
“dApps have long been seeking a high-quality oracle like Pyth to consume data sources necessary to function and this partnership gives them just that,” said Andrey Falaleev, Chief Technology Officer of Neon Labs. “We are excited to deliver a data oracle solution to developers, and one that is easy and quick for them to use.”
“This partnership is a highlight in our coming deployment on Solana with Neon. We look forward to strengthen the reliability of our products with high quality and tamper-proof price feeds from Pyth,” said Marco Qiu, BD of YIN Finance.
“This integration is a huge step for Ethereum and Solana interoperability,” said Sidney Powell, Co- founder of Maple Finance. “Data oracles like the Pyth network serve as the connection between blockchains and the data sources necessary for dApps like us.”
“Neon is bridging the divide between two leading blockchains,” said Mike Cahill, Director of the Pyth Data Association. “We look forward to working with them as their first oracle integration to increase access of Pyth data to dApps while offering them a seamless user experience in the process.”
BUIDL! If you are a protocol team looking to deploy your code on Neon EVM, feel free to reach out to Pyth via our Discord or Telegram. We are always more than happy to help your team integrate with a HiFi next-gen oracle network that will supercharge what you’re building.
See you soon on Solana, where DeFi participants can now interact with their preferred EVM native app for a fraction of a cent!
Pyth Docs: https://docs.pyth.network/
NeonLabs Docs: https://docs.neon-labs.org/
Pyth Neon Docs: https://github.com/pyth-network/pyth-neon
Learn more about what the Pyth network and Neon Labs are working on together here: Neon Labs Integrates with the Pyth Network to Unlock HiFi Price Feeds for Developers | Business Wire