Pyth Price Feeds Go Live on Polygon zkEVM
We’re excited to announce that Pyth Price Feeds are now available on Polygon zkEVM, a zk-rollup with source code available and providing complete EVM opcode equivalence for a frictionless user experience and the security of Ethereum. Pyth Price Feeds are already empowering applications like 0VIX Protocol, the first borrow-lending protocol live on the Polygon zkEVM Mainnet.
We look forward to supporting the Polygon DeFi community and helping grow the broader Polygon ecosystem by unlocking once-inaccessible financial data for builders. Developers on Polygon zkEVM can now access Pyth’s 200+ price feeds for equities, commodities, foreign exchange pairs, and cryptocurrency! Our integration with Polygon zkEVM is made possible thanks to Wormhole and many leading Polygon contributors.
“Zero-knowledge based chains are among the most exciting and innovating recent solutions to hit the market, which is one of the reasons why making Pyth data available there is important,” said Mike Cahill, a Director of the Pyth Data Association. “We’re excited to continue making Pyth data available everywhere, and specifically the Polygon ecosystem as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth.”
Pyth on Polygon zkEVM
The Pyth network introduces an innovative On-Demand Price Update Model, where users are empowered to “pull” available prices on-chain when needed and enable everyone in that blockchain environment to utilize that updated price.
Pyth data on Polygon zkEVM is already powering 0VIX Protocol, the first borrow-lending protocol live on mainnet!
By integrating with Pyth’s low-latency price feeds, borrow-lending protocols can benefit from Pyth data to increase the loan-to-value of the collateral accepted or leverage Pyth’s confidence intervals to value assets more conservatively. Similarly, DEXs can offer lower fees to users, as they are less likely to receive toxic trading flow from using a stalled oracle. Thanks to Pyth’s permissionless nature, DEXs can also support more crypto assets and cover new asset classes.
For more information about using Pyth data on Polygon zkEVM, check out our documentation.
Polygon zkEVM
A ZK-rollup is a layer 2 construction on top of Ethereum that solves the scalability problem through mass transfer processing rolled into a single transaction. The “zero-knowledge proof” (ZK) technology is used to present and publicly record the validity and correctness of the rolled transfers processed on the Ethereum blockchain. By storing just the proof and the compressed data of a batch of transfers, the efficiency and the throughput of the network is multiplied.
Polygon zkEVM is a zero-knowledge (ZK) scaling solution that’s fully compatible with Ethereum: all existing smart contracts, developer tools, and wallets work seamlessly. The zkEVM harnesses the power of ZK proofs to reduce transaction cost and massively increase throughput, all while inheriting the security of Ethereum L1.
Since its launch in 2022, Polygon zkEVM has seen more than 84,000 wallets created, 5,000 smart contracts deployed, and produced more than 300,000 blocks to date. Lastly, the Polygon zkEVM is planned to launch its mainnet solution on March 27, 2023.
For more information, please visit Polygon’s website.
Pyth
The Pyth network is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment.
The network incentivizes market participants — exchanges, market makers, and financial services providers — to share directly on-chain the price data collected as part of their existing operations. The network continuously aggregates this first-party price data and makes it available to either on- or off-chain applications through a price service API. Users of Pyth Data can then permissionlessly update the prices on-chain whenever needed.
In less than a year, the network secured more than $2.0B in total value. Pyth has supported more than $40B in total trading volume, with over 800K client downloads from passionate developers looking to use Pyth data.
Pyth currently supports 200+ price feeds across crypto, equities, FX, and commodities, with multiple price updates per second. Upcoming feeds include additional ERC tokens.
More details are available on our website, whitepaper, docs, and wiki.
What’s next?
We look forward to building the future of finance together! Check out the resources below to get started. If you have any questions, please reach out.
Now that Pyth has officially joined the Polygon community, you will soon see many more ERC tokens supported on the network as well as Polygon applications leveraging Pyth data. You can find our price feeds on our website and discover which price feeds are in the pipeline. If you would like to request a new price feed, please let us know in our Discord.
Resources
We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, follow us on Twitter, and be the first to hear about what’s new in the Pyth ecosystem through our newsletter. You can also learn more about Pyth here.
