The Pyth Network Launches Pull Oracle on Solana
The Pyth Network, a real-time market data platform, has recently introduced its Pull Oracle on Solana, as revealed in the latest updates shared on June 17. This launch represents a significant step forward for developers operating on the Solana mainnet-beta, enabling them to access Pyth’s oracle prices by requesting updates from the Pythnet appchain.
Overcoming the Limitations of the Push Oracle
The initial version of the Pyth Network on Solana utilized a push oracle design, where price inputs were received from data providers via Solana transactions, aggregated on-chain, and then pushed updated prices to the Solana ecosystem every 400ms. While the push oracle gained popularity in the Solana decentralized finance (DeFi) space, it faced challenges during high volatility and congestion.
- The Pyth push oracle had limitations during high volatility and congestion in Solana.
- Developers introduced a new pull oracle to address these challenges, known as Pythnet Price Feeds.
- The pull oracle only updates on-chain prices when specifically requested, enhancing reliability.
The Benefits of the Pull Oracle
- In a push oracle system, every price update must be pushed on-chain, creating competition for bandwidth with other transactions.
- The pull oracle design allows users to include price updates in their transactions, ensuring they are prioritized during crucial periods.
- Pythnet offers a higher price update frequency compared to Solana mainnet-beta during congestion.
- Developers can now access Pyth Benchmarks for querying historical prices, essential for accurate settlement and preventing frontrunning.
- The Pythnet appchain supports more data providers per feed compared to the push oracle on Solana, enhancing reliability and security.
Oracle Support in New Solana Virtual Machine Environments
- The introduction of the pull oracle sets the stage for oracle support in emerging Solana Virtual Machine environments.
- Pyth Network’s scalability enables data transmission cross-chain to new SVM instances, whether private or permissioned.
- The Solana DeFi ecosystem is embracing the Pyth pull oracle, receiving 200,000 pull updates daily.
- Key users such as Kamino, Jupiter, Zeta Markets, and others benefit from improved performance, reliability, and security provided by the new Pyth pull oracle.
Hot Take: The Future of Pyth Network on Solana
The introduction of the Pull Oracle by the Pyth Network on Solana marks a significant milestone in the evolution of decentralized finance on the Solana blockchain. This innovative approach addresses the limitations of the push oracle design, offering developers enhanced reliability, performance, and security. As Solana continues to grow as a prominent blockchain platform, the adoption of the Pyth pull oracle by key players in the DeFi ecosystem signals a promising future for decentralized finance on Solana.
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