Categories: DeFi

Pyth Network’s Pull Oracle has been positioned on Solana

Pyth Network’s Pull Oracle has been positioned on Solana

Pyth Network’s Pull Oracle is currently live on Solana, allowing developers on the Solana mainnet beta to interact with Pyth’s Oracle pricing. This will be accomplished by transferring price revisions related to the Pythnet app chain to the Solana domain.

Up until June 30, 2024, users can use the Pyth push oracle on Solana. The latest Pyth pull oracle, in contrast to the push oracle, improves reliability by making more pricing feeds available to customers in overcrowding situations.

The initial iteration of Pyth Network on Solana was designed as a push oracle. It is intended to collect price details from data suppliers through Solana-based transactions, resulting in an on-chain price collection. Subsequently, the oracle contributes to the on-chain price-gathering process about any backed price input to the Solana space. Therefore, the Solana protocols will be able to read the most recent updated price message for the final updated slot.

Among the many DeFi oracles available on Solana, the Pyth push Oracle is among the most coveted. Along with the full share of Solana’s total value secured (TVS), it has seized 95% of TVS.

However, the push oracle comes with certain disadvantages, such as blockage and imbalance. Added to that is the gas ineffectiveness with regards to the push oracle, which puts a ceiling on the number of price feeds that the push oracle can offer in comparison with the Pyth pull oracle on various other chains. 

To effectively address these issues, the Pyth collaborators developed a new version of the price oracle, Pythnet price feeds, which is modeled after the pull oracle creative. Within this creative, the oracle can update the on-chain price when needed.

According to the Head of Strategy at Solana Foundation, Austin Federa, oracles act as the supporting pillars for DeFi, with Pyth’s oracle network furthering it from 2021 onwards. To facilitate growth into the expanding realm of new support vector machine (SVM) networks, they have released their pull oracle on Solana, which provides developers with more flexibility and control over the way they use Oracle data.

Solana apps benefit from the Pyth pull oracle in many ways, including security, high frequency, dependability, Oracle availability for New SVM environments, historical Pyth pricing, and price feed selection.

Advertisement

The transition to the Pyth pull oracle has begun in the Solana DeFi ecosystem. The Pyth pull oracle on Solana now receives 200K pull updates daily. Names such as Kamino, Zeta Markets, and Jupiter are among the current Pyth users on Solana who are currently transitioning to the pull oracle.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.