- ShimmerEVM has onboarded the Pyth Network oracle services to enhance its infrastructure.
- Developers can now tap the oracle to create new advanced DApps to help fuel the evolution of IOTA.
The IOTA ShimmerEVM protocol is embracing a lot of new innovations on its recently launched testnet with the latest addition being the launch of functional price oracles from the Pyth Network. As contained in the blog post published by the ShimmerEVM protocol, the new integration will now enable developers to pull real-time price data onto the Ethereum Virtual Machine layer.
A critical piece of infrastructure is coming to #Shimmer EVM🔥! @PythNetwork launched price Oracles on the Shimmer EVM Testnet. Projects on Shimmer can now pull real-time price data onto the EVM.
Read all about it: https://t.co/LJOTfEIKr1 pic.twitter.com/eOXENLjrnZ— Shimmer (@shimmernet) April 18, 2023
Oracles are essential in building a very functional blockchain and smart contract system in today’s Web 3.0 world. With a direct bridge to both on-chain and off-chain data, Decentralized Applications can be designed to offer more tailor-made solutions for users across the board.
The launch of the oracle services by the Pyth Network will further help prepare Shimmer and the IOTA protocol for the billion-dollar industry that it is looking to carve out a niche for itself.
“Through this integration, the Shimmer ecosystem will have access to price feeds that are necessary for on-chain lending protocols, derivatives exchanges, and more. Ecosystem projects can reference the price feeds at any time and “push” them on-chain for use in smart contracts,” the announcement reads, adding that;
Community projects can additionally reference any Pyth Network data feed in their application with on-demand updates or by setting up their own price pusher.
Pyth Network has been growing sporadically since its inception and it is undoubtedly growing to become a formidable oracle service provider to multiple blockchain protocols. Its versatility is best showcased in that it “currently supports over 200 price feeds across crypto, equities, FX, and commodities, with multiple price updates per second. Upcoming feeds include additional ERC tokens.”
The deployment of the Pyth Network oracle price feeds on Shimmer is a testament to how ready the IOTA-based protocol is poised to support the onboarding of the next billion people into Web 3.0.
Is the IOTA Shimmer Protocol ready?
While still in the testnet mode, the ShimmerEVM protocol is experiencing all of the infrastructural provisions it deemed necessary to evolve as the one true Distributed Ledger Technology (DLT) with the right scalability for massive enterprise adoption.
With its technology and allowances which have helped in classifying it as a canary chain for the IOTA protocol, Shimmer will play an important role in defining and refining how the IOTA protocol evolves in the long term.
The integration of Oracle services like the Pyth Network is one of the ways to solidify these goals and with the provisions secured, more applications may begin making their way to Shimmer. Their successes on the Shimmer protocol are also a guaranteed testament that they can work on IOTA.
With this realistic disposition, the evolution of IOTA is currently hinged on Shimmer, and that of Shimmer is bound to be aided by the Pyth Network’s oracle service.
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