The Polygon (MATIC) vision of building a network of aggregated chains that seamlessly share liquidity is quickly gaining momentum. Within the past 24 hours, the network witnessed the launch of Astar zkEVM, the first CDK-powered chain to be fully integrated with the Polygon AggLayer.
Now, Astar itself has received a significant DeFi boost from a new move with Pyth Network.
Pyth Price Feeds Go Live on Astar zkEVM
Making accurate real-time data accessible to its users, Pyth Network announced that its price feeds were available on Astar zkEVM on Tuesday, March 5.
Oracles or price feeds like the one offered by Pyth Network allow on-chain applications to access real-world or off-chain data, ideally in a downtime, flash crash, and flash loan resilient manner. Pyth Network tries to achieve this through a decentralized network of 100 data providers.
With the Astar zkEVM integration, developers claim that project builders can now access “over 450 low-latency price feeds” for assets ranging from equities, commodities, foreign exchange pairs, and cryptocurrencies.
Speaking on the development, Head of Astar Foundation Maarten Henskens asserted that the Pyth Price Feeds integration would unlock new possibilities for developers on the network.
"We are excited about integrating Pyth Network suite of permissionless price feeds on Astar zkEVM. The integration and partnership marks an exciting development for all the builders using Astar zkEVM Testnet (zKatana) and unlocks many new use cases in our ecosystem."
Other firms and projects building on Astar zkEVM include Deloitte, Japanese Airlines, and PACKs.
On the Flipside
Pyth Network faces competition from industry leaders like Chainlink. Despite the excitement surrounding the Astar zkEVM launch, CoinMarketCap data shows that MATIC is down 6% in the past 24 hours, primarily influenced by Bitcoin‘s price correction.
Why This Matters
Secure price feeds are necessary to make DeFi protocols more reliable and resilient to attacks. Pyth Network Price Feeds going live on Astar encourages more projects to build on the network while bolstering user confidence.
Source : DailyCoin by Okoya David / Mar 6, 2024