Injective, a layer-1 blockchain, has integrated Pyth onto its mainnet, opening up numerous possibilities for decentralized applications (dApps). This integration allows dApps to access Pyth’s on-chain data for hundreds of markets spanning equities, commodities, foreign exchange pairs, and cryptocurrency. This milestone makes Injective the first IBC-enabled chain to aggregate Pyth data via Wormhole within the Cosmos IBC ecosystem.
During the testnet phase conducted by Helix, the Pyth integration facilitated the listing of several novel real-world assets (RWA) markets on-chain for the first time. These included gold, Yen, and Euro. Consequently, Helix has processed more than $9 billion in volume to date, leading the entire Cosmos derivatives market. Injective Labs CEO Eric Chen expressed excitement about the integration, emphasizing its potential to foster a new era of cross-chain data composability.
By enabling dApps built on the network to access real-world asset data, Injective’s integration with Pyth could significantly impact the DeFi space. This integration highlights the importance of blending traditional finance with decentralized offerings for the future evolution of the industry. Pyth, a first-party financial oracle network, brings real-world data on-chain with its innovative low-latency pull oracle design. Several renowned data publishers, including Binance, CBOE, Jane Street, Hudson River Trading, DRW Cumberland, and Virtu Financial, already contribute to Pyth.
Since launching its mainnet in 2021, the total value locked in Injective Protocol has skyrocketed to $20.53 million. The Cosmos-based network introduced a layer-2 testnet utilizing Solana’s Sea Level Virtual Machine (SVM) this March, paving the way for developers to port Solana Web3 apps to the Cosmos ecosystem.
Injective also announced a $150 million ecosystem initiative earlier this year, aiming to promote the adoption of interoperable infrastructure and DeFi despite a challenging market. Several prominent Web3 players have joined the consortium, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs, and IDG Capital.
While the Injective-Pyth integration undoubtedly showcases the growing synergy between traditional finance and decentralized markets in the digital age, some people might question the extent of its impact. Issues arising from discrepancies in data accuracy and the integration of real-world assets with decentralized ecosystems remain to be addressed. Nevertheless, the initiative marks a significant step towards creating a thriving environment for the blockchain future.
Source: CryptoPotato
