Solana’s DeFi Ecosystem Gets Boost with Pyth Network’s Pull Oracle

• Pyth’s pull oracle boosts Solana DeFi reliability and data frequency, enhancing transaction efficiency.
• New pull oracle supports 500+ price feeds, providing Solana protocols with broader, efficient data access.
• Pyth’s dual oracle system ensures a smooth transition, offering improved reliability and security for Solana users.

Pyth Network has launched its pull oracle on the Solana blockchain. This innovative technology promises to reshape how developers access and utilize data on the blockchain, enhancing reliability, speed, and security for a wide range of applications.

The Pyth pull oracle lists several advantages over its predecessor, the push oracle. The first is increased reliability as users can integrate price updates into their transactions, ensuring they always pass through. Moreover, this method overcomes the congestion issues that have previously hampered the “push” oracle.

Additionally, the new oracle boasts a higher frequency of updates. Consequently, Solana users gain access to real-time price data even during high-traffic periods. This feature is crucial for timely DeFi transactions, which are often sensitive to price fluctuations.

Another key benefit is the expanded selection of price feeds. The Pyth pull oracle offers over 500 feeds, an increase from the push version. This expansion is made possible by the system’s enhanced gas efficiency. Hence, Solana protocols can now access a broader range of data, supporting more diverse applications.

Moreover, the pull oracle provides access to historical price data. Solana developers can use this feature for various critical tasks, such as backfilling transactions to ensure accurate settlements. This capability also helps in preventing potential frontrunning, thus enhancing security.

The pull oracle’s deployment also supports new SVM environments. As the blockchain landscape evolves, the demand for adaptable oracles keeps evolving. Pyth’s pull oracle caters to this need by ensuring scalability across different blockchain infrastructures.

Furthermore, the security features have been robustly enhanced. The Pythnet appchain, which hosts the pull oracle, utilizes data from twice as many providers per feed compared to the push oracle, ensuring more reliable and secure data outputs.

The Pyth pull oracle remains available alongside the push oracle until June 30, 2024. This transition period allows users to adapt smoothly to the new system. Besides, it underscores Solana’s commitment to providing versatile and reliable blockchain solutions.