IOTA EVM integrates Pyth network oracles for DeFi reliability

• The IOTA Foundation has integrated Pyth Network’s Oracle services into its Ethereum Virtual Machine (EVM), improving data accuracy and security for dApps.
• Pyth Network, trusted by over 300 applications and 50 blockchains, provides low-latency price feeds for over 500 assets, making it a key player in the DeFi space.

In the latest development, the IOTA Foundation announced that Pyth Network has deployed its Oracle services on IOTA’s Ethereum Virtual Machine (EVM). Oracles are essential for putting trusted real-world data on-chain, making it accessible for use in smart contracts.

Pyth Network, a proprietary Oracle network, aims to provide transparent solutions for decentralized exchanges (DEX), lending protocols and derivatives platforms. Trusted by over 300 applications and 50 blockchains, Pyth Network also ensures data availability with price updates multiple times per second.

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With this integration, the IOTA ecosystem benefits from a robust infrastructure that improves data accuracy and security, vital for a thriving DeFi ecosystem. This partnership provides developers with tools to create innovative financial products and services, including sophisticated trading algorithms and comprehensive lending platforms.

Additionally, Pyth Network offers accurate, reliable and secure data feeds for over 500 assets, positioning it as a leading solution for DeFi projects and innovators. This the integration marks an important milestone for IOTA, fostering a successful ecosystem and inviting manufacturers to leverage the capabilities of the IOTA EVM to develop the digital economy of the future.

Launch of IOTA EVM and other major integrations

Earlier this month, on June 4, the IOTA Foundation officially launched its EVM mainnet. Recent infrastructure upgrades and new tools are poised to improve the functionality and adoption of IOTA EVM. The IOTA EVM also introduces several advanced features, including smart contracts, cross-chain functionality, parallel processing, and enhanced security against MEV attacks, such as reported by Crypto News Flash.

In a significant step forward for blockchain interoperability, IOTA has integrated the LayerZero cross-chain messaging protocol with its Ethereum Virtual Machine (EVM). Additionally, LayerZero, renowned for enabling seamless communication across various blockchain networks, has now extended its messaging infrastructure to IOTA EVM, following its successful integration with the Shimmer network in late 2023. This integration introduces LayerZero’s immutable V2 endpoint on IOTA EVM, thus enabling developers to create omnichain applications, according to the Crypto News Flash Report.

In his recent interview with Crypto News Flash, IOTA founder Dominik Schiener highlighted IOTA’s strategic focus on real-world asset (RWA) tokenization, with the aim of digitizing billions of assets within its ecosystem. Schiener highlighted IOTA’s innovative use of Directed Acyclic Graph (DAG) technology, which sets it apart from other cryptocurrencies and facilitates seamless collaboration with various global entities.

After some quick gains following favorable US CPI data, IOTA lost steam again, falling below $0.20.

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