Today we would like to highlight our strategic partnership with Oracle provider Pyth Network.
Why Pyth Network?
Pyth Network is a new oracle solution that sources high quality real word financial data, from major institutions like Virtu, IEX, GTS, FTX…, and provides smart contracts, from various blockchains (Solana, Ethereum and Terra), high fidelity market feeds to build/design their product.
Being built on top of Solana Pyth allows sub-second price feed updates and due to its partnerships with global data providers it will feature real world market data in equities, bonds, FX, futures, and commodities.
Pyths oracle solution is critical for Everlend and the safety of our users. It’s priority is to create alternative, reliable, and decentralized sources of high quality composite market data.
How will Everlend leverage Pyths oracle solution?
Thanks to Wormhole, Everlend will have the ability to add assets from other chains like Ethereum, which will make it easier to attract newcomers and investors from other blockchains. At launch Everlend will support several Solana native assets and a couple of wrapped native Ethereum assets. Our smart contracts for each one will be secured by customized price feeds powered by Pyth Network.
When faced with significant price instabilities, Pyths multiple sources, specific aggregation method and confidence value will enable our protocol to better apprehend and operate during highly volatile periods.
Our team is very proud to be working alongside with Pyth Network and their oracle solution will be essential to our DeFi platform to securely execute smart contracts and maintain price accuracy.