Nikolas Sargeant
Pyth Network announced on Thursday, February 1st, that its Pyth Price Feeds have been deployed on LightLink, an Ethereum Layer 2 blockchain that lets dApps and enterprises offer users instant, gasless transactions.
According to the team, this mainnet launch means that smart contract developers in the LightLink ecosystem can permissionlessly access over 400 real-time price feeds across major asset classes to power their DeFi applications.
Furthermore, developers began integrating with Pyth Entropy on testnet during the LightLink APAC Hackathon hosted by Encode. The final winner was LightLink Roulette, a community-driven app enabling users to win prizes for picking the correct number—all powered by Pyth Entropy.
1/7 Alea iacta est – the die is cast! Excited to announce the winners of our APAC Hackathon!
— LightLink ⛓️ (@LightLinkChain) January 17, 2024
🥁 LightLink Roulette, @0xKekkai, @moveflowlabs, @Eternals_MMORPG, VeriMint, and opSyndicate are our standout projects and will be receiving prizes!
More details in the thread below 🧵 pic.twitter.com/vwhfcbGtCB
While commenting on this latest development, Roy Hui, Co-Founder and CEO of LightLink, said,
"Our mission is to seamlessly integrate millions into the digital economy through user-focused dApps and enterprise partnerships, making blockchain as intuitive and accessible as Web2, without the complexity of gas fees and protocols. We are honored to partner with Pyth Network to unlock gasless use cases for enterprises and builders across the globe.”
Random Numbers to Come Soon, Powered By Pyth
The Pyth Network explained that on-chain random number generation is important for various decentralized use cases which rely on random outcomes. Random number solutions help determine unpredictable outcomes for artistic or game-like initiatives such as NFTs, betting markets, and gaming. On-chain RNG even has practical uses in cryptography and decentralized governance.
Pyth Entropy will be deployed in the LightLink ecosystem in the future and this feature will boost its capabilities across many Web3 verticals, including prediction markets, NFTs, SocialFi, and GameFi.
The feature can ensure a fair and truly randomized NFT drop with randomized attributes across all mints. Unpredictable outcomes are also key to supporting on-chain parimutuel markets and Web3 game mechanics like lotteries and mystery boxes.
Pyth Price Feeds on LightLink
Pyth Price Feeds launching on LightLink makes it possible for high throughput DeFi capabilities for the LightLink ecosystem. Pyth Network offers a comprehensive catalog of over 400 real-time price feeds across cryptocurrencies, foreign exchange rates, commodities, ETFs, and equities.
This means that LightLink developers can freely integrate with any of these data feeds to secure their smart contract operations.
Pyth Price Feeds are built on an innovative pull oracle design, empowering LightLink users to request on-chain price updates from the Pythnet appchain only when needed. Finally, Pyth Price Feeds support a unique feature, confidence intervals, which indicate volatility and market dislocations in the form of a visual price band around the reported aggregate. The extra data obtained from this helps downstream protocols better protect their users and funds.
LightLink is an Ethereum Layer 2 blockchain that lets dApps and enterprises offer users instant, gasless transactions. Integrating optimistic rollups with its proprietary stack, LightLink potentially offers a transaction throughput more than 400 times Ethereum's, ensuring unmatched scalability and a streamlined user experience.
Meanwhile, the Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchains securely and transparently. Pyth incentivizes some of the world’s largest market participants — exchanges, market makers, and trading firms — to contribute their data to the network. Pyth aggregates their data on-chain for smart contract applications to use. These protocols can pull Pyth prices on-chain when needed.
