Injective, a layer 1 blockchain, has integrated Pyth with the Injective mainnet, allowing decentralized applications (dApps) to access on-chain data for markets including equities, commodities, foreign exchange pairs, and crypto. This makes Injective the first IBC-enabled chain to aggregate Pyth data via Wormhole in the Cosmos IBC ecosystem. Helix’s testnet phase has already utilized the Pyth integration, resulting in over $9 billion in volume to date, the highest in the entire Cosmos derivatives market. This move is expected to be hugely impactful within DeFi as the industry continues to evolve.
Injective Pyth Integration
Helix was able to list several real-world asset markets on-chain for the first time, like gold, Yen, and Euro, thanks to the Pyth integration. Injective Labs co-founder and CEO, Eric Chen said, “Now developers create markets with high fidelity on-chain data, bringing forth a new paradigm of cross-chain data composability.”
Pyth is a first-party financial oracle network that publishes continuous real-world data on-chain with a low-latency pull oracle design. Binance, CBOE, Jane Street, Hudson River Trading, DRW Cumberland, and Virtu Financial are some of Pyth’s prominent data publishers.
Injective So Far
Since launching its mainnet in 2021, Injective Protocol’s total value locked has surged to $20.53 million. The Cosmos-based network released a layer-2 testnet that utilizes Solana’s Sea Level Virtual Machine (SVM) in March. The platform also announced a $150 million ecosystem initiative earlier this year. Several prominent Web3 players, including Pantera Capital, Kraken Ventures, and IDG Capital, among others, joined the consortium.