Pyth Price Feeds Go Live, Powering Mainstream DeFi on LightLink

Key takeaways:

• Pyth Network has launched over 400 real-time, institutional-grade price feeds on LightLink, an Ethereum Layer 2 optimized for mainstream DeFi adoption via gasless transactions.

• The availability of Pyth’s comprehensive data feeds unlocks a variety of lending, trading, insurance, and other financial use cases for developers building on LightLink.
• Pyth’s uniquely designed price feeds allow optimized gas costs on LightLink using a pull-based data retrieval method, saving costs for end users. 
• At the LightLink APAC Hackathon, projects integrated Pyth Entropy for random number generation to build innovative solutions spanning prediction markets, NFTs, gambling, and other applications relying on verifiable randomness.

Pyth Network has integrated its real-time price feeds solution on LightLink, an Ethereum Layer 2 blockchain enabling gasless transactions. Over 400 Pyth feeds providing live data on key asset classes are now accessible for DeFi developers building on LightLink.

This opens up new opportunities for lending, trading, insurance, and more financial use cases that rely on high-quality real-time data. The easy availability of Pyth’s institutional-grade feeds unlocks innovations in DeFi on LightLink.

“We’re thrilled to collaborate with Pyth Network to provide builders with access to critical price infrastructure to power gasless DeFi apps for mainstream audiences,” said Roy Hui, Co-Founder and CEO of LightLink.

Pyth’s uniquely designed price feeds optimize throughput on LightLink via pull-based data retrieval, allowing developers to minimize gas costs. The feeds also indicate volatility to flag anomalies.

Update on Pyth Entropy integration

Pyth Entropy, the network’s on-chain random number generator, was scheduled for deployment on LightLink mainnet. However, the launch has been postponed due to an unexpected technical roadblock until the issue is resolved.

Projects participating in the recent LightLink APAC Hackathon did integrate a test version of Entropy on testnet. The hackathon provided a glimpse into innovative applications of Entropy’s randomness capabilities for sectors like NFTs, prediction markets, and gaming.

While the mainnet integration of Entropy is on hold for now, hundreds of Pyth’s institutional-grade price feeds are already available on LightLink, primed to accelerate mainstream DeFi adoption.

LightLink APAC Hackathon Showcases Innovations

Ahead of the mainnet launch, projects participating in the LightLink APAC Hackathon leveraged a test version of Pyth Entropy, the network’s on-chain random number generator, to develop innovative proofs-of-concept on the LightLink testnet blockchain.

2/7 LightLink Roulette is a community-driven gambling app using @PythNetwork‘s Entropy RNG and our Enterprise Mode for enhanced fairness and easy onboarding.

? $2000 for LightLink Roulette!

— LightLink ⛓️ (@LightLinkChain) January 17, 2024

The winning entry, LightLink Roulette, incorporated Entropy to allow community members to bet on predicting numbers to get prizes. The project provided early validation of Entropy’s capabilities in introducing verifiable randomness for prediction markets and gambling.

Entropy is poised to find integrations in NFTs, gaming, cryptography, and other verticals relying on unpredictability after its upcoming mainnet launch. The LightLink hackathon offered a glimpse into future adoption driving mainstream engagement.

Other participants also tapped into Entropy’s secure source of randomness for use cases spanning decentralized lottery, order book shuffling for AMMs, and randomized NFT artwork.

The enthusiasm witnessed at the hackathon signals strong developer interest in building solutions harnessing the combined capabilities unlocked by the integration of Pyth and LightLink. With the price feeds live now, DeFi innovators have access to a robust stack for gasless innovations targeting end users.

The positive news had a positive effect on the price of Pyth Network – the blockchain’s native token, PYTH, gained +6.40% in the last 24 hours. The token is now up over +31% in the past month.