Horizen Labs and Pyth Network announced a partnership on Tuesday, aiming to provide decentralized Oracle (NYSE:ORCL) services for EON, Horizen's Ethereum Virtual Machine (EVM)-compatible smart contracting platform. The collaboration is expected to supply accurate and trustworthy market data on the blockchain for EON.
The partnership will incorporate Pyth Network's specialized oracle solution into EON, aiming to facilitate the expansion of its capabilities. The objective is to equip developers with necessary market data, enhancing their smart contract functionalities. This integration could potentially extend the applications of decentralized finance (DeFi), gaming, and non-fungible token (NFT) platforms.
EON, developed by Horizen Labs, is an EVM-compatible smart contracting platform that offers developers tools for building highly customizable blockchains. This flexibility includes consensus mechanisms, transaction processing speed, privacy features, and crypto-economies.
The integration of Pyth Network's decentralized oracle services will allow EON to access reliable market data, paving the way for a wide range of DeFi integrations and contributing to ecosystem growth.
Pyth Network's oracle system uses the Wormhole messaging protocol for efficient data collection and distribution with minimal latency across multiple blockchains. The availability of low latency and robust market data is vital for the development of financial products within the DeFi sector.
In addition to its partnership with Horizen Labs, Pyth Network has successfully established collaborations with other major industry players such as Binance, KuCoin, and OKX.
Marc Tillement, Director of Pyth Data Association, expressed his anticipation over the integration of the Pyth oracle and its 350 Price Feeds into Horizen EON. He noted that zk solutions have been steadily increasing in adoption over the past year.
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