Announcing Pyth Network as an Oracle Provider for Mantis

Pyth Network is the newest partner that will be working with Mantis. Pyth is an oracle for blockchain market data. We will use Pyth’s oracle to provide real-time market data to Mantis, ensuring the most up-to-date prices and information on our framework. Keep reading to find out more about Pyth and how Mantis leverages their oracle.

Oracles are critical for crypto transactions as they ensure that asset prices are up-to-date and accurate. As a result, users will receive fair trades based on the current market conditions. Mantis is opting to implement Pyth as an oracle provider for its chain-agnostic intent settlement framework, given Pyth’s strong reputation for providing real-time data on many asset types. Moreover, Pyth has a specific oracle implementation for Solana, enabling the seamless integration of this oracle into the Mantis Solana-based rollup.

Pyth Network is a leading oracle provider, delivering real-time data for not only cryptocurrencies but also equities, foreign exchange, and commodities. They are able to provide data to over 55 blockchains, with nearly 100 major market participants (including leading financial institutions like Jane Street and Binance). Currently, Pyth provides over 500 data feeds for more than 350 apps, with more than 90 million updates per day.

Pyth’s oracle is unique in that their protocol is designed to incentivize participants to continually update asset prices. This feed is published on-chain by various data “publishers”, where it can be read by various programs or applications (i.e. “consumers”). Then, an on-chain program uses this information to produce an aggregate price feed based off of the prices provided by all data publishers. These publishers are incentivized to continually update their data by earning fees, which are generated by the fees paid by consumers.

For even more information on Pyth, read their Whitepaper here.