Binance Chain published a blog post to announce to the community that it has partnered with Pyth network to provide all the members with high-quality and real-time market data for crypto feeds. An official announcement was done during the Binance Blockchain Week in Paris.
The partnership of Binance Chain and Pyth network is estimated to benefit many users in the ecosystem. It followed the deployment of first-party financial data on the BNB Chain by Pyth network. Binance Chain and Pyth network will work together to improve the robustness and quality of over a hundred price feeds that are available on Pyth.
The functioning is a collective effort of both partners to showcase how effective their collaboration is. It starts with Pyth prices getting published on Pythnet and relaying to the Binance Sidechains and BNB Chain. This is concluded with the assistance of Wormhole Network, responsible for publishing an off-chain signed message after successfully observing a change in the price.
A submission to the Pyth contract is verified, and the on-chain Pyth price is updated to the new price. Users and protocols take the responsibility upon themselves to update the data before using it. Pyth does not consider the automatic submission of the price to the EVM networks.
Now all the native applications of BNB can draw their powers from Pyth under the support of Binance and Wormhole. The projects can consume over 80 Pyth price feeds without anyone’s involvement.
This is already being used by significant components of the ecosystem, according to Binance Chain, which was cited in the blog post. It also mentioned that Venus Protocol was now the first Pyth-powered BNB Chain application.
BNB Chain can be described as an infrastructure that has been brought to the industry to offer assistance to developers and the community of applications. Developers can leverage the infrastructure to build and run their blockchains while maintaining a connection with BNB Chain. It is built on four pillars: dedication, sustainability, integration, and support.
While BNB Chain rides high with independent community governance and economy, it gives equal commitment to the application logic and remains true to its standards. BNB Chain benefits the community with very low gas fees and high TPS, offering performance to the best of its value.
Integrating BNB Sidechain naturally makes projects a part of the broader ecosystem of BNB Chain. No additional efforts are required to experience this warm welcome by BNB Chain.
Many members of one of the biggest global communities back the support service on the BNB Chain. The community consists of developers and users who do not shy away from extending a helping hand to those in need of assistance.
The partnership of BNB Chain and Pyth network is in its initial stage. There is already a lot of excitement, and based on their strengths, it would be right to assume that the community will yield fruitful results in the time to come.