Oracle (NYSE:ORCL) Integrity Staking enables a more secure DeFi and gives stakers the chance to earn yield
Pyth Network (“Pyth”), the public decentralized data infrastructure that empowers the next generation of financial applications, today announced the launch of Oracle Integrity Staking (“OIS”). This is the latest innovation to Pyth Price Feeds which unlocks an entirely new generation of on-chain financial data, where anyone can be rewarded for providing economic protection and data source accountability within the Pyth Protocol.
As DeFi expands, the needs of builders and users have continued to evolve. The demand for heightened security and reliability in Web3 capital markets by smart contract developers and market participants has never been greater. Oracle Integrity Staking enhances the accuracy and reliability of Pyth Price Feeds by aligning the incentives of publishers and stakers with Pyth’s security and data quality goals. For developers, Oracle Integrity Staking means greater confidence in the data they rely on, enabling them to build fearlessly without concern over data integrity and security. Oracle Integrity Staking directly rewards data accuracy and performance by ensuring publishers and stakers are incentivized to maintain high data standards.
This contribution strengthens the resilience and security of Pyth Price Feeds; in return, PYTH stakers are programmatically rewarded for securing the oracle network and protecting DeFi. In the unlikely event that a publisher provides inaccurate data, both the publisher and any stakers supporting them will have 5% of their stakes slashed as a penalty to ensure all parties are economically aligned with the goal of providing more reliable data.
Data Publisher Quotes
Pyth Network is the public decentralized data infrastructure that empowers the next generation of financial applications. Pyth provides DeFi builders with the supercharged infrastructure they need to create dApps that deliver experiences on the same level as apps. Equipping data providers, typically financial institutions, with a new way to monetize their quote and trade data while playing a key role in the nascent digital asset class. As the underlying market infrastructure, Pyth Network facilitates almost a trillion dollars in total transaction volume across over 70 blockchains and 400 applications that rely on its quote and trade data.
To learn more, users can visit: https://www.pyth.network/
Media Contact: press@pyth.network
ContactKevin McGrathpress@pyth.network
This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
