- Sei V2 released, enhancing scalability and developer experience.
- V2 integrates real-time price feeds from Pyth Network.
- Entropy provides on-chain random number generation.
As crypto projects compete on who can build a stronger ecosystem, offering developer experience is key. In that arena, Sei, a parallelized Ethereum Virtual Machine (EVM), has attracted significant attention since its 2022 launch, which attracted teams from Ethereum, Solana, Polygon, and Arbitrum.
Most recently, Sei V2 continues to develop and has integrated Pyth Price Feeds and Entropy. This integration aims to boost the performance and reliability of decentralized finance (DeFi) applications on the network, giving developers better tools to work with.
Pyth Price Feeds and Entropy Integration for Sei V2
On Monday, May 27, Sei V2 announced the successful integration of Pyth Price Feeds and Entropy, promising to make DeFi applications more efficient. Known for delivering low-latency price data, Pyth Network’s pull oracle for price feeds now enables Sei V2 users to access over 500 real-time data feeds across various asset classes.
This integration ensures that DeFi applications on Sei V2 can leverage ultra-low latency price updates, which are crucial for maintaining the security and efficiency of financial operations. Real-time price updates also enable DeFi developers to build more reliable applications without having to develop their own Oracle solutions.
Entropy, which is a Pyth service, helps developers on Sei even further. By providing a reliable source of on-chain random number generation, Entropy enhances Sei V2’s capabilities, particularly for applications requiring unpredictability. This includes gaming, NFTs, and prediction markets, where secure randomness is essential for fair outcomes and user trust.
What Pyth and Entropy Integrations Mean for Sei V2
Sei V2 EVM allows for the seamless deployment of existing Ethereum applications without modifications. The project says that developers can expect a 100x performance improvement over other chains. The recent integrations make the network more versatile and developer-friendly, helping boost its ecosystem.
Comparable integrations, such as Pyth’s deployment on LightLink and Filecoin, have similarly upgraded the capabilities of these networks. These integrations enable a variety of financial use cases, from DeFi to gaming, by ensuring accurate data and fairness in transactions and operations. This integration is expected to have a similar impact on Sei V2, enhancing its appeal to developers and users.
Pyth Network’s Pythnet blockchain uses a proof-of-authority consensus mechanism to create reliable price feeds. The setup updates price data every 400 milliseconds, providing ultra-low latency price feeds, essential for time-sensitive financial transactions.
On the Flipside
- Pyth is not alone in the oracle market. Notable blockchain oracles include Chainlink (LINK), and The Graph (GRT), both easily integrated into other blockchains by design.
- The accuracy of Pyth’s data depends on the integrity and reliability of its data providers, introducing a potential vulnerability to the dApps that use it.
Why This Matters
By offering Pyth’s developers tools for its developers on its ecosystem, Sei V2 hopes to attract a broader range of applications and users. The real-time data and random number generators have use cases ranging from DeFi to gaming, and NFTs.
Read more about Pyth’s latest milestones:
Pyth Network Celebrates 100th Data Provider in SeraBlock
Read more about FTX finally selling off its Solana holdings:
FTX Estate Sells Last $2.6B of Heavily Discounted Solana Tokens
