The post Pyth Network Introduces Oracle Integrity Staking to Strengthen DeFi Security appeared on BitcoinEthereumNews.com.

Pyth Network has launched Oracle Integrity Staking (OIS) to enhance decentralized finance (DeFi) security. This innovative mechanism ensures reliable and high-quality price feeds by aligning incentives for data providers and stakers. As DeFi expands, security concerns continue to rise. Oracle Integrity Staking addresses these concerns, promoting greater accuracy in price data and economic protection across the Pyth Network. Enhanced Accuracy and Accountability for DeFi Data Oracle Integrity Staking is a significant milestone in developing decentralized financial systems. Pyth Price Feeds offers improved data accuracy by holding data publishers accountable through staking rewards and penalties. By staking tokens, data providers are encouraged to share accurate information, ensuring the reliability of price feeds across 400 protocols and 70 blockchains. Stakers also earn rewards while strengthening the network’s security. Through Oracle Integrity Staking, Pyth Network ensures that stakers and publishers collaborate to provide dependable data. Publishers that maintain high-fidelity data are rewarded, while inaccurate data results in penalties. The publisher and supporting stakers may lose 5% of their stakes if inaccurate information is provided. This economic model motivates accurate price feeds, bolstering the reliability of the DeFi ecosystem. Pyth Network & Oracle Integrity Staking Strengthening DeFi Trust with Economic Security Michael Cahill, CEO and Co-Founder of Douro Labs highlighted the importance of Oracle Integrity Staking in building trust within the DeFi community. He emphasized how token holders can actively secure Pyth’s oracle network while contributing to its growth. By ensuring accountability, Oracle Integrity Staking creates a foundation of trust and reliability for DeFi developers and users alike. Jayant Krishnamurthy, CTO and Co-Founder of Douro Labs, further explained how Oracle Integrity Staking supports more than 500 Pyth Price Feeds, reinforcing their accuracy and reliability. Introducing this mechanism strengthens Pyth’s position as a critical player in the decentralized finance sector, enabling developers to innovate confidently.…

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Filed under: News - @ September 21, 2024 7:17 am