Pricing Sylo provides an easy way to retrieve external token prices in your smart contract.
The Pricing Sylo is a decentralized solution designed to bring accurate, simple, extensible, and reliable crypto token price data to The Root Network. It enables seamless integration with smart contracts, allowing builders to request up-to-date token prices when needed.
It is important to understand the way the Pricing Sylo works. You have to request data from the Pricing Sylo first to retrieve data from it. This process usually takes around ~ 1 block. After creating a request, you will be provided with a requestId. This requestId is used to track the status of your request.Before you can request any data from the Pricing Sylo, you will have to top up your balance using Sylo tokens.
The price per request is 1500 SYLO. You will be able to top up your balance through the Pricing Sylo’s GUI which is located here. Please note, that gas fees need to be paid in SYLO as well.
Enter the amount of SYLO you would like to spend. The UI will tell you how many requests this amount will grant you for the given amount of SYLO.If you do not want to use the SYLO in your connected wallet, you also have the option to use SYLO from a different address, which you can specify by selecting the Different Address option. If you have deployed a contract that utilizes the Sylo, you will need to top up for that contract address.
Monitor (Frontend): A user interface for requesting token price updates, tailored for human users.
Daemon (Backend): A centralized service that processes price update requests by fetching and aggregating data from multiple cryptocurrency exchanges’ APIs.
Smart Contracts: A decentralized on-chain interface that allows external actors (human users, EOAs, APIs, and other smart contracts) to request price updates and store updated pricing data.
