Pyth Network, a well-known oracle network specializing in 1st-party financial data, has recently forged a new partnership with Fuel Network. In a bid to assist developers, the platform has rolled out its Price Feeds on the testnet of Fuel Network, marking a significant step in their collaboration. A detailed blog post on the official website of Pyth has been published to shed light on this exciting development.
Pyth Introduces Price Feeds on Fuel’s Testnet in Latest Partnership
The announcement highlights that developers can now tap into the Pyth Price Feeds on the testnet of Fuel Network. This project focuses on Ethereum rollups and aims to support developers in creating decentralized economies. The Pyth Price Feeds are geared towards empowering DeFi builders looking to pioneer the next wave of on-chain financial services. Consequently, smart contract developer teams, such as SPARK, can access over five hundred price feeds.
These price feeds cover a wide range of assets, including equities, forex pairs, commodities, ETFs, and cryptocurrencies. Fuel, serving as an Ethereum rollup-centric operating system, provides developers with the tools to establish decentralized economies. Additionally, Fuel introduces a unique VM designed to enhance interoperability, customization, and parallelization for efficient scaling.
Advancing User and Developer Experience
In the realm of blockchain, scalable infrastructure is crucial to support new services and grow user bases. With this in mind, Pyth Network’s initiative enables Fuel-based DeFi protocols to seamlessly request on-chain price updates. The gas-efficient pull oracle ensures that downstream consumers within Fuel’s ecosystem reap the benefits by gaining consistent access to real-time market data and prices.
Reports suggest that Pyth has already powered the initial perpetual protocol on Fuel, while SPARK operates as a comprehensive super app in the DeFi space, revolutionizing financial services with a suite of integrated products including borrowing, lending, order books, and perpetual contracts.
Fuel sets itself apart by delivering an exceptional user experience through features like rollup sustainability, interoperability, and high performance. Operating under the FuelVM, the platform aims to enhance the capabilities of the Ethereum ecosystem, supporting local account abstraction and multiple signature schemes. This allows blockchain-based wallets to seamlessly connect to the network.
On the other hand, Pyth Network offers up-to-date price data to blockchains for secure handling of diverse assets, benefiting some of the largest trading firms, market makers, and exchanges globally.