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DeFiPyth Introduces Price Feeds on Fuel Testnet through a New Collaboration

Pyth Introduces Price Feeds on Fuel Testnet through a New Collaboration

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Pyth Network, a well-known oracle network that offers first-party financial data, has recently announced a new partnership with Fuel Network. In a bid to assist developers, the platform has introduced its Price Feeds on the testnet of Fuel Network. To provide more insight into this collaboration, the platform released an exclusive blog post on its official website.

Pyth Introduces Price Feeds on Fuel Testnet in Latest Partnership

Developers can now access Pyth Price Feeds on the testnet of Fuel Network, which focuses on Ethereum rollups and supports the development of decentralized economies. The Price Feeds by Pyth aim to empower DeFi builders who are working towards creating the next generation of on-chain financial services. Consequently, smart contract developers such as those from SPARK can access over five hundred price feeds.

These price feeds cover a wide range of assets including equities, foreign exchange pairs, commodities, exchange-traded funds, and cryptocurrencies. Fuel, acting as an operating system specialized in Ethereum rollups, allows developers to build decentralized economies and introduces a unique VM for enhanced interoperability, customization, and parallelization to facilitate rapid scaling.

Enhancing User and Developer Experience through Development

For blockchain entities seeking scalable infrastructure to support new services and expand their user base, Pyth Network’s initiative enables Fuel-based DeFi protocols to request on-chain price updates without permission. The gas efficiency of the pull oracle ensures that downstream consumers in the Fuel ecosystem can benefit from consistent access to updated market data and prices.

Reportedly, Pyth has already powered the initial perpetual protocol on Fuel, with SPARK serving as a super app in the DeFi sector to revolutionize financial services through a suite of integrated products including borrowing, lending, order book, and perpetual contracts.

Fuel offers a superior user experience through features like rollup sustainability, interoperability, and performance enhancements under the FuelVM, aiming to broaden the capabilities of the Ethereum ecosystem. Additionally, Fuel supports local account abstraction and multiple signature schemes, allowing blockchain-based wallets to connect to the network.

On the other hand, Pyth Network supplies recently updated price data to blockchains securely, benefiting some of the world’s largest trading firms, market makers, and exchanges.

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