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 support developers, the platform has introduced its Price Feeds on the testnet of Fuel Network. To shed light on this exciting development, the platform has released an exclusive blog post on its official website.
Pyth Unveils Price Feeds on Fuel Testnet in Latest Collaboration
Developers can now seamlessly access Pyth Price Feeds on the testnet of Fuel Network. This initiative not only involves Ethereum rollups but also assists developers in creating decentralized economies. The primary focus of Pyth Price Feeds is to empower DeFi builders working towards the development of the next generation of on-chain financial services. This collaboration opens up the opportunity for smart contract developers, such as those in the SPARK team, to 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 Network functions as an operating system specifically designed for Ethereum rollups. Developers can harness its capabilities to establish decentralized economies. Furthermore, Fuel introduces a unique VM to provide interoperability, customizability, and parallelization for efficient scaling.
Enhancing User and Developer Experience through Development
Blockchain organizations require scalable infrastructure to support new services and expand their user base. With this in mind, Pyth Network’s latest initiative enables DeFi protocols on Fuel to request on-chain price updates without permission. The gas-efficient pull oracle ensures that users within the Fuel ecosystem benefit from consistent access to updated market data and prices.
Reports suggest that Pyth has already powered the initial perpetual protocol on Fuel. SPARK functions as a super app within the DeFi sector, offering a range of integrated products including borrowing, lending, order book, and perpetual contracts. Fuel provides an exceptional user experience by incorporating rollup sustainability, interoperability, and high performance, among other features. Operating under FuelVM, the platform aims to enhance the capabilities of the Ethereum ecosystem. Fuel also supports local account abstraction and multiple signature schemes, allowing blockchain-based wallets to connect to the network.
On the other hand, Pyth Network delivers recently updated price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges globally.