Pyth Network, a leading oracle network providing first-party financial data, has announced an exciting new partnership with Fuel Network. In a move to support developers, Pyth has introduced its Price Feeds on the testnet of Fuel Network. To share more information about this collaboration, the platform released an exclusive blog post on its official website.
Pyth Launches Price Feeds on Fuel Testnet in Latest Partnership
Developers can now access Pyth Price Feeds on the Fuel Network’s testnet, which focuses on Ethereum rollups and the development of decentralized economies. These Price Feeds are designed to empower DeFi builders working on the next generation of on-chain financial services. Smart contract development teams, such as SPARK, can benefit from access to over five hundred price feeds.
The price feeds cover a wide range of assets including equities, forex pairs, commodities, ETFs, and cryptocurrencies. Fuel, acting as an operating system specializing in Ethereum rollups, provides developers with the tools to create decentralized economies. Additionally, Fuel introduces a unique VM that offers interoperability, customizability, and parallelization for efficient scaling.
Enhancing User and Developer Experience through Development
Scalable infrastructure is essential for blockchain entities to support the latest services and growing user base. Pyth Network’s initiative allows DeFi protocols on Fuel to request on-chain price updates permissionlessly. The gas efficiency of the pull oracle ensures downstream consumers in the Fuel ecosystem benefit from updated market data.
Users can access consistent market data and the latest prices through Pyth’s integration with the initial perpetual protocol on Fuel. SPARK, a super app in the DeFi sector, is revolutionizing financial services with a range of integrated products including borrowing, lending, order book, and perpetual contracts.
Fuel offers a seamless user experience with features like rollup sustainability, interoperability, and performance enhancements. Operating under FuelVM, the network aims to expand 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 provides up-to-date price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges globally.