Pyth Network, a well-known oracle network specializing in first-party financial data, has recently announced a new partnership with Fuel Network. In a collaborative effort, the platform has launched its Price Feeds on the testnet of Fuel Network to support developers. To provide more insight into this exciting development, an exclusive blog post was published on the official website.
Pyth Unveils Price Feeds on Fuel Testnet in Latest Partnership
Developers now have access to Pyth Price Feeds on the Fuel Network’s testnet, focusing on Ethereum rollups and assisting in the creation of decentralized economies. The Pyth Price Feeds aim to empower DeFi builders who are working towards the next generation of on-chain financial services. This means that smart contract developers, such as SPARK, can utilize 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 specializing in Ethereum rollups, allows developers to build decentralized economies. Moreover, Fuel introduces a unique VM to provide interoperability, customizability, and parallelization for efficient scaling.
Enhancing User and Developer Experience through Development
In order to support the latest services and expanding user base, blockchain entities require scalable infrastructure. With this in mind, Pyth Network’s initiative enables Fuel-based DeFi protocols to request on-chain price updates in a permissionless manner. The gas efficiency of the pull oracle ensures that downstream consumers within the Fuel ecosystem benefit from this service.
Users can enjoy consistent access to updated market data and current prices. Pyth has already powered the initial perpetual protocol on Fuel, while SPARK acts as a super app within the DeFi sector, offering a range of integrated products including borrowing, lending, order books, and perpetual contracts.
Fuel offers an exceptional user experience with features like rollup sustainability, interoperability, and performance enhancements. Operating under the FuelVM, it aims to expand 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 provides up-to-date price data to blockchains in a secure manner, benefiting some of the largest trading firms, market makers, and exchanges globally.
