Pyth Network, a well-known oracle network featuring first-party financial data, has recently announced a new partnership with Fuel Network. In a collaborative effort, the platform has introduced its Price Feeds on the testnet of the Fuel Network to support developers. An exclusive blog post was shared on the official website to unveil this exciting development.
Pyth Introduces Price Feeds on Fuel’s Testnet in Latest Partnership
Developers can now access Pyth Price Feeds on the testnet of the Fuel Network, a project focusing on Ethereum rollups and aiding developers in creating decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders working towards the next generation of on-chain financial services. This allows smart contract developers, such as those from SPARK, to access over five hundred price feeds.
These price feeds cover equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets. Fuel, functioning as an operating system tailored for Ethereum rollups, offers developers the ability to build decentralized economies. Additionally, Fuel introduces a unique VM to enhance interoperability, customizability, and parallelization for efficient scaling.
Enhanced User and Developer Experience through Development
For blockchain entities requiring scalable infrastructure to support new services and a growing user base, the initiative by Pyth Network enables Fuel-based DeFi protocols to request on-chain price updates without permission. The gas efficiency of the pull oracle ensures downstream consumers within the Fuel ecosystem reap the benefits.
Users can enjoy consistent access to up-to-date market data and prices. Pyth has already powered the initial perpetual protocol on Fuel, while SPARK functions as a super app in the DeFi sector, offering a range of integrated products including borrowing, lending, order books, and perpetual contracts.
Fuel provides an exceptional user experience by incorporating rollup sustainability, interoperability, and performance improvements. Operated under FuelVM, it aims to expand the capabilities of the Ethereum ecosystem. Fuel also supports local account abstraction and multiple signature schemes to allow blockchain-based wallets to connect to the network.
On the other hand, Pyth Network provides recently updated price data to blockchains securely, catering to a variety of assets. This benefits some of the largest trading firms, market makers, and exchanges globally.
