Pyth Network, a well-known oracle network specializing in 1st-party financial data, has recently entered into a new partnership with Fuel Network. In a bid to assist developers, the platform has rolled out its Price Feeds on the testnet of the Fuel Network. To shed light on this exciting development, the platform has released an informative blog post on its official website.
Pyth Reveals Price Feeds on Fuel Testnet in Latest Collaboration
Developers can now access the Pyth Price Feeds on the Fuel Network’s testnet. This project encompasses Ethereum rollups and aims to aid developers in building decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders working towards creating the next wave of on-chain financial services. This move enables smart contract developer teams like SPARK to access over five hundred price feeds.
These price feeds cover a wide range of assets including equities, forex pairs, commodities, ETFs, and cryptocurrencies. Fuel, functioning as an operating system specialized in Ethereum rollups, offers developers the tools to establish decentralized economies. Additionally, Fuel introduces a unique VM to provide interoperability, customization, and parallelization for efficient scaling.
Enhancing User and Developer Experience
To meet the growing demands of blockchain entities for scalable infrastructure and support for new services, Pyth Network’s collaboration with Fuel allows DeFi protocols on Fuel to seamlessly request on-chain price updates. The gas-efficient pull oracle ensures that downstream users within Fuel’s ecosystem benefit from consistent access to updated market data and prices.
Reportedly, Pyth has already powered the initial perpetual protocol on Fuel. SPARK, functioning as a super app in the DeFi space, is reshaping financial services with a suite of integrated products including borrowing, lending, order book, and perpetual contracts.
Fuel delivers a top-notch user experience with features like rollup sustainability, interoperability, and performance. Operating under FuelVM, the network aims to expand the capabilities of the Ethereum ecosystem. Fuel also supports local account abstraction and multiple signature schemes, enabling blockchain-based wallets to connect to the network.
On the other hand, Pyth Network provides up-to-date price data to blockchains securely, benefiting major trading firms, market makers, and exchanges globally.
