Pyth Network, a well-known oracle network specializing in 1st-party financial data, has recently forged a new partnership with Fuel Network. As part of this collaboration, the platform has introduced its Price Feeds on the testnet of the Fuel Network to aid developers. A detailed blog post was shared on the official website to announce this exciting development.
Pyth Unveils Price Feeds on the Fuel Testnet in Latest Collaboration
Developers can now access the Pyth Price Feeds on the testnet of the Fuel Network, focusing on Ethereum rollups and supporting developers in creating decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders striving to innovate the next era of on-chain financial services. As a result, smart contract developer teams like SPARK can access over five hundred price feeds.
These feeds cover equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets. Fuel, functioning as an operating system specifically for Ethereum rollups, allows developers to establish decentralized economies. Additionally, Fuel introduces a unique VM to provide interoperability, customizability, and parallelization for efficient scaling.
The Development Enhances User and Developer Experience
Blockchain entities require scalable infrastructure to support the latest services and expanding user base. With this in mind, the Pyth Network’s initiative enables Fuel-based DeFi protocols to autonomously request on-chain price updates. The gas-efficient pull oracle ensures downstream consumers within the Fuel ecosystem reap the benefits.
Users reportedly gain consistent access to real-time market data and prices. Pyth has already supported the inaugural perpetual protocol on Fuel, while SPARK functions as a DeFi super app aiming to revolutionize financial services through a range of integrated products including borrowing, lending, order book, and perpetual contracts.
Fuel offers an exceptional user experience with features like rollup sustainability, interoperability, and performance enhancements. Operating under FuelVM, it 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 supplies recently updated price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges globally.