Pyth Network, a renowned oracle network specializing in 1st-party financial data, has recently embarked on a new partnership with Fuel Network. In a bid to enhance developer assistance, the platform has introduced its Price Feeds on the testnet of Fuel Network. An exclusive blog post was shared on the official website to unveil this collaboration.
Pyth Introduces Price Feeds on Fuel Testnet in Latest Partnership
Developers now have access to Pyth Price Feeds on the testnet of Fuel Network. This venture focuses on Ethereum rollups and supporting developers in creating decentralized economies. The Pyth Price Feeds aim to empower DeFi builders working towards the next era of on-chain financial services. As a result, smart contract developer teams, such as SPARK, can access over five hundred price feeds.
These price feeds cover a wide range of assets including equities, forex pairs, commodities, ETFs, and cryptocurrencies. Fuel functions as an operating system specifically designed for Ethereum rollups, enabling developers to establish decentralized economies. Fuel introduces a unique VM offering interoperability, customizability, and parallelization for efficient scaling.
Advancements in User and Developer Experience
Blockchain entities require scalable infrastructure to support new services and expanding user base. With this in mind, Pyth Network’s initiative enables Fuel-based DeFi protocols to request on-chain price updates without permission. The gas efficiency of the pull oracle ensures downstream consumers within Fuel’s ecosystem benefit from these updates.
Users can access real-time market data and latest prices consistently. Pyth has already supported the initial perpetual protocol on Fuel. SPARK functions as a super app in the DeFi sector, 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, the platform 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 updated price data to blockchains securely, benefiting major trading firms, market makers, and exchanges worldwide.
