Pyth Network, a well-known oracle platform that offers first-party financial data, has recently announced 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 support developers. An exclusive blog post was published on the official website to provide more information about this exciting development.
Pyth Unveils Price Feeds on Fuel Testnet in Latest Partnership
Developers can now access Pyth Price Feeds on the testnet of the Fuel Network, which focuses on Ethereum rollups and assists developers in building decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders who are working on the next generation of on-chain financial services. This collaboration allows smart contract developers like SPARK to access over five hundred price feeds covering equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets.
Fuel acts as an operating system specifically for Ethereum rollups, providing developers with tools to create decentralized economies. Additionally, Fuel introduces a unique VM that offers interoperability, customizability, and parallelization to enable rapid scaling.
Enhanced User and Developer Experience
In order to support the latest services and growing user base, blockchain entities require scalable infrastructure. The Pyth Network’s initiative allows Fuel-based DeFi protocols to request on-chain price updates without permission. The gas efficiency of the pull oracle ensures that users within the Fuel ecosystem benefit from consistent access to updated market data and prices.
Pyth has already supported the initial perpetual protocol on Fuel, while SPARK acts as a super app within the DeFi sector, offering a range of integrated products such as borrowing, lending, order book, and perpetual contracts.
Fuel provides an exceptional user experience through features like rollup sustainability, interoperability, and performance enhancements. Operating under the 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 offers up-to-date price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges globally.