Pyth Network, a renowned oracle network known for its 1st-party financial data, has announced a new partnership with Fuel Network. In a bid to collaborate, the platform has introduced its Price Feeds on the testnet of Fuel Network to support developers. A detailed blog post was released on the official website to unveil this new development.
Pyth Introduces Price Feeds on Fuel Testnet in Latest Partnership
The platform revealed that developers now have access to Pyth Price Feeds on the testnet of Fuel Network. This venture involves Ethereum rollups and aims to assist developers in creating decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders who are working towards developing the next wave of on-chain financial services. As a result, teams like SPARK’s smart contract developers can access over five hundred price feeds.
These feeds cover a wide range of assets including equities, forex pairs, commodities, ETFs, and cryptocurrencies. Fuel, functioning as an operating system focused on Ethereum rollups, enables developers to establish decentralized economies. Additionally, Fuel introduces a unique VM that offers interoperability, customizability, and parallelization for efficient scaling.
Enhancing User and Developer Experience through Development
To meet the demand for scalable infrastructure and support for new services and a growing user base, the Pyth Network initiative enables Fuel-based DeFi protocols to request on-chain price updates without permission. The gas efficiency of the pull oracle ensures that downstream consumers within the Fuel ecosystem benefit from updated market data.
Reports suggest that users can access consistent market data and the latest prices through Pyth, which has already powered the initial perpetual protocol on Fuel. SPARK, operating as a super app in the DeFi sector, aims to revolutionize financial services with a suite of integrated products including borrowing, lending, order books, and perpetual contracts.
Fuel offers an exceptional user experience with features such as rollup sustainability, interoperability, and performance. 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 up-to-date price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges worldwide.