Pyth Network, a renowned oracle network specializing in 1st party financial data, has announced a groundbreaking partnership with Fuel Network. In a bid to support developers, the platform has introduced its Price Feeds on the Fuel Network’s testnet. The official website of Pyth Network released an exclusive blog post detailing this exciting collaboration.
Pyth Launches Price Feeds on Fuel Testnet in Innovative Partnership
Developers now have access to Pyth Price Feeds on the Fuel Network testnet. This venture focuses on Ethereum rollups and aims to assist developers in creating decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders working towards revolutionizing on-chain financial services. Consequently, 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 serves as an operating system specifically tailored for Ethereum rollups, enabling developers to build decentralized economies. Furthermore, Fuel introduces a unique VM that offers enhanced interoperability, customizability, and parallelization for efficient scaling.
Advancements in User and Developer Experience
Scalable infrastructure is essential for blockchain entities seeking to support new services and expand their user base. Pyth Network’s initiative allows Fuel-based DeFi protocols to seamlessly request on-chain price updates. The gas-efficient pull oracle ensures that users within the Fuel ecosystem benefit from consistent access to updated market data and prices.
Reports suggest that Pyth has already powered the initial perpetual protocol on Fuel, with SPARK operating as a DeFi super app aimed at transforming financial services. SPARK offers a suite of integrated products, including borrowing, lending, order book, and perpetual contracts.
Fuel excels in providing a superior user experience through features such as rollup sustainability, interoperability, and performance optimization. Operating under FuelVM, it aims to enhance the capabilities of the Ethereum ecosystem. Additionally, Fuel 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 major trading firms, market makers, and exchanges globally. This collaboration marks a significant step towards advancing decentralized finance and expanding the possibilities within the blockchain industry.