Pyth Network, a well-known oracle network providing 1st-party financial data, has recently forged a new partnership with Fuel Network. In a bid to support developers, the platform has now introduced its Price Feeds on the testnet of Fuel Network. An exclusive blog post on the official website of Pyth Network has been released to shed light on this exciting development.
Pyth Unveils Price Feeds on Fuel Testnet in Latest Collaboration
Developers can now access Pyth Price Feeds on the testnet of Fuel Network, focusing on Ethereum rollups and aiding in the creation of decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders striving to develop the next wave of on-chain financial services. This enables smart contract developer teams like SPARK to access over five hundred price feeds.
These price feeds cover equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets. Fuel, acting as an operating system tailored for Ethereum rollups, allows developers to build decentralized economies while offering a unique VM for enhanced interoperability, customization, and parallelization to facilitate rapid scaling.
Enhanced User and Developer Experience through Development
With the increasing need for scalable infrastructure and support for the latest services to accommodate a growing user base, Pyth Network’s initiative enables Fuel-based DeFi protocols to seamlessly request on-chain price updates. The gas efficiency of the pull oracle ensures that downstream consumers within the Fuel ecosystem reap the benefits of consistent access to up-to-date market data and prices.
Reportedly, Pyth has already powered the initial perpetual protocol on Fuel, while SPARK functions as a super app within the DeFi sector, transforming financial services through a range of integrated products including borrowing, lending, order book, and perpetual contracts.
Fuel offers an unparalleled user experience with features like rollup sustainability, interoperability, performance optimization, and more. Operating under FuelVM, it aims to expand the capabilities of the Ethereum ecosystem and supports local account abstraction as well as multiple signature schemes. This enables blockchain-based wallets to seamlessly connect to the network.
On the other hand, Pyth Network provides real-time price data to blockchains securely, benefiting some of the largest trading firms, market makers, and exchanges globally.
