Pyth Network, a prominent oracle network known for its 1st-party financial data, has recently announced a new partnership with Fuel Network. In a move to support developers, the platform has introduced its Price Feeds on the testnet of Fuel Network. To provide more insights into this collaboration, Pyth published an exclusive blog post on its official website.
Pyth Unveils Price Feeds on the Testnet of Fuel in Latest Collaboration
Developers can now access Pyth Price Feeds on the testnet of Fuel Network, focusing on Ethereum rollups and aiding in the development of decentralized economies. The Price Feeds by Pyth aim to empower DeFi builders looking to create the next generation of on-chain financial services. This allows smart contract developers, such as SPARK, to access over five hundred price feeds.
These price feeds cover equities, foreign exchange pairs, commodities, exchange-traded funds, and cryptocurrencies. Fuel, acting as an operating system specialized in Ethereum rollups, offers developers the tools to build decentralized economies. Furthermore, Fuel introduces a unique VM for enhanced interoperability, customization, and parallelization to facilitate rapid scaling.
Development Enhances User and Developer Experience
With the need for scalable infrastructure to support new services and growing user bases in the blockchain industry, 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 users within Fuel’s 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 functions as a super app within the DeFi sector, offering a range of integrated products including borrowing, lending, order books, and perpetual contracts.
Fuel provides a top-notch user experience with features like rollup sustainability, interoperability, and high performance, operating under the FuelVM to expand the capabilities of the Ethereum ecosystem. It 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 globally.