Pyth Network, a renowned oracle network that specializes in 1st-party financial data, has recently entered into 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. In an exclusive blog post on its official website, the platform shared details about this exciting development.
Pyth Introduces Price Feeds on Fuel’s Testnet in Latest Collaboration
Developers can now access the Pyth Price Feeds on the testnet of the Fuel Network, focusing on Ethereum rollups and aiding developers in creating decentralized economies. The Pyth Price Feeds aim to empower DeFi builders working towards the development of the next generation of on-chain financial services. This allows smart contract developers, such as those at SPARK, to access over five hundred price feeds.
These price feeds cover a range of assets including equities, foreign exchange pairs, commodities, exchange-traded funds, and cryptocurrencies. Fuel functions as an operating system specifically designed for Ethereum rollups, enabling developers to build decentralized economies. Additionally, Fuel introduces a unique VM that offers interoperability, customizability, and parallelization for efficient scaling.
The Advancement Improves User and Developer Experience
To support the latest services and expand user base, blockchain entities require scalable infrastructure. Pyth Network’s 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 consistent access to updated market data and prices.
Pyth has already powered the initial perpetual protocol on Fuel, while SPARK operates as a super app in the DeFi sector, revolutionizing financial services with a range of integrated products including borrowing, lending, order book, and perpetual contracts.
Fuel enhances user experience by focusing on rollup sustainability, interoperability, performance, and more under the FuelVM, aiming to expand 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.
Meanwhile, Pyth Network delivers recently updated price data securely to blockchains, benefiting some of the world’s largest trading firms, market makers, and exchanges.