Pyth Network, a well-known oracle network specializing in 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 the Fuel Network. To share more information about this collaboration, Pyth published an exclusive blog post on its official website.
Pyth Unveils Price Feeds on the Testnet of Fuel in Latest Partnership
Developers now have access to the Pyth Price Feeds on the testnet of the Fuel Network. This project focuses on Ethereum rollups and aims to assist developers in building decentralized economies. The Pyth Price Feeds are designed to empower DeFi builders working towards creating the next generation of on-chain financial services. As a result, smart contract developer teams like SPARK can access over five hundred price feeds.
These price feeds cover equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets. Fuel functions as an operating system specifically tailored for Ethereum rollups, providing developers with the tools to create decentralized economies. Furthermore, Fuel introduces a unique VM that offers interoperability, customizability, and parallelization for efficient scaling.
Enhancing User and Developer Experience with the Latest Development
To support the growing user base and demand for new services, blockchain entities require scalable infrastructure. Pyth Network’s latest initiative enables Fuel-based DeFi protocols to seamlessly request on-chain price updates. The gas efficiency of the pull oracle ensures that users within the Fuel ecosystem benefit from consistent access to updated market data and prices.
Reportedly, Pyth has already powered the initial perpetual protocol on Fuel. SPARK, a super app in the DeFi sector, aims to revolutionize financial services by offering a range of integrated products such as borrowing, lending, order books, and perpetual contracts.
Fuel offers an exceptional user experience with features like rollup sustainability, interoperability, and performance enhancements. Operating under the FuelVM, it aims to expand the capabilities of the Ethereum ecosystem while supporting local account abstraction and multiple signature schemes.
Blockchain-based wallets can easily connect to the network through Fuel, while Pyth Network provides secure and updated price data to blockchains for a wide range of assets. This benefits some of the largest trading firms, market makers, and exchanges worldwide.