Pyth Network, a popular oracle network with 1st-party financial data, has recently initiated a new partnership with Fuel Network. As a part of this collaboration, the platform has launched its Price Feeds on the testnet of the Fuel Network to assist developers. The platform published an exclusive blog post on its official website to provide details about this development.
Pyth Unveils Price Feeds on the Testnet of Fuel in Its Latest Collaboration
It noted that the developers can now access the Pyth Price Feeds on the testnet of the Fuel Network. This project deals with Ethereum rollups along with helping developers to develop decentralized economies. The Pyth Price Feeds focus on strengthening DeFi builders who pursue developing the next generation of on-chain financial services. Hence, the teams of smart contract developers like that of SPARK can reach more than five hundred price feeds.
These price feeds take into account equities, foreign exchange pairs, commodities, exchange-traded funds, and crypto assets. Fuel works as an operating system that particularly deals with Ethereum rollups. The developers can leverage it to create decentralized economies. In addition to this, Fuel unveils a unique VM to offer interoperability, customizability, and parallelization for swift scaling.
The Development Enhances the User and Developer Experience
Blockchain entities need scalable infrastructure alluring support for the latest services and increasing user base. Keeping that in view, the Pyth Network’s initiative permits the Fuel-based DeFi protocols to permissionlessly request on-chain price updates. The pull oracle’s gas efficiency guarantees that downstream consumers in the ecosystem of Fuel get benefits.
They can reportedly leverage consistent access to updated market data as well as the latest price. Pyth has already powered the initial perpetual protocol on Fuel. SPARK operates as a super app within the DeFi sector to revolutionize financial services. In this respect, it utilizes a suite of integrated products. They include the features like borrowing, lending, order book, and perpetual contracts.
Fuel provides an unparalleled user experience with the inclusion of rollup sustainability, interoperability, performance, and so on. It operates under the FuelVM and targets broadening the capability of the Ethereum ecosystem. Fuel additionally backs local account abstraction apart from more than one signature scheme.
They permit the blockchain-based wallets to link to the network. On the other hand, Pyth Network offers recently updated price data to blockchains to cater to diverse assets securely. It provides benefits to a few of the biggest trading firms, market makers, and exchanges in the world.
