In a groundbreaking development for the blockchain and DeFi industry, the Pyth oracle has officially been integrated into the Merlin Chain, a state-of-the-art Bitcoin Layer2 solution. This latest development marks a significant milestone, propelling the Pyth Price Feeds to the forefront as a pivotal resource for developers navigating the burgeoning Bitcoin ecosystem.
Merlin Chain stands out as a Bitcoin Layer2 solution, incorporating a ZK-Rollup network, a decentralized oracle network, and on-chain BTC fraud-proof modules. This integration with Pyth oracle amplifies the capabilities of Merlin Chain, enhancing its utility for Bitcoin’s native assets and applications.
Jeff, the visionary founder of BitmapTech and Merlin Chain, expressed enthusiasm about the collaboration: “The team is looking forward to join hands with Pyth, a leading oracle, to help build the foundation of Merlin Chain. With the price feeds and market data Pyth provides, we are now ready to welcome the next generation of Bitcoin and DeFi to Merlin Chain.”
Expanding Horizons
With Pyth Price Feeds now operational on Merlin Chain, developers gain unprecedented access to over 400 immediate, low-latency data feeds across both the crypto and traditional financial sectors. This array of data supports a vast spectrum of smart contract applications, including but not limited to, derivatives, perpetual futures trading, and decentralized borrowing and lending services.
The Pyth oracle introduces a unique ‘pull oracle architecture’, enabling smart contract applications to request or pull price updates as needed, thereby ensuring access to the most current data while maintaining high accuracy and frequency. This feature is particularly beneficial for applications within the Merlin Chain DeFi ecosystem, such as BitSmiley, which now relies on Pyth’s robust data infrastructure.
Merlin Chain’s mission to ‘Make Bitcoin Fun Again’ is reflected in its commitment to enhancing Bitcoin’s Layer1 capabilities through its Layer2 network. As part of Bitmap Tech, a leading force in the blockchain space with a market cap exceeding $500 million, Merlin Chain is poised to revolutionize the way Bitcoin’s native assets and protocols are leveraged on Layer2 platforms.
Moreover, its BRC-420 “Blue Box” collection has already become one of the most sought-after assets on Ordinals, further underscoring its impact and innovation. Meanwhile, the Pyth Network distinguishes itself as a first-party financial data oracle, offering secure, low-latency price data for a myriad of assets.
By incentivizing leading exchanges, market makers, and trading firms to contribute proprietary data, Pyth ensures that decentralized applications have immediate access to accurate price updates. In less than a year, Pyth has significantly expanded its influence, securing over $2.0B in total value and supporting upwards of $3.0B across various sectors, including crypto, equities, ETFs, FX pairs, and commodities.
The network’s contribution to over $120B in trading volume across more than 50 blockchain ecosystems speaks volumes about its efficacy and trustworthiness. In the end, the integration of Pyth Price Feeds into Merlin Chain not only enriches the Bitcoin Layer2 landscape but also sets a new standard for data accessibility and reliability in the DeFi and broader blockchain ecosystems. As this partnership evolves, it is poised to unlock unprecedented opportunities for innovation, security, and growth within the digital asset realm.
