The Pyth Network is blasting off the new year with its deployment on Blast, the Layer 2 specializing in native yield. This launch oversees the deployment of Entropy, the Pyth Network’s newest solution for on-chain random numbers, as well as 400+ Pyth Price Feeds, for the Blast developer ecosystem.
Blast is the first Ethereum Layer 2 offering native yield for ETH and stablecoins, which will derive from ETH staking activity and RWA protocols built on top of Blast. A new L2 with native yield could unlock a new decentralized economy, driven by DeFi—perpetual trading, lending, and DEXs—as well as NFTs and SocialFi: these verticals would depend on a secure, reliable, and low-latency source of financial data and randomness.
This partnership recognizes Pyth Network as the preferred oracle partner of the Blast ecosystem. Pyth Entropy is designed to be the fastest source of decentralized randomness, and as such, is positioned to power the Blast Layer 2 economy and support its NFT ecosystem. Pyth Price Feeds are the lowest-latency and most available price feeds for smart contract developers, covering over 400 real-time data feeds across five major asset classes. Access to high-resolution and wide-ranging price data is paramount for building sophisticated DeFi primitives.
“We’re proud to partner with Pyth Network, an oracle for financial market data, and now, on-chain random numbers,” said Pacman, core contributor at Blast. “Pyth Data will allow us to leverage the full potential of Blast’s native yield and rewards system, and enable users and developers to use and build cutting-edge Web3-native services on Blast.”
Pyth Entropy and Pyth Price Feeds are available to smart contract developers on the Blast testnet environment. This blog post delves into how Pyth Entropy and Pyth Price Feeds work on Blast and provides resources for developers looking to experiment with a faster way to securely generate random numbers on-chain.
Random Numbers—Now #PoweredByPyth
On-chain random number generation is critical for a variety of decentralized use cases that rely on random outcomes. A random number solution can dictate outcomes for creative initiatives such as NFT creation and distribution, predictive markets and betting, and Web3 gaming. The role of on-chain randomness can even extend to enhancing data encryption techniques and facilitating unbiased voting mechanisms in decentralized governance.
Pyth Entropy's integration into the Blast ecosystem will enhance its capabilities for supporting a multitude of Web3 verticals, such as NFT initiatives, prediction markets, and SocialFi. For example, a secure source of on-chain randomness ensures fairness for NFT drops and randomizing attribute assignments. For predictive markets, ensuring unpredictable outcomes and protocol liveness are imperative for delivering a superior user experience. In the SocialFi realm, content rewards and governance initiatives can depend on an optimized and low-latency source of randomness.
Putting Pyth Price Feeds on Blast
Blast's integration of Pyth Price Feeds and Pyth Benchmarks marks a pivotal moment for its DeFi ecosystem. Pyth Network offers an expansive suite of over 400 real-time price feeds across digital assets, foreign exchange pairs, commodities, equities, and ETFs. Developers on Blast’s testnet environment can permissionlessly access any of these data feeds to power their smart contract applications and build out the next generation of blockchain-enhanced financial services.
Pyth Price Feeds offer an innovative low-latency pull oracle design. This architecture enables Blast users and developers to benefit from continual access to the latest price updates. Low-latency and high-resolution price data are critical for accurate trades and settlement. Pyth Price Feeds also offer a confidence interval measure to indicate volatility and divergences across different markets. This supplementary real-time data can better inform lending and derivative protocols about unusual market events to keep users and funds safe.
"We're excited to have Pyth Price Feeds and Pyth Entropy integrated on Blast's fast, secure, and innovative Layer 2 platform,” said Marc Tillement, Director at the Pyth Data Association. “With real-time market data and reliable random number generation, Blast users will benefit from enhanced DeFi experiences.”
Blast
Blast is a new Ethereum Layer 2 blockchain and the first L2 offering native yield for ETH and stablecoins along with faster and cheaper transactions for users. Blast leverages Ethereum’s Shanghai upgrade for features like auto-rebasing for ETH and a T-Bill yield for stablecoins through USDB (Blast USD). Depositors can currently earn BLAST points alongside their yields.
Blast is backed by Paradigm, Standard Crypto, and eGirl Capital. To learn more, please visit their website and developers page.
Pyth
The Pyth Network is a first-party financial oracle network designed to provide low-latency real-world data to multiple blockchains securely and transparently.
Pyth incentivizes some of the world’s largest institutional market participants — exchanges, market makers, and financial services providers — to share their data to the network. Pyth aggregates this data on-chain for smart contract applications to use. These applications can pull Pyth prices on-chain when needed.
In less than a year, the network secured more than $2.0B in total value. Pyth currently supports 400+ real-time price feeds across crypto, equities, ETF’s, FX pairs, and commodities, and has facilitated more than $100B in total trading volume across over 50 blockchain ecosystems.
For more information about Pyth, please visit the website or documentation.
What’s Next?
We invite readers and developers to explore the resources below to get started with Pyth Data. If you have any questions, please reach out.
You can find the full catalog of Pyth Price Feeds available on our website and discover which price feeds are in the pipeline. If you would like to request a new price feed, please let us know in our Discord.
Resources
- Pyth Website
- Pyth Docs
- Pyth Best Practices
- Pyth On-Demand Update
- Pythnet
- Pyth on EVM
- Pyth Price Feeds IDs
- Pyth Entropy
- Pyth for Off-Chain Use
- Pyth Discord
- Pyth Telegram
We can’t wait to hear what you think! You can join the Pyth Discord and Telegram, and follow us on X and LinkedIn.
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