The Pyth Price Feeds are now available on the Fuel Network’s Testnet, the operating system purpose-built for Ethereum rollups and designed to help developers build decentralized economies at scale. The launch of the Pyth Price Feeds on Fuel will empower DeFi builders looking to build the future generation of financial services on-chain.
Today, smart contract developer teams such as SPARK on the Fuel Network can access over 500 real-time price feeds for cryptocurrencies, commodities, foreign exchange pairs, and even equities and exchange-traded funds thanks to Pyth.
Pyth Data and Fuel Network
Fuel is an operating system purpose-built for Ethereum rollups, designed to help developers build decentralized economies at scale. Fuel introduced its own VM to bring parallelization, customizability, and interoperability to the network for rapid scaling.
Blockchains require scalable infrastructure to support new services and attract users. To this end, the deployment of the Pyth Network pull oracle enables DeFi protocols on Fuel to permissionlessly request or pull price updates on-chain and on demand. The gas efficiency of the pull oracle ensures that downstream users in the Fuel ecosystem always benefit from continual access to high-frequency market data and the most recently updated price.
The first perpetual protocol on Fuel is already live and powered by Pyth: SPARK is a DeFi super app revolutionizing financial services with an integrated product suite including perpetual contracts, order book, and lending and borrowing features.
Fuel Network
Fuel offers an unprecedented combination of performance, interoperability, and sustainability for rollups, customizability and security for developers, and a seamless experience for users.
Fuel allows rollups to solve for PSI (parallelization, state minimized execution, interoperability). Powered by the FuelVM, Fuel aims to expand Ethereum’s capability set without compromising security or decentralization:
- Parallelization: By executing transactions in parallel, Fuel can scale to users' increasing demand for transaction bandwidth while ensuring a high-quality user experience.
- State Minimization: Increased traffic on blockchains leads to growth in the state of the blockchain. Large state also places higher demands on node hardware leading to reduced decentralization. Fuel’s UTXO-based design minimizes state when executing transactions thereby preserving decentralization.
- Interoperability: Fuel allows chains to introspect each other and thereby gather details from each chain at the block level. This enables Fuel chains to interoperate seamlessly with each other safely and securely.
- Customizability: Built to be highly customizable, Fuel also allows a chain builder to deploy highly scalable app chains to solve any type of use case.
- User Friendliness: Fuel supports native account abstraction and multiple signature schemes, which allow any wallet from any blockchain to connect to the network.
For more information about Fuel, please visit their website.
Pyth
The Pyth Network is a first-party financial data oracle network that delivers low-latency price data for various assets to blockchains securely.
Pyth incentivizes some of the world’s largest exchanges, market makers, and trading firms to contribute their proprietary data to the network. Pyth aggregates their price data on-chain for smart contracts to use. Decentralized applications can request or pull Pyth price updates on-chain when needed.
In less than a year, the network has secured more than $2.0B in total value and now supports over $5.0B. Pyth supports over 500 real-time data feeds across crypto, equities, ETFs, FX pairs, and commodities, and has facilitated more than $400B in total trading volume across over 55 blockchain ecosystems.
For more information about Pyth, please visit the website and documentation.
What’s Next?
Check out the resources below to get started. You can find the price feeds available on the Pyth Network website and discover which price feeds are in the pipeline. If you would like to request a new price feed, please reach out in the Discord.
Resources
- Explore Pyth
- Documentation
- Best Practices
- How Pull Oracles Work
- Pythnet Appchain
- Pyth on EVM
- Pyth Price Feeds IDs
- Discord
- Telegram
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