Pyth Network has recently launched Pyth Price Feeds on the Morph testnet, a Layer 2 scaling solution on Ethereum that combines ZK technology and optimistic rollups. This update will provide smart contract developers access to more than 500 real-time price feeds across various digital asset classes. The Pyth Network is a decentralized oracle network that aims to provide high-frequency pricing data to blockchains. Originally built on the Solana blockchain, Pyth has transitioned to Pythnet, its own blockchain based on Solana’s codebase. The latest version of the whitepaper outlines a cross-chain model for price delivery to target chains.
As part of the partnership with Morph, the Pyth oracle has been deployed on the Morph network to enhance its decentralized finance ecosystem. This collaboration opens up opportunities for developers to create innovative DeFi applications that leverage reliable data and scalable infrastructure. Morph, described as an Ethereum Layer 2 chain, utilizes optimistic rollups and a Responsive Validity Proof along with ZK-proofs to verify state, promoting efficiency and reducing operational overhead. The deployment of the Pyth pull oracle on Morph will enable DeFi protocols to seamlessly request price updates from the Pythnet appchain, ensuring continuous access to high-frequency market data.
Morph recently secured a seed funding round of $19 million with backing from Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Pyth is currently accessible on Morph through the Pyth Stable price sources available via Hermes Stable. According to Pantera Capital, Morph stands out as an L2 solution incubated by Bitget, offering an ecosystem tailored for value-driven applications. The platform’s innovative features, including a hybrid rollup scheme, modular framework, and decentralized sequencer, position it as a leader in EVM scaling technology. Pantera Capital highlights the unique approach and technical advancements of Morph in the Ethereum scaling landscape.
Overall, the partnership between Pyth Network and Morph aims to drive innovation in the DeFi space by providing access to high-quality data and scalable infrastructure. By deploying the Pyth pull oracle on Morph, DeFi protocols can easily access real-time price updates from the Pythnet appchain, ensuring that users within the ecosystem benefit from up-to-date market information. The combination of Pyth’s price feeds and Morph’s Layer 2 scaling solutions creates a powerful environment for developers to build cutting-edge applications and expand the capabilities of decentralized finance.
The collaboration between Pyth and Morph represents a significant step towards enhancing the efficiency and accessibility of decentralized finance applications. With Pyth’s high-frequency price feeds and Morph’s innovative Layer 2 scaling technology, developers can create advanced DeFi solutions that leverage reliable data and seamless infrastructure. The deployment of the Pyth pull oracle on Morph enables DeFi protocols to securely request price updates on demand, ensuring that users have access to accurate market information. The partnership between Pyth Network and Morph sets a new standard for DeFi innovation and scalability within the Ethereum ecosystem.
In conclusion, the integration of Pyth Price Feeds on the Morph testnet marks a significant milestone in the evolution of decentralized finance applications. By combining high-quality price data with Layer 2 scaling solutions, developers have access to reliable information and efficient infrastructure to create cutting-edge DeFi applications. The partnership between Pyth Network and Morph showcases the potential for collaboration between decentralized oracle networks and Layer 2 platforms to enhance the functionality and accessibility of the DeFi ecosystem. This collaboration highlights the importance of reliable data and scalable infrastructure in driving innovation and growth within the decentralized finance space.
