Pyth Network Launches Pyth Price Feeds on Morph Testnet
Pyth Network has recently introduced its Pyth Price Feeds on the Morph testnet, which is a Layer 2 solution aiming to revolutionize the Ethereum scaling landscape by merging ZK technology and optimistic rollups. This development enables smart contract developers to tap into a repository of more than 500 real-time price feeds covering various digital asset classes.
Redesigning the Scalability Experience
- Pyth Network transitions from Solana to Pythnet, its independent blockchain constructed using Solana’s codebase.
- The original whitepaper outlined a protocol tailored to the Solana blockchain, with the updated version reflecting the current Pyth ecosystem’s state.
- The latest whitepaper iteration details a fresh cross-chain model for delivering prices to target chains.
Partnership with Morph
Pyth announced a collaboration with Morph that paves the way for deploying the Pyth oracle on Morph, fortifying its decentralized finance ecosystem.
Empowering DeFi Innovation
Cecilia Hsueh, Morph’s co-founder and CEO, points out that the alliance between Pyth Network and Morph creates opportunities for developers to craft innovative DeFi applications leveraging dependable data and scalable infrastructure.
Introducing Morph: An Ethereum Layer 2 Chain
- Morph serves as an Ethereum Layer 2 chain incorporating a sequence network to enhance efficiency and decrease operational burdens.
- Optimistic rollups and the distinctive Responsive Validity Proof and ZK-proofs are combined by Morph to verify state processes.
The deployment of the Pyth pull oracle on Morph will empower DeFi protocols to autonomously request or “pull” price updates from the Pythnet appchain whenever needed. The gas efficiency of Pyth’s innovative pull architecture ensures that users within the Morph ecosystem have continuous access to up-to-date market data and prices.
Morph’s Fundraising Success
Morph recently secured $19 million in seed funding, with contributions from Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Moreover, Pyth is now integrated into Morph, providing access to Pyth Stable price sources through Hermes Stable.
Pantera Capital regards Morph as an L2 solution, nurtured by Bitget, with a purpose-built ecosystem for value-driven applications.
“Morph’s unique approach highlights Bitget’s ecosystem leverage. Its technical advancements like a hybrid rollup scheme, modular framework, and the distinction of being the first L2 launched on Ethereum with a decentralized sequencer position it as a frontrunner in EVM scaling technology,” stated Pantera Capital on its website.
Hot Take: Morph and Pyth Collaboration bolster DeFi Ecosystem
The partnership between Pyth Network and Morph introduces a new era of possibilities for developers, paving the way for cutting-edge DeFi solutions that harness innovative technologies and data accuracy. With Morph’s commitment to efficiency and Pyth’s real-time price feeds, the collaboration promises to drive innovation in the decentralized finance space, offering users a seamless and secure experience.
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Sources:
– [Pyth Network](https://pyth.network/whitepaper_v2.pdf)
– [Pyth Network Blog](https://pyth-network.notion.site/Blog-New-Blockchain-Morph-a91378d7726b46e4b023f56ae1cce8ec)
– [Medium – Morph announces fundraise](https://medium.com/@morphlayer2/morph-announces-20mm-fundraise-in-seed-and-angel-investment-af7e264f8244)
– [Pantera Capital – Morph Investment](https://panteracapital.com/blog-investing-in-morph/#:~:text=Cecilia%20Hsueh%2C%20co%2Dfounder%20%26,Cancer%20Society%2C%20and%20Shell%20Oil.)
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