Pyth Network has recently launched its Pyth Price Feeds on Morph testnet, a Layer 2 platform combining ZK technology and optimistic rollups to redefine the Ethereum scaling experience. This update offers smart contract developers access to over 500 real-time price feeds across various digital asset classes. The Pyth Network is a decentralized oracle network that provides high-frequency pricing data to blockchains. Originally built on Solana, Pyth has now transitioned to its own blockchain, Pythnet, based on Solana’s codebase. The latest version of the whitepaper introduces a cross-chain model for price delivery to target chains, reflecting the current status of the Pyth ecosystem.
Through a partnership with Morph, the deployment of the Pyth oracle on Morph’s decentralized finance ecosystem will enable developers to create advanced DeFi applications that leverage reliable data and scalable infrastructure. Cecilia Hsueh, the CEO of Morph, emphasizes how this partnership unlocks possibilities for innovative projects in the DeFi space. Morph, an Ethereum Layer 2 chain, introduces a sequence network to enhance efficiency and reduce operational overhead by combining optimistic rollups with innovative validation proofs and ZK-proofs for state verification.
The deployment of the Pyth pull oracle on Morph will allow DeFi protocols to request price updates from the Pythnet appchain on demand, enabling downstream users in the Morph ecosystem to access high-frequency market data efficiently. Pyth’s pull architecture ensures continuous access to updated price information. In a recent funding round, Morph raised $19 million from investors such as Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Pyth is already accessible on Morph through the Pyth Stable price sources via Hermes Stable.
Pantera Capital highlights Morph as an L2 solution incubated by Bitget, tailored for value-driven applications. The platform’s unique features such as a hybrid rollup scheme, modular framework, and decentralized sequencer on Ethereum position Morph as a leader in EVM scaling technology. The partnership between Pyth Network and Morph signifies a significant step towards enabling developers to build cutting-edge DeFi solutions that rely on accurate data sources and scalable infrastructure. By leveraging Morph’s innovative approach and Pyth’s secure price feeds, developers can drive innovation in the DeFi sector, benefitting from high-frequency market data and up-to-date pricing information.
