Starknet Selects Pyth Network as Oracle Provider
After a thorough assessment of a number of different infrastructure solutions, Pyth’s Network’s price feed data was chosen to supercharge the developer experience for builders in the Starknet ecosystem. Starknet joins a rapidly growing list of over 60 blockchains using Pyth to give applications access to reliable, low-latency data directly from financial institutions.
Today, developers within the Starknet community 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 Network and Starknet
Starknet is the secure scaling technology bringing Ethereum’s benefits to the world. By validating off-chain transactions with advanced math and cryptography, they overcome Ethereum’s scalability limitations and offer enhanced user experiences. Starknet is home to the fastest-growing layer 2 developer community due to its novel approach to scaling Ethereum and making it economically feasible to build even the most complex dApps.
“The Pyth Network integration offers developers within the Starknet ecosystem access to real-time price feed data for over 500 assets, all of which are available today and sourced directly from the world’s largest financial institutions. Additionally, through their innovative pull oracle model, applications are able to reduce costs and improve accuracy by requesting data exactly where and when they need it.” – Diego Oliva, Starknet Foundation CEO
Because of Starknet’s scaling capabilities, they need infrastructure solutions that can scale alongside them. To this end, the deployment of the Pyth Network pull oracle enables DeFi protocols on Starknet to request or pull price updates on-chain and on demand in a permissionless environment. The gas efficiency of the pull oracle ensures that downstream users in the ecosystem always benefit from continual access to high-frequency market data and the most recently updated price.
Pyth empowers applications on Starknet with cost-effective and accurate data that updates precisely where and when they need it to.
About 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, please visit the Pyth website.
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