Pyth Network Launches Pyth Price Feeds on Morph Testnet, Redefining Ethereum Scaling Experience
Pyth Network Launches Price Feeds on Morph Testnet, Redefining Ethereum Scaling Experience
In a groundbreaking move, Pyth Network has officially launched its Pyth Price Feeds on the Morph testnet, a Layer 2 solution that aims to revolutionize the Ethereum scaling experience. By combining ZK technology and optimistic rollups, Morph is set to provide smart contract developers with access to over 500 real-time price feeds across various digital asset classes.
The Pyth Network, known for its decentralized oracle network that delivers high-frequency pricing data to blockchains, has transitioned from Solana to Pythnet, its own blockchain built using Solana’s codebase. The updated protocol design reflects the current state of the Pyth ecosystem, with a focus on a novel cross-chain model for price delivery to target chains.
In a recent blog post, Pyth announced its partnership with Morph to deploy the Pyth oracle on the platform, enhancing the security of its decentralized finance ecosystem. Cecilia Hsueh, co-founder and CEO of Morph, expressed excitement about the collaboration, stating that it opens doors for developers to create cutting-edge DeFi applications that leverage reliable data and scalable infrastructure.
Morph, described as an Ethereum Layer 2 chain, introduces a sequence network to improve efficiency and reduce operational overhead. By combining optimistic rollups with its Responsive Validity Proof and ZK-proofs, Morph ensures the verification of state changes.
The deployment of the Pyth pull oracle on Morph will enable DeFi protocols to request price updates from the Pythnet appchain on demand, enhancing gas efficiency and ensuring continuous access to high-frequency market data for users in the Morph ecosystem.
In March, Morph secured a seed funding round of $19 million, with backing from prominent investors such as Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Pantera Capital praised Morph as an L2 solution incubated by Bitget, with a tailor-made ecosystem for value-driven applications.
With Pyth now available on Morph through the Pyth Stable price sources accessible via Hermes Stable, developers and users alike can expect a new era of innovation and efficiency in the decentralized finance space. Stay tuned for more updates on this exciting partnership between Pyth Network and Morph.
