Pyth Network has now launched its Pyth Price Feeds on Morph testnet, a Layer 2 which is looking to redefine the Ethereum scaling experience by combining ZK technology and optimistic rollups. This update will allow smart contract developers access to over 500 real-time price feeds across digital asset classes.
The Pyth Network is a decentralized oracle network designed which provide high-frequency pricing data to blockchains. Pyth has moved from Solana to Pythnet, its own blockchain built using Solana’s codebase. The original whitepaper proposed an initial protocol design focused on the Solana blockchain. The second version updates the design to reflect the current status of the Pyth ecosystem. In particular, this version describes a novel cross-chain model for price delivery to target chains.
In the blog post, Pyth revealed the partnership with Morph oversees the deployment of the Pyth oracle on Morph to secure its decentralized finance ecosystem.
Developers May Create ‘Cutting-Edge’ DeFi Apps
“The partnership between Pyth Network and Morph opens doors for developers to create cutting-edge DeFi applications that leverage reliable data and scalable infrastructure, driving innovation in the decentralized finance space,” said Cecilia Hsueh, the co-founder and CEO of Morph.
Morph is described as Ethereum Layer 2 chain that introduces a sequence network to promote efficiency and reduce operational overhead. Morph combines optimistic rollups with its innovative Responsive Validity Proof and ZK-proofs to verify state, explains the blog post.
The deployment of the Pyth pull oracle will empower DeFi protocols on Morph to permissionlessly request or “pull” price updates from the Pythnet appchain on demand. The gas efficiency of Pyth’s innovative pull architecture ensures that downstream users in the Morph ecosystem always benefit from continual access to high-frequency market data and the most recently updated price.
In March, Morph raised a seed funding round of $19 million with participation from Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Pyth is currently available on Morph using the Pyth Stable price sources accessible through Hermes Stable.
Pantera Capital has described Morph as an L2 solution, incubated by Bitget, with an ecosystem tailor-made for value-driven applications.
“The uniqueness of Morph lies in its approach to leveraging Bitget’s ecosystem. On the technical side, Morph’s innovations such as a hybrid rollup scheme, modular framework, and being the first L2 to launch on Ethereum with a decentralized sequencer, position it as a leader in EVM scaling technology,” said Pantera Capital on its website.
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