Pyth Network Launches Base Network with 200+ Price Sources
It is reported that the oracle project, Pyth Network, announced the launch of the Base Network and provided more than 200 price sources for it.
The ora…
It is reported that the oracle project, Pyth Network, announced the launch of the Base Network and provided more than 200 price sources for it.
The oracle Python Network announced the launch of the base network
Interpretation of the news:
Pyth Network, an oracle project, has revealed the launch of its Base Network, along with more than 200 price sources. The new network is expected to bring trustless and transparent price feeds to the decentralized finance (DeFi) ecosystem. This announcement is a significant milestone for Pyth Network, which aims to create an efficient and secure oracle network that can compete with existing centralized systems.
The Pyth Network is built on the Solana blockchain, which boasts high-speed transactions and low transaction costs. This makes it an ideal choice for creating decentralized and scalable price feeds. The Base Network is designed to aggregate and distribute real-time price data from a diverse set of sources, including markets, exchanges, and trading platforms. These sources can be used to retrieve data based on different parameters, such as asset class, currency, or region.
With more than 200 price sources, the Base Network aims to provide unparalleled transparency and robustness to the DeFi ecosystem. The network has a unique architecture that ensures price updates are delivered accurately and consistently across all participating platforms. Moreover, the network allows developers to create custom indexes and reference rates that can be used to power various DeFi applications like lending, trading, and asset management.
The launch of the Base Network is expected to benefit DeFi users and projects by providing them with reliable and tamper-proof price feeds. The network also benefits from the Pyth Network’s partnership with top financial institutions such as Jump Trading, DRW, and Jane Street. These partnerships enable Pyth Network to access a host of unique data sources, which can be integrated into the Base Network to provide even more accurate and granular price data.
In conclusion, the launch of Pyth Network’s Base Network with more than 200 price sources marks a significant milestone for the oracle project. The new network’s innovative design, real-time price data, and exceptional data quality are expected to reinforce the DeFi ecosystem’s trust and strength. Moreover, the Base Network’s scalability and reliability make it an excellent alternative to centralize price feeds. Therefore, it is a significant development in the advancement of DeFi technology.
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