Oracle platform Pyth Network expands features to Arbitrum

Oracle platform Pyth Network expands features to Arbitrum

By Benson Toti - min read
  • Pyth Network’s price feeds are now available on Arbitrum.
  • Builders within the Ethereum scaling solution’s ecosystem can now tap into over 200 price feeds across crypto, equities and commodities.
  • The Pyth technology is already powering CAP Finance and Perpy Finance on Arbitrum.

Pyth Network, an oracle solution provider that’s mainly integrated across the Solana ecosystem, has announced expansion onto layer-2 blockchain protocol Arbitrum.

What this means is that the Pyth price feeds are now live on Arbitrum, a scaling solution developedby OffChain Labs for the Ethereum ecosystem. The Pyth team noted in a blog release on Tuesday that integration will support the decentralised finance (DeFi) community on Arbitrum.

Pyth to power Arbitrum dApps

Arbitrum already integrates with Chainlink price feeds. Basically, developers and other Arbitrum users now also have access a new oracle network with over 200 price feeds, covering major data needs across cryptocurrency, equities, FX pairs and commodities.

Mike Cahill, the Director of the Pyth Data Association, said that the integration with Arbitrum is significant. One of the reasons, he noted in a statement, is down to the fact that Pyth’s technology now powers decentralised applications (dApps) in the Ethereum ecosystem – the most prominent smart contracts blockchains today.

 “We’re excited to continue our expansion in the Ethereum world, and specifically the Arbitrum ecosystem as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth,” Cahill added.

By bringing off-chain data in real time onto Arbitrum, Pyth is helping unlock previously inaccessible financial data for developers in this ecosystem.

As announced on Tuesday, Pyth’s price feeds already power Arbitrum-based perpetual DEX platform CAP Finance and decentralised copy trading protocol Perpy Finance.