📰 Table Of Contents
Pyth Network Launches Pyth Price Feeds on Morph Testnet
Pyth Network has now launched its Pyth Price Feeds on Morph testnet, a Layer 2 solution aiming to enhance the Ethereum scaling experience by integrating ZK technology and optimistic rollups.
Decentralized Oracle Network
The Pyth Network is a decentralized oracle network that offers high-frequency pricing data to blockchains. It has transitioned from Solana to Pythnet, its own blockchain developed using Solana’s codebase.
Enhanced Protocol Design
The original whitepaper focused on the Solana blockchain, while the updated version reflects the current state of the Pyth ecosystem. It introduces a cross-chain model for price delivery to target chains.
Partnership with Morph
Pyth announced a partnership with Morph to deploy the Pyth oracle on Morph, enhancing the security of its decentralized finance ecosystem.
Empowering DeFi Development
The collaboration between Pyth Network and Morph enables developers to build innovative DeFi applications that utilize reliable data and scalable infrastructure, fostering innovation in decentralized finance.
Morph’s Features
Morph, described as an Ethereum Layer 2 chain, incorporates a sequence network to boost efficiency and reduce operational overhead. It combines optimistic rollups with Responsive Validity Proof and ZK-proofs for state verification.
Pyth Pull Oracle Deployment
The deployment of the Pyth pull oracle on Morph allows DeFi protocols to request price updates from the Pythnet appchain as needed. This architecture ensures gas efficiency and continuous access to real-time market data.
Funding and Recognition
In March, Morph secured a $19 million seed funding round with support from Pantera Capital, Foresight Ventures, Spartan Group, and Symbolic Capital. Pantera Capital recognizes Morph as an L2 solution with a tailored ecosystem for value-driven applications.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
