The Oracle project Pyth Network has recently announced its integration with Base, a layer-2 solution on Ethereum that Coinbase has just made the announcement about. This integration is a huge step forward for the DeFi community, as it will allow developers to access 200 Pyth grade pricing feeds through the Base Testnet network.
The integration of Pyth Network with Base is made possible by the Wormhole bridge. Jesse Pollak, a spokesman for Pyth Network, expressed his enthusiasm for the integration: “We are glad to join Pyth Network in assisting DeFi developers on-chain.” Mike Cahill, the Director of the Pyth Data Association, also shared his excitement: “We believe that Ethereum and the blooming layer-2 ecosystem will be the cornerstone for the evolution of the crypto industry, which is why we are delighted to extend to Base.”
The platform that Coinbase has built acts as a hub for all of its on-chain goods and provides everyone with access to an open ecosystem. It is built with the open source code of OP Stack, the superchain development toolkit initially provided by Optimism. The new network will utilize ETH as a unit to pay gas costs for activities in the ecosystem, and the exchange does not currently have any plans to produce its own token for the platform.
Pyth Network is an oracle project that has attracted more than 50 major partners from around the world. It offers valuable data sources, integrates multiple protocols, AMM, Derivatives, and a wide variety of other decentralized applications (dApps). It also delivers data in a way that is reliable and has a latency of less than one second.
The integration of Pyth Network with Base is a major milestone for the DeFi community and the crypto industry in general. It will provide developers with access to a wealth of data and tools to build powerful decentralized applications. This is a huge step forward for the industry, and it will be interesting to see how this integration will shape the future of the DeFi space.
The integration of Pyth Network with Base is just the latest in a series of moves by Coinbase to expand its presence in the DeFi space. Coinbase has been steadily increasing its presence in the DeFi space, and this integration is just the latest example of this. It is clear that Coinbase is committed to expanding its presence in the DeFi space, and this integration is just the beginning.
It is also worth noting that this integration is not the first time that Coinbase has partnered with an oracle project. Coinbase has previously partnered with Chainlink, which is another Oracle project. This partnership has allowed Coinbase to access data from multiple sources and provide users with access to a wealth of data.
Overall, the integration of Pyth Network with Base is a major milestone for the DeFi community and the crypto industry in general. It will provide developers with access to a wealth of data and tools to build powerful decentralized applications. This is a huge step forward for the industry, and it will be interesting to see how this integration will shape the future of the DeFi space. Coinbase has proven itself to be a major player in the DeFi space, and this integration is just the latest example of this. It is clear that Coinbase is committed to expanding its presence in the DeFi space, and this integration is just the beginning.
