DeFi
Starknet Integrates Pyth Network as Oracle Provider
Developers can now access over 500 real-time price feeds from financial institutions.
Ethereum Layer 2 network Starknet has added Pyth Network as an oracle provider.
The integration will provide developers with access to over 500 real-time price feeds for cryptocurrencies, commodities, currency pairs, stocks and exchange-traded funds, sourced directly from financial institutions.
Diego Oliva, CEO of the Starknet Foundation, highlighted that Pyth Network’s pull oracle model will allow applications to request data on demand, reducing costs and improving accuracy. This approach ensures users have access to the latest market data in a permissionless environment, improving the efficiency and functionality of DeFi protocols on Starknet.
The move comes just days after Starknet added support for Chainlink price feeds.
Starknet launched its native token STRK in February with a Airdrop for early adopters and developers were valued at $2 billion on launch day. However, STRK has since fallen 80% and now trades at a fully diluted valuation of around $6 billion. The network has a total value locked (TVL) of $730 million, according to L2beat.
STRK Awards
Pyth Network is a network of financial data oracles that aggregates price data from major financial institutions and transmits it to blockchains. According to DefiLlama, Pyth oracles are used by 201 DeFi protocols to secure over $6 billion in assets.