The Pyth Network Teams Up with Ambient to Enhance Web3 Price Feeds
Ambient Joins Pyth Network as Data Provider
The Pyth Network recently welcomed Ambient, previously known as CrocSwap, into its community of data providers. This collaboration aims to bolster real-time price feeds essential for Web3 developers by integrating Ambient’s innovative approach to automated market making using blockchain assets.
Ambient’s Contribution to Real-Time Price Data
Well-known for its unique blend of concentrated and ambient constant-product liquidity pools, Ambient will now provide real-time price data to the Pyth Network. This initiative is set to enhance the network’s data quality and security, benefiting the global Web3 development community.
Ambient’s Impact on DeFi Scene
Since its launch in mid-2023, Ambient has quickly gained traction in the decentralized finance (DeFi) space. It operates on platforms like Blast, Scroll, and Canto, boasting over $50 million in total value locked (TVL) and $650 million in transaction volumes.
Excitement Over Enhanced Market Data
Doug Colkitt, Founder of Ambient Finance, expressed enthusiasm about leveraging their market data to support the Pyth Network ecosystem. The addition of pricing data from Ambient’s deep, liquid pools is anticipated to enhance the network’s security, efficiency, and transparency in financial data on-chain.
Pyth Network’s Growing Ecosystem
This partnership comes on the heels of the Pyth Network’s integration with the Virtual Machine (VM) earlier in the year. The integration allows both Web2 and Web3 entities access to vital financial data, cementing Pyth’s position with over 80 market participants, including industry giants like Jane Street, Binance, and Bybit.
Expanding Real-Time Price Feeds
With over $2.0 billion in value secured within a year, the Pyth Network offers 400+ real-time price feeds across various categories, now including ETFs. Its robust infrastructure supports more than 50 blockchains and facilitates a staggering trade volume exceeding $100 billion, meeting the demand for accurate and timely financial market data.
Enhancing Data Accuracy with Pyth Network
Pyth addresses the critical need for high-fidelity financial market data, bridging the gap between on-chain and off-chain events with smart contracts across different blockchain platforms. The network’s data feeds play a pivotal role in the operations of crypto desks and trading exchanges, ensuring they have access to accurate real-time data.
