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TON, Pyth team up for real-time DeFi data
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2024-08-14 11:08:00
Josh O"Sullivan10 hours agoTON, Pyth team up for real-time DeFi dataTON and Pyth’s collaboration brings institutional-grade real-time price feeds to TON developers, enhancing DeFi innovation.8973 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe Open Network (TON), a decentralized blockchain platform, and Pyth Network, a decentralized data oracle, have partnered to deliver high-fidelity data to builders on TON.
According to information shared with Cointelegraph, the collaboration focuses on integrating Pyth’s pull oracle data feeds to enable TON developers to “make their apps truly stand out.”
Pyth’s pull oracle technology is designed to offer real-time “institutional-quality price data” required to help build decentralized applications (DApps) on TON.
In a written Q&A with Cointelegraph, Michael Cahill, CEO of Douro Labs and core contributor to Pyth, explained that the price feeds are “secured by multiple layers of protection.”“These measures are in place to give TON developers and all other supported ecosystems the confidence to build cutting-edge DeFi that will serve potentially millions of users.”
Related:TON users gain free access to advanced analyticsPartnership implications
The partnership is expected to impact multiple elements of the TON ecosystem relating to decentralized finance (DeFi), including the ability for projects to offer improved financial services.
According to the shared information, Pyth’s “high-fidelity, real-time prices” will support DeFi projects on TON with “lightning-fast transactions” necessary for “serving a massive global audience.”
With the partnership, TON’s efforts to onboard users into the onchain space will be supported by Pyth’s low-latency data capabilities.
Cahill stated in the Q&A that “TON builders can be confident that Pyth can support the services they want to build, including those they may already offer on other chains.”
Related:Pyth leads perps trading on Solana, Sui, but $600B trading volume will 10xTON gains advanced analytics access
On Aug. 9, IntoTheBlock (ITB), an onchain analytics and DeFi services provider, integrated TON into its analytics platform.
The development enables the TON community to access ITB’s advanced analytical data free of charge to better understand trends and onchain information on the TON blockchain.
The integration also aims to boost user engagement on the blockchain platform and help increase network transparency through deeper “insights into the TON ecosystem.”
Related:New Tonkeeper app enhances crypto asset security, preventing hacksPyth partnership for DeFi lending overhaul
On June 21, Pyth partnered with DeFi-centric development teams Morpho and Gauntlet to improve lending and borrowing experiences on the Ethereum and Base blockchains.
The partnership aimed to offer securer and more efficient lending protocols by utilizing Pyth’s low-latency price data.
Magazine:How Chinese traders and miners get around China’s crypto ban# Blockchain# Decentralization# Transactions# Adoption# DApps# Applications# TON# Data# DeFiAdd reaction