As a seasoned analyst with years of experience in the crypto space, I find Pyth Network’s latest move to be nothing short of game-changing. Having navigated through the complexities of DeFi and its reliance on accurate pricing data, I can attest to the importance of having access to precise valuation data for complex assets.
In simpler terms, Pyth Network, a leading oracle provider, is broadening its influence in the world of decentralized finance by introducing a fresh feature called Redemption Rate Feeds.
On October 24th, I learned about the introduction of Redemption Rate Feeds (RRF), a real-time valuation system for liquid staking tokens, restaking tokens, and yield-bearing stablecoins, by Pyth Network (PYTH). This innovative feature grants the decentralized finance (DeFi) market access to pricing data that is typically unavailable from traditional price feeds.
In simpler terms, this means that Decentralized Finance (DeFi) platforms can now get accurate valuation information for intricate financial assets.
As a crypto investor, I view this development as transitioning from an approximate worth to an exact one – a significant improvement that empowers numerous protocols to leverage Pyth’s price feeds with precision. (Pyth Network’s words)
How it works
Feeds for crypto redemptions offer real-time token values, sourced straight from the underlying asset’s smart contracts. As explained by the Pyth Network team, these accurate figures encompass any accumulated rewards and interest.
According to Pyth, RRF sets it apart significantly from standard market price data, as stated in a post on X.
This type of valuations are for derivatives such as liquid staking tokens and yield-bearing stablecoins. The feeds are permissionless and accessible to DeFi builders across the ecosystem.
Initially, Pyth Network’s redemption rate data streams will supply 19 real-time figures on networks that are compatible with Ethereum Virtual Machine (EVM). Among these are Crypto.com’s staked ETH (CDCETH), Mountain Protocol’s wUSDM, Ondo Finance’s U.S. Dollar Yield (USDY), and USDe, a simulated dollar from Ethena.
In addition, the updates will cover Ether (ETH) staking combinations like Coinbase’s wrapped and staked ETH (cbETH) and Rocket Pool’s liquid staking token, rETH.
Through strategic partnerships with market-leading entities such as market makers, lending platforms, aggregators, and derivative providers, the product offered by Pyth Network makes its market debut. Our initial collaborators in this venture are Ionic, ZeroLend, UniDEX Exchange, and Polynomial.
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2024-10-24 22:42