Layer-2 Base Integration On Coinbase Was Recently Disclosed By The Pyth Network

Oracle project Pyth Network has just made the announcement that it would be integrating with Base, which is a layer-2 solution on Ethereum that Coinbase has just made the announcement about.

Pyth Network is looking forward to the opportunity to serve the DeFi community on the layer 2 Base as part of the integration framework and to contribute to the development of the huge layer-2 ecosystem. About 200 Pyth grade pricing feeds are now available to be accessed by developers on the Basic Testnet network. The Wormhole bridge is used to accomplish the integration of Pyth Network with Base.

About the agreement, a spokesman named Jesse Pollak made the following statement: “We are glad to join Pyth Network in assisting DeFi developers on-chain.”

“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,” was another statement made by Mike Cahill, the Director of the Pyth Data Association.

According to the reports, the platform acts as the hub for all of Coinbase’s on-chain goods and provides everyone with access to an open ecosystem. The open source code of OP Stack, which is the superchain development toolkit initially provided by Optimism, is used in the construction of this platform. At the same time, 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), and delivers data in a way that is reliable and has a latency of less than one second.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source