Pyth Community has introduced the discharge of its new Crypto Redemption Price Feeds, increasing its attain for DeFi platforms. The brand new launches convey with them two fast-growing asset courses, Liquid Staking Tokens (LSTs) and yield-bearing stablecoins, opening up a spread of recent prospects for builders within the DeFi area. Pyth supplies feeds for cryptocurrencies and belongings reminiscent of commodities, shares, FX, ETFs and these new courses.
Cryptocurrency redemption charges present real-time valuations primarily based on good contracts, offering correct asset costs that replicate the workings of a given DeFi protocol. The charges come straight from an asset’s good contract. LSTs are sophisticated belongings whose values change dynamically, primarily based on rewards that accumulate however by no means pay out.
Liquid Staking Tokens and yield-bearing stablecoins at the moment are supported
The onboarding of Liquid Staking Tokens and Liquid Restaking Tokens are an essential milestone in Pyth’s journey to supply complete information options for decentralized finance purposes. Liquid Staking Tokens wstETH, an Ethereum staking by-product, permits builders to retrieve real-time change charges straight from the asset’s contract and supply extra correct costs for these complicated tokens. Decentralized lending protocols require correct change charges to keep up threat administration
Yield-bearing stablecoins, reminiscent of $USDY from Ondo Finance, are additionally a part of this replace. These stablecoins present returns from sources reminiscent of US Treasuries, making correct redemption charges essential to their valuation on DeFi platforms. Pyth’s new feeds embody 19 redemption charges for belongings from the Ethereum Digital Machine (EVM) ecosystem.
Pyth Community supplies real-time valuations for DeFi protocols
The enlargement of Pyth Community comes as accuracy and real-time information turn out to be extra essential within the DeFi sector. The brand new redemption fee feeds present a approach for decentralized purposes to reliably entry tokens’ inner mechanisms for correct indication of the values of belongings reminiscent of wstETH or yield-bearing stablecoins. This helps cut back dependence on market costs, that are extremely unstable, and restrict potential inaccuracies within the valuation of an asset.