Pyth Network disclosed its collaboration with Ambient, a decentralized exchange protocol, aiming to bolster the quality and security of Pyth price feeds for Web3 developers globally.
According to the announcement made by Pyth Network, the partnership seeks to enhance the integrity and security of financial data on-chain, benefiting developers operating within the Web3 ecosystem.
Founder of Ambient Finance, Doug Colkitt, expressed satisfaction in supporting the Pyth Network ecosystem and highlighted the shared goals of augmenting security, efficiency, and transparency in financial data on-chain. He further conveyed excitement about leveraging market data to bolster the Pyth Network ecosystem’s growth and affirmed their commitment to providing market data for an expanding array of assets.
Ambient operates as a decentralized exchange (DEX) protocol facilitating two-sided AMMs that combine concentrated and ambient constant-product liquidity for diverse blockchain asset pairs. Notable investors in Ambient include Block Tower, Jane Street, Circle, Tensai Capital, Naval Ravikant, Yunt Capital, Afkbyte, and Jai Prasad.
Launched in the summer of 2023, Ambient is currently accessible on Blast, Scroll, Ethereum, and Canto platforms. The protocol has accrued over $50 million in total value locked (TVL) and facilitated $650 million in trading volumes.
Web3, characterized by decentralization, marks a new era of the internet. Coined by Ethereum co-founder Gavin Wood, Web3 is a decentralized internet owned and controlled by both builders and users, where transactions are conducted using cryptocurrencies. Contrary to Web 1.0 and Web 2.0, which were primarily read-only and read-write respectively, Web3 empowers users to own their data and actively participate in online activities since its inception in 2014.
In a recent development, Pyth Network forged a partnership with the HBAR Foundation, aiming to integrate over 400 Pyth Price Feeds onto the Hedera network. The collaboration, announced on the X platform, aligns with the foundation’s six focus areas, encompassing the Crypto Economy, Consumer Engagement, Sustainability, Fintech, Privacy, and Female Founders.
Grace Pfluge, HBAR Foundation Director of Business Development, underscored the significance of public Oracle price feeds in fostering economic growth, particularly in the lending sector. She emphasized the partnership’s role in advancing innovative financial instruments on Hedera, highlighting alignment in long-term strategic visions between Pyth and the foundation.