Starknet Integrates Pyth Network as Oracle Provider

Ethereum Layer 2 network Starknet has added Pyth Network as an oracle provider.

The integration will provide developers access to over 500 real-time price feeds for cryptocurrencies, commodities, foreign exchange pairs, equities, and exchange-traded funds, sourced directly from financial institutions.

Diego Oliva, CEO of the Starknet Foundation, highlighted that Pyth Network’s pull oracle model will allow applications to request data on-demand, reducing costs and improving accuracy. This approach ensures that users have access to the latest market data in a permissionless environment, enhancing the efficiency and functionality of DeFi protocols on Starknet.

The move comes just days after Starknet added support for price feeds from Chainlink.

Starknet launched its native STRK token in February with an airdrop for early adopters and developers valued at $2 billion on launch day. However, STRK has since plummeted 80% and now trades at a fully diluted valuation of around $6 billion. The network has $730 million in total value locked (TVL), according to L2beat.

Pyth Network is a financial data oracle network that aggregates price data from major financial institutions and delivers it to blockchains. According to DefiLlama, Pyth oracles are used by 201 DeFi protocols to secure over $6 billion of assets.