Pyth Network welcomes Ambient as data provider to elevate Web3 development

Pyth Network has revealed a new collaboration with a decentralized exchange Ambient, popular for its unique 2-sided AMMs.

There’s Pyth Data all around you 🔮

Today, the Pyth Network welcomes @ambient_finance as the newest data provider to the oracle network.

Launched in 2023, Ambient has become a leading DEX on @Blast_L2, @Scroll_ZKP, @ethereum, and @CantoPublic.

Learn more about our partnership… pic.twitter.com/Zs77fLXcpz

— Pyth Network 🔮 (@PythNetwork) March 25, 2024

According to the press release, the strategic alliance aims to enhance Pyth Network’s data security and quality. Further, web3 developers will access transparent and more efficient price feeds.

Ambient will contribute real-time price feeds to Pyth Network. The DEX’s founder, Dough Colkit, commented on the developments,

“By providing pricing data from our deep, liquid pools, we look forward to increasing security, efficiency, and transparency in financial data on-chain.”

Ambient is a highly efficient Ethereum-based DEX known for its two-sided AMMs. It has attracted implementations on various projects, including Ethereum, Blast, Scroll, and Canto, since its 2023 summer launch.

Ambient has seen increased activity lately, propelling its total value locked (TVL) to $84.41 million, with $16.72 million in 24-hour transaction volume.

Pyth Network has forged strategic partnerships with renowned platforms to ensure reliable and real-time data – vital for smart contracts development in various blockchains.

Pyth collaborated with the Hedera Foundation in February, allowing developers on the HBAR ecosystem to tap into more than 400 price feeds.

PYTH price outlook

The native token reacted to the developments with notable recoveries. PYTH gained around 7% within the past day to trade at $0.9767 at press time.

Broad market optimism contributed to PYTH’s latest uptrend. Digital coins have printed their price charts green as Bitcoin climbed to its current levels of $70,830 during this writing.

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