RARI

Arbitrum

DeFi

Yield

Pyth Network

Pyth Network, a top oracle network, has expanded its reach within the decentralized finance market with a new feature dubbed Redemption Rate Feeds. 
<a href="https://x.com/PythNetwork/status/1849450883802935808" target="_blank" rel="nofollow">Announced</a> on Oct. 24, the redemption rate feeds, or RRF, provide real-time valuations for liquid staking tokens, restaking tokens, and yield-bearing stablecoins. With this feature, Pyth Network (<a rel="" href="https://crypto.news/price/pyth-network/">PYTH</a>) offers the broader DeFi market access to pricing data that traditional price feeds do not provide. 
The practical impact is that DeFi platforms now have access to precise valuation data of complex assets. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Think of it as moving from estimated value to exact value—a crucial upgrade that enables more protocols to use Pyth price feeds,” Pyth Network wrote. 
</blockquote> 
 You might also like: <a rel="" href="https://crypto.news/cardano-taps-into-1-3-trillion-btc-liquidity-via-bitcoinos-bridge/"> Cardano taps into $1.3 trillion BTC liquidity via BitcoinOS bridge </a> 
<h2 class="wp-block-heading" id="how-it-works">How it works</h2> 
Crypto redemption rate feeds provide live values of tokens, with data pulled directly from underlying assets’ smart contracts. According to the Pyth Network team, these true values include accrued rewards and interest. 
It’s this that makes RRF “fundamentally different from market price data,” Pyth added in a <a href="https://x.com/PythNetwork/status/1849450898453577843" target="_blank" rel="nofollow">post on X</a>. 
This type of valuations are for derivatives such as liquid staking tokens and yield-bearing stablecoins. The feeds are permissionless and accessible to DeFi builders across the ecosystem. 
At launch, Pyth Network’s redemption rate feeds will cover 19 real-time values on Ethereum Virtual Machine (EVM)-compatible networks. These include the Crypto.com staked ETH (CDCETH), Mountain Protocol’s wUSDM, Ondo Finance’s U.S. Dollar Yield (USDY), and Ethena’s USDe, a synthetic dollar. 
The feeds will also include ETH staking pairs, such as Coinbase wrapped staked ETH (cbETH) and Rocket Pool’s liquid staking token rETH. 
Pyth Network’s product enters the market through key industry integrations with market makers, lending protocols, aggregators, and derivatives providers. Launch partners include Ionic, ZeroLend, UniDEX Exchange, and Polynomial. 
 You might also like: <a rel="" href="https://crypto.news/defi-days-launched-by-rari-chain-and-arbitrum-with-80k-rewards/"> ‘DeFi Days’ launched by RARI Chain and Arbitrum with $80k rewards </a>

Pyth Network expands DeFi reach with crypto redemption rate feeds

Table of Contents

crypto.news

Other articles published on Oct 24, 2024

Ripple CEO Brad Garlinghouse claims Citibank cut him off due to his close ties with crypto

Solana Meme Coin Musk To Mars To Surge 16000% After Listing

Is SUI Set to Hit New All-Time High with Google Cloud Partnership?

Why is Ripple betting big on Kamala Harris and shocking everyone?

Genius Successfully Completes a $600 Million Funding Round

Simplifying On-Chain Data: The Key to Web3 Mass Adoption?

Join our free newsletter for daily crypto updates!