Starknet Layer 2 Ethereum Network Integrates 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

Starknet, an Ethereum Layer 2 network, has integrated Pyth Network as an oracle provider. This collaboration will grant developers access to an extensive range of over 500 real-time price feeds.

The feeds span cryptocurrencies, commodities, foreign exchange pairs, equities, and exchange-traded funds, and are sourced directly from financial institutions.

The integration is particularly notable as it aligns with Starknet's recent efforts to bolster its defi capabilities. Notably, the network also added support for price feeds from Chainlink just days prior.

Upon its launch in February, Starknet's native STRK token garnered immense attention with an airdrop for early adopters and developers, valued at $2 billion on launch day. However, STRK has since encountered a drastic decline of around 80%, currently trading at a fully diluted valuation of about $6 billion.

As per L2beat, the network boasts a total value locked (TVL) of $730 million.Starknet is an L2 network that utilizes rollups to enhance the scalability, speed, and cost-effectiveness of transactions on the Ethereum Layer 1 blockchain.

The network employs a unique permissionless architecture, enabling anyone to contribute to the network's security and participate in the consensus process. Starknet is designed to handle a high volume of transactions at a fraction of the cost compared to Layer 1.

Pyth Network, on the other hand, serves as a financial data oracle network, aggregating price data from leading financial institutions and delivering it to blockchains. The network aims to provide accurate and up-to-date market information on-chain, catering to the growing demand for reliable data in the decentralized finance (DeFi) space.

According to DefiLlama, Pyth oracles are currently utilized by 201 DeFi protocols, collectively securing over $6 billion of assets.

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