Pyth Network Rolls Out Redemption Rate Feeds, Unlocking New DeFi Markets
In Brief
Pyth Network’s Redemption Rate Feeds aim to create new DeFi markets by providing real-time redemption values for LSTs, LRTs, and yield-bearing stablecoins.
Oracle service Pyth Network announced the launch of its Redemption Rate Feeds (RRF), enhancing its presence in the decentralized finance (DeFi) space.
The RRF aims to create new DeFi markets by providing real-time redemption values for liquid staking tokens (LSTs), liquid restaking tokens (LRTs), and yield-bearing stablecoins. This offering presents a more comprehensive pricing model that traditional price feeds fail to capture. By directly pulling data from smart contracts, including accumulated rewards and interest, these feeds accurately reflect the true value of tokens, distinguishing them from standard market price data and serving specific derivative products.
With this development, DeFi platforms can now access precise valuation data for complex assets like liquid staking tokens and yield-bearing stablecoins. This shift represents a transition from estimated value to exact value, allowing more protocols to utilize Pyth Network price feeds effectively.
The launch includes nineteen Ethereum Virtual Machine (EVM) feeds featuring various tokens such as Cronos Chain’s CDCETH, Mountain Protocol’s wUSDM, Ondo Finance’s USDY, StakeStone’s STONE, and Ethena Labs’ sUSDe, along with key staking pairs like CBETH-ETH and RETH-ETH. The feeds are permissionless and currently available for all DeFi developers.
What Is Pyth Network?
It provides asset price data across blockchains, allowing smart contract applications to obtain real-time financial market data. The price feeds are derived from over ninety-five primary providers, encompassing market-making firms and cryptocurrency exchanges. Each feed aggregates prices several times per second to guarantee a reliable and accurate representation of market conditions. Presently, the protocol supports more than 450 price feeds covering a diverse array of assets–cryptocurrencies, commodities, as well as US equities.
Recently, Pyth Network launched an on-chain price feed for EIGEN, the native token of the Ethereum-based restaking protocol EigenLayer, making the EIGEN-USD price feed accessible across more than 75 blockchains.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
