Pyth Network has partnered with Ambient to strengthen data quality and security for Web3 developers.
Takeaway points
- Pyth Network announced it has partnered with Ambient, a decentralized exchange protocol.
- The aim of the partnership is to strengthen the data quality and security of the Pyth price feeds for the benefit of Web3 developers worldwide.
Pyth Network X Ambient
Pyth Network announced on Monday that it has partnered with Ambient, a decentralized exchange protocol. According to the press release, the aim of the partnership is to strengthen the data quality and security of the Pyth price feeds for the benefit of Web3 developers worldwide.
Doug Colkitt, Founder of Ambient Finance said they are happy to support the Pyth Network ecosystem and are looking forward to increasing security, efficiency, and transparency in the financial data on- chain.
“We are excited to leverage our market data to support the Pyth Network ecosystem. By providing pricing data from our deep, liquid pools, we look forward to increasing security, efficiency, and transparency in financial data on-chain. As Ambient grows we look forward to providing market data for more assets, and playing a role in the growth of the Pyth Network.” Doug said.
What does Ambient do?
Ambient is a decentralized exchange (DEX) protocol that allows for two-sided AMMs combining concentrated and ambient constant-product liquidity on any arbitrary pair of blockchain assets.
Investors include Block Tower, Jane Street, Circle, Tensai Capital Naval Ravikant, Yunt Capital, Afkbyte, Jai Prasad, etc.
According to the report, Ambient was launched during the summer of 2023. It is already available on Blast, Scroll, Ethereum, and Canto. The platform has gathered more than $50M TVL and enabled $650M in volumes.
What is Web3?
Web3 is a new internet that is based on decentralization. The term Web3 was coined by Gavin Wood, ethereum co-founder. This internet is not owned or controlled by a single entity or authority; instead, it is owned and controlled by both builders and users. In Web3, payments or transactions are made using cryptocurrency. Everyone can participate in Web3.
Web 1.0 is known as read-only; then it was used to pass information only. Web 2.0 is known as read-write; since 2004, it’s been the time of social media. In Web 2.0, people can now read and write; you can comment after reading; and this also gave rise to advertising. Web3 (read-write-own web) has been in existence since 2014.
Other Collaborations
Last month, Pyth partnered with the HBAR Foundation. The aim of the partnership is to bring all 400+ Pyth Price Feeds to hedera This was announced on their X platform.
The Foundation’s six funds are focused on the Crypto Economy, Consumer Engagement, Sustainability, Fintech, Privacy, and Female Founders as stated in the report.
Grace Pfluge, HBAR Foundation Director of Business Development, said that “Public Oracle price feeds are a critical component for growth as lending is often seen as the crux of economic behavior. This infrastructure is a huge milestone to spur the development of innovative financial instruments on Hedera and we are ecstatic to partner with Pyth not only for the incredible tech but our alignment of a long-term strategic vision.”
