Home » DeFi » Pyth Network teams up with Ambient to enhance Web3 data quality and security

Pyth Network teams up with Ambient to enhance Web3 data quality and security

Mar. 25, 2024

Ambient will become a new data provider for the Pyth Network.

Pyth Network has announced a new partnership with Ambient, a decentralized exchange protocol known for its innovative two-sided AMMs. According to a press release published today, this strategic collaboration aims to improve the network’s data quality and security. It is also set to benefit Web3 developers by providing more secure, efficient, and transparent financial data on-chain.

Ambient, formerly known as CrocSwap, will now join Pyth Network as a data provider, contributing real-time price data to Pyth Network’s price feeds. Doug Colkitt, Founder of Ambient Finance, expressed enthusiasm about the partnership. He stated:

“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.”

Ambient’s unique approach to decentralized exchange, running a single smart contract for all AMM pools, has positioned itself as a highly efficient DEX on the Ethereum network. Since its launch in the summer of 2023, Ambient has been implemented on multiple platforms including Blast, Scroll, Ethereum, and Canto, accumulating over $50M in total value locked (TVL) and facilitating $650M in transaction volumes, as shared in the press release.

Over the past few months, Pyth Network has teamed up with prominent entities to maintain its high standard of reliable, real-time price data, which is essential for the development of smart contracts across various blockchains.

Last month, Pyth Network announced its partnership with the HBAR Foundation, an organization supporting the growth and development of Hedera’s ecosystem. This collaboration aims to unlock over 400 real-time data feeds for DeFi developers.

Earlier this month, the protocol welcomed Laser Digital (LD), the digital asset subsidiary of Japanese banking giant Nomura, as its data provider.

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