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Pyth Network Joins Ondo Finance to Access Institutionalized Assets

source-logo  blockchainreporter.net 11 July 2024 01:16, UTC

Pyth Network, a prominent oracle network serving diverse blockchains, projects, and protocols, has recently announced a new partnership. As per the platform, it is joining forces with Ondo Finance (a company that enables the accessibility of DeFi yields to a broader audience) with the release of a USDY/USD price feed. The platform took to its official X account to offer details about this event.

Real world assets, no matter where you build.

Pyth Network is delighted to release its USDY/USD price feed to over 65 blockchains, brought to you by @OndoFinance, a leading issuer of tokenized securities.

Learn more below: pic.twitter.com/u25l9PP5ML

— Pyth Network 🔮 (@PythNetwork) July 10, 2024

Pyth Network Unveils USDY/USD Price Feed in Partnership with Ondo Finance

In addition to this, the platform also published an exclusive blog post on its official web portal to cover this initiative. It mentioned that decentralized finance intends to revolutionize the capital market access just like finance. For this purpose, on-chain consumers are required to access the sector of conventional assets. To turn this concept into reality, Pyth Network has reportedly collaborated with Ondo Finance.

The Initiative Provides Access to Institutionalized Assets

The strategic collaboration takes into account the “USDY/USD price feed.” The launch of this project will permit Pyth to provide the service to more than sixty-five blockchain ecosystems. This development reportedly plays the role of a huge landmark in the DeFi world. With this, the developers of smart contracts around the world can now enter the real-time feed concerning USDY. USDY operates as a market-leading yieldcoin of Ondo Finance.

This release leads to letting projects and developers access Ondo USDY to enhance access to the on-chain institutionalized assets. At present, the price feeds back USDY. Additionally, more than 100 1st-party data providers enable Pyth to offer feeds for the rest of the real-world assets.

Moreover, Thala and Aptos are also joining Ondo Finance for the tokenization of real-world assets. This endeavor will get a boost with the Pyth Price Feeds related to Ondo products. Furthermore, Pyth oracle feeds concerning USDY accelerate Solana’s offerings.