The Pyth Network has announced the inclusion of Ambient, a decentralized exchange protocol previously known as CrocSwap, into its community of data providers. This collaboration aims to enhance the quality and security of real-time price feeds, which are vital for Web3 developers, by incorporating Ambient’s approach to automated market making for blockchain assets.
Ambient is known for its unique blend of concentrated and ambient constant-product liquidity pools, and its integration into the Pyth Network is expected to significantly improve the network’s data offerings. Since its launch in mid-2023, Ambient has established a notable presence in the decentralized finance (DeFi) landscape, with operations spanning platforms such as Blast, Scroll, Ethereum, and Canto. It has amassed over $50 million in total value locked (TVL) and facilitated transaction volumes exceeding $650 million.
Ambient’s founder, Doug Colkitt, expressed enthusiasm about leveraging their market data to support the Pyth Network ecosystem. He conveyed that their contribution of pricing data from their substantial and liquid pools is anticipated to enhance the network’s security, efficiency, and transparency in on-chain financial data.
This partnership comes on the heels of Pyth Network’s integration with the Filecoin Virtual Machine (VM) in January, which broadened access to essential financial data for both Web2 and Web3 entities. Pyth has already established collaborations with over 80 market participants, including well-known entities such as Jane Street, CBOE, Binance, OKX, and Bybit.
In less than a year, Pyth Network has secured over $2 billion in value and now offers more than 400 real-time price feeds across various categories, including commodities, stocks, foreign exchange, cryptocurrencies, and recently, ETFs. The network’s infrastructure supports over 50 blockchains and handles trade volumes surpassing $100 billion.
The Pyth Network addresses the crucial need for accurate and timely financial market data among decentralized applications. By providing high-fidelity, high-frequency data, Pyth bridges the gap between on-chain and off-chain events using smart contracts across any blockchain platform. The network’s data feeds are critical for the operations of crypto trading desks and exchanges, which rely on its platform for real-time, precise data.
Overall, the integration of Ambient into the Pyth Network represents a significant step forward in enhancing the quality and reliability of decentralized financial data. This partnership underscores the ongoing efforts to improve data security and efficiency, ultimately benefiting the broader Web3 development community.
