As a seasoned crypto investor with over a decade of experience in the blockchain space, I find myself increasingly optimistic about the recent partnership between Re7 Labs and Pyth Network. As someone who has witnessed the evolution of decentralized finance (DeFi) from its infancy to its current maturity, I can appreciate the strategic significance of this collaboration.
Re7 Labs, a leading tech firm specializing in crypto, has selected Pyth Network as their preferred infrastructure provider for accessing real-time market data to bolster their Morpho Lending Vaults.
As a cryptocurrency industry analyst, I’d highlight that Re7 Labs was an early adopter of Morpho Lending Vaults in creating their bespoke lending solutions. This strategic move offers our users the advantage of customized risk and compliance profiles. Moreover, these vaults come equipped with advanced risk management features that prioritize safety and flexibility.
Transforming Lending on Base
In a blog post, it was announced that Re7 Labs and Pyth have joined forces to improve borrowing and lending functionalities on Base, a Layer 2 scaling platform based on Ethereum. The collaboration intends to boost the dependability and productivity of lending services within the Morpho ecosystem.
1. In recent updates, Re7 has joined Pyth as the second vault operator to collaborate on infrastructure, a move that reflects the increasing confidence in Pyth’s ability to handle major financial transactions within the Decentralized Finance (DeFi) sector.
Pyth oracles significantly contribute to the security of Total Value Locked (TVL) spanned across various blockchains and popular DeFi applications. Leveraging Pyth’s robust data foundation enables Re7 Labs to provide more secure and adaptable lending solutions via Morpho Blue, ensuring a smoother user experience.
“Representing Re7 Labs, Royce expressed his enthusiasm for Pyth Oracles’ ability to safeguard Total Value Locked (TVL) across various chains and DeFi applications we frequently use. We look forward to introducing the new Pyth MetaMorpho vaults, which will broaden the utility of Pyth’s trusted infrastructure in conjunction with Morpho Blue’s adaptable system,” – Royce from Re7 Labs.
By June 2024, I’ve observed that this network has amassed a total value of around seven billion dollars, with my share being a part of it. It plays a significant role by providing price data to over three hundred and fifty Decentralized Finance (DeFi) projects operating across various blockchains.
Expanding Partnerships and Services
In the course of this year, Pyth, as a supplier of real-time market data, has formed multiple collaborations with companies spanning different sectors within the industry.
For the current month, our protocol collaborated with Ondo Finance, enabling access to institutional assets for on-chain participants. This objective was realized through the introduction of the USDY/USD pricing data from Pyth, which is now available across over 65 blockchain ecosystems within the cryptocurrency market.
Pyth announced that the launch of their real-time feed for Ondo’s market-leading yieldcoin USDY marks an important achievement in the DeFi (Decentralized Finance) sector. This development allows smart contract developers from around the world to access this valuable financial data instantly.
July 16 saw Starknet making an announcement: they selected Pyth as their oracle solution following a thorough evaluation of various alternatives. This choice aims to improve the building process for developers within the Starknet community.
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2024-07-30 13:34