Pyth Network is working with Sony Group to implement the Pyth Price Feeds on Soneium, Sony’s Layer-2 blockchain platform on Ethereum.
Pyth’s partnership with Sony Group also includes Startale, the web3 technology platform behind multiple blockchain applications.
Sony recently launched Soneium
Sony Group, through its blockchain division Sony Block Solutions Labs, has collaborated with Startale Labs to unveil Soneium.
The new layer 2 solution is built with Optimism’s OP Stack – the technology that also powers Coinbase’s Ethereum L2 platform Base. Worldcoin also used the OP Stack for its World Chain project.
On August 28, the Soneium team announced the Minato testnet of the L2 network.
The layer 2 solution will also unveil Soneium Spark, an incubation program aimed at kick-starting the project’s ecosystem.
According to Sony Block Solutions, Soneium is eyeing traction as a global Web3 infrastructure platform, aiming to drive adoption and use cases that leverage the Sony Group’s massive growth potential.
Pyth price feeds go live on Soneium testnet
According to a blog post from Pyth Network, the partnership with Sony Group and Startale means the launch of real-time price feeds on Soneium.
The deployment will boost developer activity and user experience on Soneium, with Pyth Network powering the L2 platform’s emerging Web3 ecosystem.
Pyth Price Feeds will provide reliable and high-quality data to help developers and decentralized applications bring traditional media and entertainment on-chain via Soneium Spark.
“Soneium Spark is at the forefront of bridging Web3 and Web2, startups and enterprises, and innovative builders and the mass market. By welcoming Pyth as an infrastructure partner, we are not only expanding options for builders, but also strengthening our mission to go mainstream with blockchain technology,” said Sota Watanabe, Head of Sony Block Solution Labs.
Watanabe is also the CEO of Startale.
Pyth Network Market Growth
Pyth Network currently offers access to over 500 real-time price feeds, with over 100 data providers.
The Oracle Network also features more than 70 blockchain integrations and provides price feeds to more than 390 decentralized applications (dApps).
Ecosystems on Soneium that will benefit from Pyth integration include gaming and DeFi.
The price of Pyth Network’s native token PYTH rose slightly following the news.
After crashing to a low of $0.26 amid a broader market decline, PYTH/USD is currently trading above $0.28.
However, the altcoin is down 5% in the past week and -23% in the past 30 days. The 24-hour trading volume is down 15%, while the market capitalization is just over $1 billion.
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