Today, Re7 Labs revealed that it has chosen Pyth Network as the oracle provider for its Morpho lending vaults. This pivotal partnership brings together one of the premier lending protocols on Base with a top-tier risk management firm, establishing a new standard in the DeFi space.
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Re7 Labs, renowned for its innovative vault architecture, has chosen Pyth Network to power its Morpho lending vaults. This collaboration highlights Pyth’s role as a crucial infrastructure provider in the DeFi ecosystem. With its reputation for delivering reliable and low-latency data, Pyth continues to be the preferred choice for vault operators looking to enhance their lending protocols.
Morpho’s unique approach allows approved entities to launch vaults with customized risk management features, providing a flexible and user-centric lending experience. Re7 Labs, with its extensive track record of supporting over 200 protocols across more than 20 chains, was an obvious candidate for this new venture. The selection of Pyth as the oracle provider underscores the importance of accurate and dependable data in DeFi operations.
“Pyth oracles secure TVL across many chains and applications that we use every day in DeFi. We’re excited to launch Pyth MetaMorpho vaults that expand the use of trusted Pyth infrastructure with the flexible Morpho Blue system.”
Royce of Re7 Labs
Pyth Network: The Backbone of Reliable Data
Pyth Network, a leading oracle service, provides high-fidelity financial data crucial for DeFi applications. Named after the Oracle of Delphi, Pyth Network offers real-time price feeds from 107 first-party data providers, delivering aggregated price data and confidence intervals every 400 milliseconds. This rapid and accurate data delivery is essential for the functionality of DeFi protocols, ensuring that users and developers have access to reliable information.
During a recent discussion at ETHcc Brussels, Marc Tillement, Director of Pyth Data Association, emphasized the importance of accurate data in DeFi.
“Benchmarks are able to fetch any historical date and price. Our algorithms detect and discard outliers, ensuring that the data we provide is accurate and tamper-proof.”
Marc Tillement, Pyth Network
Pyth Network’s wormhole feature adds another layer of security by enabling cross-chain data communication. This ensures that even if one data source is compromised, accurate information can still be obtained from alternative sources. Additionally, Pyth Network’s DAO requires stakers to back the network financially, disincentivizing attacks and maintaining data integrity.
Future Outlook for DeFi and Pyth
The collaboration between Re7 Labs and Pyth Network sets a new standard for DeFi lending. By leveraging Pyth’s robust data infrastructure, Morpho vaults can offer enhanced liquidity and a superior user experience.
As the DeFi space continues to evolve, Pyth Network’s contributions will be vital in ensuring the accuracy and reliability of financial data. With its expanding network of validators and data providers, Pyth Network is poised to remain a key player in the DeFi ecosystem, driving innovation and improving the efficiency of blockchain operations.
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For a deeper dive into how Pyth Network is transforming the DeFi space with its oracle solutions, read our full coverage from ETHcc Brussels. Learn about the latest advancements and insights from Marc Tillement, and see how Pyth Network is setting the standard for accurate, reliable data in DeFi. Read the full article here.