Pyth Network Enhances DeFi Accessibility by Introducing Crypto Redemption Rate Feeds
Pyth Network, a leading oracle network, has expanded its presence in the decentralized finance (DeFi) market with the introduction of a new feature called Redemption Rate Feeds. This feature, announced on October 24th, provides real-time valuations for liquid staking tokens, restaking tokens, and yield-bearing stablecoins. By offering this feature, Pyth Network (PYTH) is providing the broader DeFi market with access to pricing data that traditional price feeds do not offer.
The practical significance of this feature is that DeFi platforms now have access to precise valuation data for complex assets. Redemption Rate Feeds work by providing live values of tokens, with data directly sourced from the smart contracts of the underlying assets. These values include accrued rewards and interest, making them fundamentally different from market price data, as highlighted by Pyth in a post on X.
These valuations are specifically for derivatives such as liquid staking tokens and yield-bearing stablecoins. The feeds are permissionless and can be accessed by DeFi builders throughout the ecosystem. Initially, Pyth Network’s redemption rate feeds will cover 19 real-time values on Ethereum Virtual Machine (EVM)-compatible networks. This includes tokens such as Crypto.com staked ETH (CDCETH), Mountain Protocol’s wUSDM, Ondo Finance’s U.S. Dollar Yield (USDY), and Ethena’s USDe, a synthetic dollar.
Additionally, the feeds will include ETH staking pairs, such as Coinbase wrapped staked ETH (cbETH) and Rocket Pool’s liquid staking token rETH. Pyth Network’s product enters the market through strategic integrations with key industry players, including market makers, lending protocols, aggregators, and derivatives providers. Launch partners for this feature include Ionic, ZeroLend, UniDEX Exchange, and Polynomial.
In related news, RARI Chain and Arbitrum have jointly launched “DeFi Days” with $80k in rewards.
