Merlin Chain Welcomes Pyth Oracle for Enhanced Bitcoin DeFi Applications

Tue, 03/26/2024 - 15:00
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Merlin Chain has announced the incorporation of the Pyth oracle. Merlin Chain utilizes ZK-Rollup network and on-chain BTC fraud-proof modules and has strengthened its position in the Bitcoin ecosystem with this integration. Pyth is recognized for delivering real-time price data, which is a critical part of any decentralized application on any chain. Price oracles allow seamless integration of price feeds into financial dApps.

The founder of BitmapTech and Merlin Chain has expressed great enthusiasm about the partnership with Pyth. He believes that this collaboration is a key move to building a strong infrastructure for Merlin Chain and signifies a major advancement for the Bitcoin DeFi sector.

Source: Pyth Network

With the activation of Pyth Price Feeds on Merlin Chain, developers now have direct access to a broad range of data in real time, and specifically price feeds.  The integration uses diverse smart contract applications, enhancing their security and efficiency. These applications range from trading to lending platforms.

Pyth's architecture allows applications to retrieve price data on-demand from the Pythnet appchain. Most current prices are available to users, ensuring both accuracy and regular updates.

Pyth's data is already being used in the Merlin Chain's DeFi ecosystem and is now expected to fuel additional applications.

As for Merlin Chain itself, it is a second-layer Bitcoin solution that merges a ZK-Rollup network with a decentralized oracle and BTC fraud-proof mechanisms. Its objective is to enrich the DeFi potential of Bitcoin on its second layer, thus broadening the cryptocurrency's appeal and functionality. 

Being a branch of Bitmap Tech, with a notable market capitalization of over $500 million, Merlin Chain is also gaining attention for its BRC-420 "Blue Box" collection within the Ordinals framework.