9 months ago
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DeFi developers can leverage this feature to create more accessible, familiar, and potentially more profitable blockchain applications.
The Pyth Network has unveiled its Bitcoin ETF Price Feeds, a feature designed to deliver real-time, accurate price data for all available spot Bitcoin exchange-traded funds (ETFs) to DeFi developers and users, according to a blog post published today.
As noted by the Pyth Network, the Bitcoin ETF price feeds offer several benefits for developers and the DeFi ecosystem as a whole, aimed at improving the liquidity, transparency, and efficiency of the Bitcoin market while simultaneously reducing the barriers to entry for interested investors.
“By adding Bitcoin ETFs as a supported market, DeFi platforms can offer users increased diversification opportunities beyond just cryptocurrencies and align their platform with traditional finance participants,” the Pyth Network wrote.
With the new feature, developers can easily add Bitcoin ETF price feeds to their DeFi applications without complex configurations or data sourcing procedures, according to the Pyth Network. The project also guarantees high-frequency updates, ensuring developers have access to the latest price information.
Furthermore, integrating Bitcoin ETFs allows DeFi platforms to offer products and services that are more familiar to traditional finance participants, potentially accelerating the adoption of DeFi, said the Pyth Network.
Apart from spot Bitcoin ETFs, the Pyth Network Beyond Bitcoin ETFs, the Pyth Network also provides real-time price data for an array of other ETFs, including SPDR Gold Trust (GLD), SPDR Dow Jones Industrial Average ETF Trust, and Dow Jones Industrial Average, among others.
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