Pyth Network launches price feeds on Sony’s L2 solution Soneium

Pyth Network has partnered with Sony Group to deploy 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 tech platform behind multiple blockchain applications.

Sony recently launched Soneium

Sony Group, through its blockchain arm Sony Block Solutions Labs, 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 L2 network’s Minato testnet.

The layer-2 solution will also unveil Soneium Spark, an incubation program aimed at bootstrapping the project’s ecosystem.

According to Sony Block Solutions, Soneium eyes traction as a global Web3 infrastructure platform, with targets being to drive adoption and use cases that leverage Sony Group’s massive growth potential.

Pyth price feeds go live on Soneium testnet

According to a blog post by Pyth Network, the collaboration with Sony Group and Startale sees 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 offer reliable and high-fidelity 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’re not just expanding the possibilities for builders but also reinforcing our mission to go mainstream with blockchain technology,” Sota Watanabe, head of Sony Block Solution Labs, said.

Watanabe is also the chief executive officer of Startale.

Pyth Network market growth

Pyth Network currently offers access to more than 500 real-time price feeds, with over 100 data providers.

The Oracle network also boasts more than 70 blockchain integrations and delivers price feeds to over 390 decentralized applications (dApps).

Ecosystems on Soneium that will benefit from Pyth’s integration include gaming and DeFi.

The price of Pyth Network’s native token PYTH rose slightly following the news.

After crashing to lows of $0.26 amid a broader market downturn, PYTH/USD is currently trading above $0.28.

The altcoin is however down 5% in the past week and -23% in the past 30 days. Its 24-hour trading volume has decreased 15%, while its market cap is just over $1 billion.

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