Pyth Network expands DeFi reach with crypto redemption rate feeds

Pyth Network, a top oracle network, has expanded its reach in the decentralized finance market with a new feature called Redemption Rate Feeds.

Redemption rate feeds, or RRF, announced on October 24, provide real-time valuations for liquid staking tokens, restaking tokens, and yield-generating stablecoins. Thanks to this feature, Pyth Network (PYTH) offers broader DeFi market access to pricing data that traditional price feeds do not provide.

The practical impact of this is that DeFi platforms now have access to precise valuation data of complex assets.

“Think of this as a move from estimated to exact value, a significant upgrade that enables more protocols to use Pyth price feeds,” Pyth Network wrote.

How does it work?

Crypto redemption rate feeds provide live values ​​of tokens with data pulled directly from the underlying assets’ smart contracts. According to the Pyth Network team, these real values ​​include accrued rewards and interest.

Pyth added in a post on X that this is what makes RRF “fundamentally different from market price data.”

Such valuations are for derivatives such as liquid stake tokens and yield-generating stablecoins. Streams are permissionless and accessible to DeFi developers across the ecosystem.

At launch, Pyth Network’s payback rate feeds will include 19 real-time values ​​on Ethereum Virtual Machine (EVM) compatible networks. These include Crypto.com staked ETH (CDCETH), Mountain Protocol’s wUSDM, Ondo Finance’s US Dollar Yield (USDY), and Ethena’s USDe, a synthetic dollar.

Streams will also 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 significant industry integrations with market makers, lending protocols, aggregators and derivatives providers. Launch partners include Ionic, ZeroLend, UniDEX Exchange and Polynomial.