Coinspeaker
Re7 Labs Chooses Pyth to Enhance Morpho Lending Vaults
Re7 Labs, a prominent technology company focused on crypto, has chosen Pyth Network, a provider of real-time market data for blockchain applications, as its trusted infrastructure partner to enhance its Morpho Lending Vaults.
Re7 Labs was among the first crypto companies to adopt Morpho Lending Vaults to create their own vaults, providing lending opportunities with customized risk and compliance profiles. These vaults have special risk management features, making them safer and more flexible for users.
Transforming Lending on Base
According to a blog post, Re7 Labs has teamed up with Pyth to transform borrowing and lending on Base, a Layer 2 scaling solution built on the Ethereum blockchain. This partnership aims to enhance the reliability and efficiency of lending services within the Morpho ecosystem.
The latest development makes Re7 the second vault operator to choose Pyth as their infrastructure partner since June. This shows the growing trust in Pyth’s capabilities to support significant financial operations in the DeFi space.
Pyth oracles play a crucial role in securing Total Value Locked (TVL) across multiple blockchains and applications used daily in the DeFi world. By leveraging Pyth’s reliable data infrastructure, Re7 Labs can offer more secure and flexible lending options through the Morpho Blue system.
“Pyth oracles secure TVL across many chains and applications that we use every day in DeFi. We’re excited to launch Pyth MetaMorpho vaults that expand the use of trusted Pyth infra with the flexible Morpho Blue system,” said Royce, a representative from Re7 Labs.
As of June 2024, the network holds approximately $7 billion in total value locked and supplies price feeds to over 350 DeFi protocols across multiple blockchains.
Expanding Partnerships and Services
As a real-time market data provider, Pyth has secured various partnerships across the industry since the start of this year.
This month alone, the protocol teamed up with Ondo Finance to unlock institutional assets for on-chain users. To achieve this goal, the platform unveiled the USDY/USD price feed by Pyth to over 65 blockchain ecosystems within the crypto sector.
Pyth described the launch as a significant milestone in the DeFi landscape, as smart contract developers globally can now tap into a real-time feed for Ondo’s market-leading yieldcoin USDY.
On July 16, Starknet announced that it had chosen Pyth as its oracle provider. The protocol chose Pyth after a comprehensive review of other platforms, selecting it to enhance the developer experience for builders in the Starknet ecosystem.
