Swellchain, a restaking-powered network built on the OP Stack. To ensure continued high-quality execution and security for DeFi applications in the ecosystem, Swellchain requires access to reliable and trustworthy price data. Integrating Pyth oracles directly on Swellchain would provide this essential data source, not only benefiting existing applications but also attracting new DeFi protocols to the Swellchain ecosystem.
Rationale
Swellchain’s innovative Proof of Restake mechanism creates a unique environment where reliable price data is critical for several reasons:
LRT-specific operations: Accurate price feeds are essential for the specialized LRT transactions and state management that form Swellchain’s core focus.
Multi-layered security enhancement: Pyth’s high-quality data would complement Swellchain’s security infrastructure
Cross-chain LRT activities: As part of the Optimism Superchain, Swellchain enables seamless asset transfers that require reliable price information for optimal execution.
The integration of Pyth would directly support Swellchain’s mission to be “the most value-generating environment for LRTs” by providing the data backbone for advanced financial applications.
Request
The Swellchain team requests Pyth Network’s support in deploying oracle data feeds on both Swellchain mainnet (Chain ID: 1923) and testnet (Chain ID: 1924). This strategic partnership would strengthen the infrastructure for our emerging ecosystem of LRT-focused applications and support our roadmap toward offering specialized yield-generating strategies. We propose establishing a price-per-update fee that ensures long-term viability while encouraging ecosystem growth.
Looking forward to hear from prospective users as well as the community but I would be in favor of such deployment if the Pyth oracle fees (paid when a price feed is updated) applied were material.
Reviewing the Swellchain ecosystem, we can see that a Pyth user: Euler, is already deployed and active there. I would believe that more applications/users will follow overtime and would benefit from the Pyth oracle. However, it is important to note that Chainlink and Redstone oracles are already deployed on Swellchain, offering a wide oracle infrastructure to developers.
Additionally, Pyth already supports various Swell assets with price feeds: RSWETH (redemption rate), SWETH (redemption rate), RSWETH (market rate) and SWETH (market rate) ; which should help gathering users and activity onchain.
Swellchain being an OP chain should make the deployment pretty straightforward but will defer to @zenyas (Douro Labs) to confirm and provide a deployment ETA.
In regards to what fees should be applied on Swellchain for the Pyth oracle, I would suggest the same fee target as the previous forum-requested deployment: opBNB, of $0.10. Payable in ETH, the fee per feed updated would then be 0.00005 ETH.
Douro Labs is supportive of this proposal and would be keen to immediately work on an implementation for the Pyth DAO to assess and adopt on Swellchain.
The DAO can set the update fee as @KemarTiti suggested. LFG
In support of this proposal. In order for restaking networks to realise their potential, they will need stability and reliability. Pyth can be the price layer to add legitimacy to the restaking narrative.
nice to see another chain expressing their interest to integrate Pyth’s Price Feeds and also propose the establishment of fees per price update upon integration.
Integrating Pyth means access to 1200+ Price Feeds of different Asset Class which will definitely benefit the whole chain and every builders in Swellchain!