A Solana-based altcoin, Pyth Network (PYTH), saw a significant surge in value this week, rising over 42% amid news of its addition to Binance’s spot trading platform.
Pyth Network: Providing Real-Time Data to Smart Contracts
Pyth Network is an oracle network that aims to provide real-time financial data to smart contracts and decentralized applications (DApps) on the Solana blockchain. This week, its native token, PYTH, experienced a notable rally, reaching a seven-day high of $0.539 from a weekly low of $0.378, representing an increase of 42.59%.
Binance Listing and Seed Tag Requirement
The listing of PYTH on Binance, one of the world’s largest cryptocurrency exchanges, played a significant role in the altcoin’s price surge. Binance attached a seed tag to PYTH, indicating that it is a lower-liquidity project with potentially higher volatility compared to other listed tokens. Users who own assets with seed tags must pass quizzes every 90 days to ensure they are aware of the risks involved before trading the tokens.
Solana Co-Founder Praises Pyth and DeFi Projects
In December, Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects in the Solana ecosystem, highlighting their resilience during challenging market conditions. He expressed optimism about their growth potential as the market recovers.
Stay Informed and Make Informed Decisions
Remember that investing in Bitcoin, cryptocurrency, or digital assets involves high risks. Always do your own research and due diligence before making any investment decisions. FastPayCrypto does not provide investment advice and is not an investment advisor.