Unexpectedly, the Pyth Network (PYTH) token has seen a notable increase of more than 15% in the past day, bringing its current value to $0.4231. Alongside this jump, trade volume has increased significantly, rising by 49.82% to $133,054,051 at now.
PYTH has officially established itself as the 98th largest cryptocurrency by market capitalization, with a gain of 16.10% in market capitalization, presently valued at $635,151,565. The PYTH token holders’ count has impressively reached 210,001, according to statistics from Dune, indicating increased interest and adoption among the cryptocurrency community.
Pyth Network’s novel strategy as a decentralised oracle is what’s fueling its recent growth. More than ninety first-party publishers, including well-known exchanges like Binance, OKX, and Bybit, provide financial market data to the network. Pyth is unique in that it distributes this data over more than 40 blockchains, offering a complete and decentralised financial data integration solution.
Impressive network growth
Constructed initially for the speed-centric Solana (SOL) blockchain, Pyth Network has extended its functionality into Pythnet, its own chain built on top of Solana technology. With an astounding total value secured (TVS) of $2.046 billion, Pyth Network is presently the fourth-largest Oracle project, according to DefiLlama.
Although Pyth Network is not as high as Chainlink, which is at the top with a TVS of $18.006 billion, it is still a notable position, surpassing both Switchboard and Binance Oracle with TVS of $441.49 million and $177.66 million, respectively. In terms of networks supported, Pyth Network likewise performs admirably, coming in second place with 144, only slightly behind Chainlink’s 349. The sharp increase in PYTH’s value highlights how crucial decentralised oracles are becoming to the cryptocurrency industry. Investors and fans alike are eagerly following Pyth Network’s trajectory as it continues to extend its network and improve its infrastructure, anticipating more events that might have an influence on the larger cryptocurrency environment
