PYTH rises 10% following key integration with new Layer-1 omnichain Gravity

2024-7-25 23:29

PYTH, the native token of the Pyth Network, has surged over 10% on Wednesday, becoming one of the top-performing altcoins of the day.

Currently trailing only behind Flow (FLOW), Ethena (ENA), and Solana meme coin Popcat (POPCAT), PYTH’s impressive intraday performance highlights its growing prominence in the cryptocurrency space.

On July 22, PYTH reached highs of $0.38, but broader market weaknesses, including Bitcoin’s drop below $64,000, led to a decline in its price.

However, PYTH has bounced back sharply following a significant development: its integration with Gravity, a new Layer-1 omnichain blockchain.

Gravity, developed by Web3 on-chain distribution platform Galxe, aims to enhance Web3 and DeFi adoption through improved on-chain performance and user experience.

The integration of Pyth Network’s real-time price feeds with Gravity is expected to bolster the security and user-friendliness of DeFi applications on the platform.

“Integrating Pyth Network’s price feeds with Gravity gives our users fast, accurate price updates, making DeFi on Gravity more secure and user-friendly,” said Charles Wayn, co-founder of Galxe.

Key metrics and market impact

PYTH’s recent integration with Gravity allows it to provide price feeds not only for cryptocurrencies but also for traditional assets such as equities, exchange-traded funds (ETFs), and commodities.

Launched in November last year, PYTH saw its price soar to an all-time high of $1.20 in March, aligning with Bitcoin’s peak above $73,000.

As of Wednesday, PYTH’s intraday high was $0.36, with a trading volume of $76.8 million and a market cap of $1.3 billion.

Despite the recent price fluctuations, PYTH Network continues to experience substantial growth and adoption.

Continued expansion and industry adoption

Pyth Network’s recent advancements come as it joins a network of over $5 billion in total value locked (TVL) and integrates with more than 350 applications.

These applications utilize Pyth’s oracle technology, which provides over 550 real-time data feeds across various platforms.

The Pyth Network has facilitated over $500 billion in trading volume across 65 blockchains, making it a critical component in the crypto infrastructure. Major financial institutions and trading firms such as Jane Street, Cboe, Binance, and OKX contribute data to Pyth, further cementing its role in the financial ecosystem.

Despite the recent challenges in the broader crypto market, PYTH’s integration with Gravity and its continued growth highlight its increasing influence and potential in the decentralized finance (DeFi) sector.

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