Today, August 28, the cryptocurrency Pyth Network ($PYTH ), which operates on the Solana blockchain, surged sharply, increasing its value by more than 70%. Its price rose to nearly $0.20.
This surge occurred after the announcement from the U.S. Department of Commerce, which included Pyth Network, along with Chainlink, in its plans to publish economic data.
In particular, Pyth Network was chosen to publish data on Gross Domestic Product (GDP), while Chainlink will provide data from the Bureau of Economic Analysis (BEA). This is not just a one-time collaboration, but the beginning of a strategic partnership between the U.S. Department of Commerce and Pyth Network.
Initially, Pyth will provide quarterly GDP data for the last five years, but in the future, there are plans to expand this initiative to cover a broader range of economic data.
After this news, trading volume $PYTH increased nearly 30 times, surpassing the mark of $645 million. As a result, PYTH rose nearly 30 positions in the market capitalization ranking, taking 76th place.
PYTH Network is an innovative cryptocurrency designed to deliver accurate real-time financial data to blockchains. It operates as a network of oracles, receiving information directly from exchanges and financial institutions. $PYTH is actively used in DeFi, ensuring the reliability of smart contracts.
