Pyth Network’s Native Token PYTH Rallies 30% — Here’s Why

YEREVAN (CoinChapter.com) — Pyth Network’s native PYTH token is one of the best-performing altcoins today. According to market data, the token has surged nearly 30% in the past 24 hours. It went from $0.3907 to a daily high of $0.5055. Moreover, its trade volume also surges by 60% to $137 million, underscoring a decisive strength behind the rally. 

PYTH’s price hovers around $0.5045 at the time of writing, according to data from the portfolio management app CoinStats. 

As a first-party oracle network, Pyth is a relative newcomer in the industry. However, owing to its ability to provide high-fidelity, real-time financial market data directly on-chain, it has emerged as a strong competitor to established market players, like the Ethereum-based Chainlink (LINK). 

Several recent developments around the Pyth Network have brought it under the limelight. All these have acted as a catalyst for the recent price growth.

Pyth Network launches on ZeroLend

PYTH recently became the first project listed on the popular lending market ZeroLend’s airdrop points platform Zero Gravity. 

According to ZeroLend’s X post on Jan. 30, PYTH holders can now participate in ZeroLend’s airdrop.

In addition to the airdrop news, Pyth Network announced the launch of price feeds on Filecoin’s virtual machine. 

“This partnership with the FilFoundation makes more than 400 Pyth Price Feeds permissionlessly available to all developers building the future of finance on the Filecoin peer-to-peer network,” 

the team announced. 

This set of partnerships, among several others, has boosted investor interest in the PYTH token. 

Dogelon Mars (ELON) boosts Pyth Network

In what seems to have given more incentive to investors, Dogelon Mars announced a special airdrop to PYTH token holders. 

According to an official post on X, a select group of lucky holders will receive its native crypto, ELON. 

“500 PYTH stakers were randomly selected to recieve 300 MILLION ELON tokens on Solana,” 

the handle wrote. 

Benefits such as airdrops from various projects to Pyth Network’s token holders are an added advantage, boosting the PYTH price.

Moreover, last month, Pyth Network announced a partnership with Ondo Finance to provide accurate and reliable price feeds for real-world assets across multiple blockchains through its oracles. 

This collaboration aimed to enhance asset pricing in the DeFi space by integrating Pyth’s market data with Ondo’s tokenized real-world assets. Seen as a move to revolutionize asset pricing, improve user experience, and foster trust in the decentralized finance ecosystem, it has made Pyth Network a series player. 

Improvements to Pyth Price Feeds

In a move to consolidate its position in the market, Pyth Network implemented core system improvements to its price feed oracles based on user feedback. 

In its recent 2024 outlook post, the network argued that these upgrades have led to a 20% reduction in latency across all Pythnet Price Feeds. This significant update now enables more secure and accurate on-chain transactions. 

Additionally, the data provider threshold per price feed increased from 32 to 64, providing enhanced reliability and security of Pyth Price Feeds.

As proof of its growing adoption, the number of decentralized apps integrated with Pyth Network Oracle Data has steadily increased. This is primarily because the platform allows easy Do It Yourself (DIY) integration, making the process smooth and accessible. Moreover, Pyth Price Feeds offers live access to traditional and real-world asset prices such as US equities.

All these developments have pushed the PYTH price surge, making it one of the best-performing tokens today.