PYTH (the native token for the Pyth network) has surged more than 10% today, making it one of top performing altcoins.
PYTH is currently trailing behind Flow, Ethena and Solana meme coins Popcat (POPCAT). However, its impressive intraday performance underlines the growing importance of PYTH in cryptocurrency.
PYTH’s price fell on July 22. The decline was due to the general weakness of the market, which included Bitcoin dropping below $64,000.
PYTH, however, has rebounded sharply after a major development, its integration with Gravity – a new Layer-1 Omnichain Blockchain.
Gravity is a Web3 distribution platform developed by Galxe. It aims to improve Web3 adoption and DeFi user experience through better on-chain performance.
Gravity’s integration with Pyth Network real-time prices feeds is expected to improve the user experience and security of DeFi apps on the platform.
Charles Wayn said that the integration of Pyth Network’s price feeds into Gravity will give our users accurate and fast price updates. This makes DeFi more user friendly, secure, and safe.
Market impact and key metrics
PYTH’s integration with Gravity, which was completed in December 2018, allows the company to offer price feeds for not just cryptocurrencies, but for other assets as well. These include equities and exchange-traded fund (ETF) products.
PYTH was launched in November of last year. Its price soared to $1.20 by March. This coincides with Bitcoin’s high above $73,000.
PYTH reached its intraday peak of $0.36 on Wednesday. The trading volume was $76.8 millions and the market capitalization $1.3 billion.
PYTH Network is still experiencing significant growth and adoption despite recent fluctuations in price.
Industry adoption and continued expansion
Pyth Network has made recent advances as it integrates more than 350 apps and joins a global network with over $5 billion of total value locked.
The applications use Pyth’s oracle, which offers over 550 live data feeds on various platforms.
Pyth has enabled over $500 billion worth of trading across 65 different blockchains. It is a key component to the crypto-infrastructure. Pyth receives data from major trading companies and financial institutions such as Cboe and Binance.
PYTH’s integration with Gravity, and the continued growth of the company in this sector (decentralized finance or DeFi), highlight the increasing importance and potential that the PYTH has in this area.
As updates are made, this post PYTH increases 10% after key integration with Layer-1 Omnichain Gravity could be changed.
This site is for entertainment only. Click here to read more
