Binance, the world’s leading cryptocurrency exchange by trading volume, announced the listing of Pyth Network’s native cryptocurrency, PYTH. Following this news, the price of PYTH surged over 12% within 24 hours to around $0.49 per token as of the latest price information from Binance.
Pyth Network operates as a decentralized financial market data oracle, meaning it supplies real-time price information to decentralized applications (dApps) running on various blockchains. Significantly, Pyth has become the largest first-party oracle network with over 95 active data providers contributing price feeds.
As BitmonkCrypto highlighted, these price feeds power more than 290 dApp integrations across 45+ different blockchain networks. Hence, the demand for Pyth’s market data stretches across many sectors of the decentralized finance space.
Additionally, PYTH hit an all-time high value of $0.548655 last November before declining from that peak. However, the new Binance listing appears to be reigniting interest in the token. According to Binance’s data, PYTH’s 24-hour trading volume exceeded $309 million leading up to the announcement.
Consequently, the Binance listing promises to expand access and boost liquidity for the PYTH token. Binance revealed it will initially apply a “Seed Tag” to PYTH listings, meaning withdrawals will be restricted temporarily for risk management purposes, as is common for newly listed assets.
As the largest and most trusted first-party Oracle network, Pyth’s real-world data feeds are in high demand across DeFi. Hence, the Binance listing serves to increase PYTH’s visibility and validity within the cryptosphere. The rapid 12% price rise underscores investor enthusiasm for PYTH’s deepening position as a vital data provider across decentralized networks and applications.
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