Over the past 24 hours, the on-chain data provider Pyth token (PYTH) has jumped nearly 40% to reach an all-time high. The day before, the project announced integration with the Hedera public network.
Pyth x Hedera Integration
According to the press release, the Pyth price feed for 400 items will appear on Hedera. These include digital assets, currency pairs, commodities, stocks, and exchange-traded funds ( ETFs ). The Pyth team tweeted on X (formerly Twitter) that they were integrating a real-time price feed into Hedera.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera đź”®
HLiquity is the first DeFi application on Hedera to be Powered by Pyth.
Learn more about this launch below:
ℹ️ About the HBAR Foundation
The HBAR… pic.twitter.com/dRbFRwgpBG
— Pyth Network 🔮 (@PythNetwork) February 26, 2024
Developers will have access to any of these channels and will be able to connect them for their own smart contracts or decentralized applications (dApps). According to them, real-time price feed will ensure that all user stores and the overall protocol are redundantly provisioned.Â
In addition, the first dApp running on Pyth will appear in the Hedera ecosystem – the HLiquity lending protocol. It will allow you to take out interest-free loans secured by HBAR.Â
PYTH Token Breaks through All-Time High!
According to coinmarketcap, on February 27, the price of PYTH token reached $0.798, which was the highest value in the history of the recently launched token. Over the past 24 hours, the asset rate has strengthened by 37%. At the time of writing, the coin is trading at $0.7455.Â
PYTH was launched at the end of November 2023. Then it debuted with a total market value of $450 million. By now, the figure has already reached $1.1 billion. Meanwhile, the daily trading volume exceeds $7.7 billion. At the writing time, PYTH’s rate is at $0.70.
Pyth Adds Bitcoin Spot ETF Data
Pyth is a decentralized oracle network that provides real-time data for over 50 blockchains. The main goal of the project is to help DeFi platforms expand portfolio options.Â
On February 20, the developers announced that they were adding price feeds for spot Bitcoin ETFs. According to them, such an innovation will improve the risk mitigation strategy and also increase liquidity by attracting institutional capital to the blockchain.
About Hedera
Hedera Hashgraph is a public blockchain designed primarily for companies and businesses looking to deploy microservices and decentralized applications. On top of the Hashgraph algorithm, you can use all the necessary network services (smart contracts, tokens, consensus) to create applications with high throughput (up to 10,000 transactions per second).
HBAR is the network’s native cryptocurrency, which powers all decentralized applications running on it, helps protect the network from fraudsters, and builds peer-to-peer business models. In addition, the coin works like gas in the ether network. That is, it serves to pay for transactions, fees for launching a smart contract, and other functions.
