The Solana-based altcoin (SOL) has surged more than 42% this week amid news that Binance is adding support for spot trading for the digital asset.
The Pyth Network (PYTH) is an oracle network that aims to provide real-time financial data to smart contracts and decentralized applications (DApps).
This week, the project's native token PYTH rose to a seven-day high of $0.539 from a weekly low of $0.378, an increase of 42.59%. The crypto asset, which ranks 96th by market cap, has rebounded from its recent high and is trading at $0.461 at the time of writing.
Binance on Friday added support for altcoin spot trading, saying it will attach a seed tag to PYTH, which the exchange applies to projects with low liquidity that may exhibit higher volatility compared to other listed tokens. Binance requires users who own tokenized assets to pass checks every 90 days to ensure they are aware of the risks before trading tokens.
Back in November, the exchange listed a perpetual PYTH contract with up to 50x leverage.
In December, Anatoly Yakovenko, co-founder of Solana, praised the Pyth project and other decentralized finance (DeFi) projects in the smart contract platform ecosystem.
“We thought Solana was perfect for DeFi when we were designing it, and based on that idea, cheaper and faster is always better. It's been hard to get adoption there, especially after FTX [exchange] Collapses.
But there have been really strong teams like Margin, Solend, Jito Labs, Pyth, Jupiter Aggregator… all these guys that have continued to build through the bear market, through all the black swan events and are now I think in that next stage of maturity to where they're actually at. to growth mode.
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