Bittime - In the midst of the strengthening crypto market due to Bitcoin's recent rise, apparently the Pyth Network token set a new record high. On Monday, 11/03/2024 the token peaked at $0.9065 (approximately Rp14,142.31), up 313% from its lowest point this year. This increase has increased its total market capitalization to more than $1.2 billion (around Rp18.7 trillion).
What is Pyth Network (PYTH)
Pyth Network is an oracle project built on the Solana blockchain, which aims to provide accurate and real-time financial market data, especially for decentralized finance (DeFi). Pyth Network incorporates an accurate and real-time price database for various assets including crypto, stocks, and commodities. The goal is to connect traditional financial markets with the DeFi space, promote transparency, and support various blockchain-based financial applications.
Pyth Network was founded by the Pyth Data Association with Mike Cahill as director. The platform benefits from the high throughput and low latency of the Solana blockchain, ensuring timely data delivery. Pyth Network's data comes from various financial institutions and trading firms, and is funneled into various dApps across more than 40 blockchains.
Unlike traditional oracles that rely solely on nodes collecting data from public resources, Pyth incentivizes the original owners of the data to donate it directly to the blockchain. This allows Pyth Network to provide more accurate and reliable data for dApps and smart contracts.
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Pyth Network Competes with Chainlink and Band Protocol
Pyth Network, which competes with Chainlink and Band Protocol, has achieved success in the ongoing crypto rally. Bitcoin also hit a new record high at $72,300 (around Rp1,126 billion), pushing the total market capitalization of all cryptocurrencies to over $2.7 trillion (around Rp42 trillion).
Pyth Network's performance occurred when their Total Value Secured (TVS) soared to a record high of $4.39 billion (around Rp68.3 trillion). This is an impressive resurgence since their TVS dropped below $400 million in 2023.
Most of the networks secured by Pyth Network have recently experienced significant inflows. The largest networks in this ecosystem include Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
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The Important Role of Pyth Network
As an oracle network, Pyth Network plays a crucial role in the crypto industry by connecting off-chain to on-chain data. This allows users to secure smart contracts with reliable, low-latency market data.
Other oracle networks have also seen an increase in their TVS. According to DeFi Llama, TVS on Chainlink has soared to more than $29 billion. Other networks such as Chronicle, WinkLink, and RedStone have also seen improvements.
This trend coincides with a surge in Total Value Locked (TVL) in the DeFi ecosystem which has reached more than $178 billion (around Rp2.7 quadrillion). The largest networks in the industry include Lido, Aave, EigenLayer, Maker, and JustLend.
Amidst the development of the crypto market, Pyth Network and other oracle networks will continue to be the focus of market participants to understand their potential and impact in the ever-evolving industry.
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How to Buy Pyth Network (PYTH) on Bittime
You can buy and sell Pyth Network (PYTH) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Pyth Network (PYTH) is available on Bittime with the PYTH/IDR market pair. To be able to buy PYTH IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Pyth Network (PYTH) on Bittime.
Monitor the price chart movements of Pyth Network (PYTH), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
HBAR Foundation Collaborates with Pyth Network, Here's the Goal!
Pyth Network (PYTH) Partners with Lyve Finance DAO, PYTH Price Up 40% In 1 Week
Digital Laser and Pyth Network Team Up to Improve DeFi Data Accuracy
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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