<

Binance Lists Pyth Network, a Decentralized Financial Oracle

Binance announced today that it will list Pyth Network (PYTH), a decentralized first-party financial oracle, on its platform. The listing will take place at 12:00 UTC on February 2nd, 2024, and will offer four spot trading pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD and PYTH/TRY.

Pyth Network is a project that aims to deliver real-time market data on-chain in a secure, transparent manner without third-party middlemen (nodes). Pyth Network leverages the power of Solana, a high-performance blockchain that can process over 50,000 transactions per second, to provide sub-second latency and low-cost data feeds for various asset classes, such as cryptocurrencies, stocks, commodities, and foreign exchange.

Pyth Network’s data sources include some of the leading market makers and trading firms in the industry, such as Jump Trading, GTS, Virtu Financial, LMAX, and Genesis Global Trading. These data providers publish their high-fidelity price information to the Pyth Network, which then aggregates and distributes it to smart contracts and decentralized applications (dApps) that need reliable and timely market data.

According to the Pyth Network website, some of the use cases for its data feeds include:

  • DeFi protocols: Pyth Network can provide accurate and up-to-date price information for various DeFi applications, such as lending, borrowing, swapping, and synthetic assets.
  • Prediction markets: Pyth Network can enable prediction markets to settle outcomes based on real-world events, such as sports, politics, and weather.
  • Gaming and NFTs: Pyth Network can enhance the gaming and NFT experience by providing data on the rarity, popularity, and value of digital collectibles.

The listing of Pyth Network on Binance is expected to boost the adoption and awareness of the project, as well as increase the liquidity and accessibility of its native token, PYTH. PYTH is used to pay for the data feeds, stake for network security, and govern the protocol. After the announcement, the price of PYTH surged by 23%, reaching a new all-time high of $0.49. The current fully diluted valuation (FDV) of PYTH is $4.9 billion, making it one of the top 50 cryptocurrencies by market capitalization.

Binance will list Pyth Network with the seed tag applied, which means that the project is still in its early stage of development and may have higher risks than other projects. Users are advised to do their own research and exercise caution before trading PYTH. The withdrawal of PYTH will open at 12:00 UTC on February 3rd, 2024. The withdrawal open time is an estimated time for users’ reference. Users can view the actual status of withdrawals on the withdrawal page.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS