A Solana (SOL)-based altcoin rose more than 42% this week amid news that Binance is adding spot trading support for the digital asset.
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, up 42.59%. The 96th-ranked crypto asset by market cap has retreated from its recent high and is trading at $0.461 at the time of writing.
On Friday, Binance added spot trading support for the altcoin, saying it will attach a seed tag to PYTH, which the exchange applies to projects with lower liquidity that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with Seed tags to take quizzes every 90 days to ensure they are aware of the risks before trading the tokens.
The exchange took place in November mention a PYTH perpetual contract with up to 50x leverage.
In December, Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects in the smart contract platform ecosystem.
“We thought Solana was perfect for DeFi when we were designing it, really building on the idea that cheaper and faster for finance is always better. And it was a struggle to get adoption there, especially after the FTX [exchange] to collapse.
But there were really, really strong teams like Margin, like Solend, like Jito Labs, Pyth, Jupiter Aggregator… all these guys that just kept building through the bear market, through all the black swan events and now, as I think, with that next stage of maturity to where they really get into growth mode.”
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Generated image: Midjourney