A widely followed crypto trader says a decentralized oracle service project could one day overtake its rival Chainlink (LINK).
In a new video update, CoinBureau host Guy Turner says tells According to its 2.57 million YouTube subscribers, Pyth Network’s (PYTH) market cap could eventually skyrocket due to its potential to generate massive fee revenue.
“In my opinion, Pyth Network is one of the most underrated cryptos out there. That’s because it’s an oracle that provides high-frequency data feeds that blockchains like Solana depend on. In other words, Pyth Network is similar to Chainlink, and some claim it is better than Chainlink.
That’s because Pyth Network technically has its own blockchain called Pyth Net, which could theoretically one day use the PYTH token for fees.
This could make PYTH bigger than LINK, which is already quite big. For now, though, PYTH continues to fly under the radar, which is good news for those who want to get in early, but bad news for those who have been collecting for a while.”
PYTH is trading at $0.49 at the time of writing, up 7% in the last 24 hours. With a market cap of $1.79 billion, PYTH is the 83rd largest crypto project.
Meanwhile, LINK is trading at $29.08 at the time of writing, up slightly on the day. With a market capitalization of $18.21 billion, LINK is the 13th largest crypto project.
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Generated image: Midjourney