The native token of the PYTH Network appeared on Thursday after the project confirmed that it was selected by the US Department of Commerce to verify and distribute the onchain economic data – a step that puts blockchain technology amid official government processes and emphasizes the important role of data oracles.
According to CoinMarketCap, the PYTH token sank just above $ 0.20, marked a sun -gain of more than 70%. This is the last trade below $ 0.19, still about 62% during the day.
The rally has pushed PYTH to the highest level since February, lifting market capitalization above $ 1 billion, while trade volumes have beenkyrock more than 2,700% in the past 24 hours.
Pyth was the one token that recorded massive gains, even the announcement of the Commerce department confirmed Quarterly GDP numbers will be published throughout nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche. The chainlink is also named next to the PYTH Network as a major Oracle partner in disseminating data.
Where the PYTH and Chainlink stand are in their coordinated role as oracles, ensuring that data published by the government is further distributed and secured throughout the blockchain networks.
Pyth Network is a decentralized oracle system that delivers data to the financial market directly to blockchains. Like chainlink, it gives infrastructure to Bring offchain data – such as stock prices, foreign exchange rates and goods – onchain for use in decentralized finance applications (DEFI).
Related: The US government has tapped in Chainlink, Pyth to publish data on economic onchain
Trump’s pro-crypto has intensified
The embrace of US president Donald Trump of Blockchain technology came amid a sharp criticism of official government statistics, especially work in the work market published by the Bureau of Labor Statistics (BLS).
That tightening reached a peak earlier this month after a major downward revision of work numbers, prompting Trump to claim the numbers were “Rigged” For political purposes. Shortly, Trump fired BLS commissioner Erika Mcentarfer.
The administration’s blockchain initiative is part of a broader effort to prioritize adoption and change of digital assets. This agenda has recently developed -only Passing the Genius Stablecoin Act and approved to Representation of both a comprehensive market structure bill and an anti-CBDC bill, who is now going to the Senate.
Consequently, Trump has ruled a noticeable Pro-Crypto Securities and Exchange Commission. The agency approved multiple funds exchanged by cryptocurrency (ETF) and clarified that some liquid staking activity Falling out of its scope, which means they should not be treated as security.
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