Pyth Network Expands Price Feed Offerings with Launch of W and USDB Feeds

Pyth Network, a provider of market data and price feeds, has launched new price feeds for the governance token W of Wormhole and the stablecoin USDB of Blast, a newly launched layer-2 network. These price feeds are now available on approximately 50 blockchains that have integrated Pyth.

Pyth Network Expands Price Feed Offerings with Launch of W and USDB Feeds

New York, United States, 2023-Feb-28 - Pyth Network, a leading provider of price feeds and market data for the cryptocurrency industry, has announced the release of new price feeds for two blockchain tokens: W and USDB. These price feeds will play a crucial role in providing accurate and reliable data to decentralized applications (dApps) and other entities operating on over 50 blockchain networks that have integrated Pyth's services.

W: The Governance Token of Wormhole

W is the native governance token of Wormhole, a cross-chain messaging protocol that enables the seamless transfer of assets and data between different blockchains. Wormhole's platform has been in development for three years, and W was recently launched on April 3rd, with an initial circulating supply of 1.8 billion and a maximum supply of 10 billion.

According to a Token Release Schedule released by Wormhole, approximately 82% of W tokens are currently locked and will be unlocked over a four-year vesting period. The release schedule allocates 17% of the tokens to the Wormhole community and 23.3% to the foundation treasury.

USDB: The Stablecoin of Blast Layer-2 Network

USDB is the native stablecoin of Blast, a groundbreaking layer-2 network built on Ethereum that offers native yield for ether (ETH) and stablecoins. Prior to the mainnet launch of Blast on February 29th, the protocol had amassed an impressive $2 billion in total value locked and a vibrant community of 180,000 members.

Blast was founded by the team behind Blur, the preeminent non-fungible token (NFT) marketplace. Led by its enigmatic founder, Tieshun Roquerre, also known as Pacman, Blast offers up to 4% and 5% interest rates for ETH and stablecoins, respectively. These yields have sparked skepticism within the crypto community, with some questioning their sustainability.

PYTH's Response to Market Demand

Pyth's mission is to provide accurate and reliable price feeds that can be integrated into dApps and other blockchain applications with ease. The launch of W and USDB price feeds is a testament to Pyth's commitment to meeting the growing demand for high-quality price data in the DeFi and broader blockchain ecosystem.

"The Pyth W/USD price feed is now available on over 50 blockchains," stated Pyth in a recent press release. "This is another instance where Pyth has answered the call of DeFi by swiftly releasing highly sought-after price feeds across multiple blockchains, setting us apart from other oracles."

Market Impact on PYTH Token

While Pyth's price feed offerings continue to expand, its native token, PYTH, has experienced some fluctuations in value. In the past 24 hours, PYTH has declined by 4.5%, while it has lost over 7% in the last seven days. Despite these recent setbacks, PYTH has performed well over the past month, gaining approximately 27%. At the time of writing, PYTH is trading at $0.84, according to data from CoinMarketCap.

Conclusion

Pyth Network's launch of price feeds for W and USDB is a significant development that will provide essential market data to dApps and users across multiple blockchain networks. Pyth's commitment to delivering accurate and reliable price feeds continues to position the company as a leading provider of data infrastructure for the DeFi and blockchain industry.