Solana (SOL)-based altcoin is up more than 42% this week following 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 42.59% from a weekly low of $0.378 to a 7-day high of $0.539. The 96th-ranked cryptocurrency asset by market capitalization has recovered from recent highs and is trading at $0.461 at the time of this writing.
Last Friday, Binance announced that it would attach a seed tag to PYTH while adding spot trading support for the altcoin. This tag applies to low-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass a quiz every 90 days to ensure they are aware of the risks before trading the tokens.
Last November, the exchange listed the PYTH perpetual contract with up to 50x leverage.
Last December, Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects in the smart contract platform ecosystem.
“When we designed Solana, we thought it was perfect for DeFi. In fact, when it comes to finance, it’s built on the idea that cheaper and faster is always better. And it hasn’t been easy to get adoption, especially after the FTX (exchange) collapse.
But there were some really, really strong teams like Margin, Solend, Jito Labs, Pyth, and Jupiter Aggregator. All these people have continued to grow through the bear market and all the black swan events and now it’s like the next thing they think. This is the stage where you actually reach growth mode in the maturity stage.”
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