Solana (SOL)-based altcoins rose over 42% this week following news that Binance will add spot trading support for digital assets.
Pyth Network (PYTH) is an oracle network aimed at providing real-time financial data to smart contracts and decentralized applications (DApps).
This week, the project's native token PYTH soared from a weekly low of $0.378 to a 7-day high of $0.539, an increase of 42.59%. The crypto asset, which ranks 96th by market capitalization, has rebounded from its recent highs and is trading at $0.461 at the time of writing.
On Friday, Binance announced it would add spot trading support for altcoins and put a seed tag on PYTH that the exchange applies to illiquid projects that may have higher volatility than 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 their tokens.
Back in November, the exchange listed PYTH perpetual contracts 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.
“When we were designing Solana, we thought Solana was perfect for DeFi and really built in the idea that cheaper and faster is always better for finance. And especially since FTX, I had a hard time getting hired there. [exchange] Collapse.
But there were really, really strong teams like Margin, Solend, Jito Labs, Pyth, Jupiter Aggregator. All of these teams have continued to grow through bear markets and all the black swan events and are now the teams I think they are going to be in the next game. It has reached a stage of maturity where it is truly entering growth mode. ”
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