The price of Pyth Network surged over 60% following the announcement that the U.S. Department of Commerce has chosen the oracle platform as a key partner for verifying and distributing on-chain economic data.
Summary
- Pyth Network’s price jumped 60%, reaching $0.20 as trading volume surged by 2,700%.
- The increase in PYTH’s value followed the selection by the U.S. Department of Commerce to validate and disseminate economic data on-chain.
On Thursday, August 28, the U.S. Department of Commerce announced it would release the nation’s economic data on the blockchain, with Pyth Network (PYTH) and Chainlink (LINK) designated as the blockchain platforms for this task.
After previously struggling below $0.12, PYTH skyrocketed to $0.20, demonstrating a gain of over 60%. The daily trading volume also saw an impressive rise, with a 24-hour surge of around 2,700% amid increasing buying interest.
Furthermore, Pyth Network’s market capitalization has exceeded $1 billion, with PYTH reaching price levels not seen since May.
U.S. Department of Commerce brings economic data on-chain
Thursday marked a significant milestone for the cryptocurrency sector as the U.S. Department of Commerce revealed its intent to publish gross domestic product data across multiple blockchains, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
The agency will collaborate with Pyth Network, which is responsible for distributing this data on the blockchain. The real U.S. GDP, which experienced a 3.3% annual increase in July, is now available on-chain. In addition to Bitcoin, Ethereum, and Solana, this data will also be accessible on Stellar, TRON, Avalanche, Arbitrum One, Polygon, and Optimism.
While oracle platforms Pyth and Chainlink played a crucial role in sharing the data, the federal agency also engaged cryptocurrency exchanges Coinbase, Gemini, and Kraken for publication purposes.
“We are making America’s economic truth immutable and globally accessible like never before, solidifying our status as the blockchain capital of the world. It’s undeniable that a 3.3% GDP growth is impressive,” commented U.S. Secretary of Commerce Howard Lutnick.
