The native token of the Pyth Network experienced a significant increase on Thursday after the project announced its selection by the US Department of Commerce to verify and distribute economic data on-chain. This development positions blockchain technology centrally within official government processes and underscores the vital function of data oracles.
As per CoinMarketCap, the PYTH token reached a peak just over $0.20, achieving a daily increase of over 70%. It was last trading below $0.19, still maintaining a gain of approximately 62% for the day.
This surge brought PYTH to its highest point since February, pushing its market capitalization past $1 billion, while trading volumes soared over 2,700% in the last 24 hours.
PYTH was the only token to achieve such dramatic gains, despite the Commerce Department announcement confirming that quarterly GDP data would be available across nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar, and Avalanche. Chainlink was also mentioned alongside Pyth Network as a key oracle partner for data distribution.
What sets Pyth and Chainlink apart is their collaborative role as oracles, ensuring that government-published data is further shared and secured across blockchain networks.
Pyth Network serves as a decentralized oracle system that delivers real-time financial market data directly to blockchains. Similar to Chainlink, it offers infrastructure to bring off-chain data—such as stock prices, foreign exchange rates, and commodities—on-chain for application in decentralized finance (DeFi).
Related: US Government engages Chainlink, Pyth for on-chain economic data dissemination
Trump administration’s pro-crypto momentum grows
In the midst of criticism regarding official government statistics, particularly job market data released by the Bureau of Labor Statistics (BLS), the Trump administration has been embracing blockchain technology.
This tension escalated earlier this month after a significant downward adjustment of employment figures, leading Trump to assert that the numbers were “rigged” for political motives. Shortly thereafter, Trump dismissed BLS Commissioner Erika McEntarfer.
The administration’s blockchain initiative is part of a larger strategy to prioritize the adoption and innovation of digital assets. This effort has led to the recent passage of the GENIUS Stablecoin Act and the House of Representatives’ approval of both a comprehensive market structure bill and an anti-CBDC bill, which are now heading to the Senate.
Simultaneously, Trump has overseen a notably pro-crypto Securities and Exchange Commission. The agency has greenlit numerous cryptocurrency exchange-traded funds (ETFs) and clarified that specific liquid staking activities are outside its jurisdiction, exempting them from being classified as securities.
Magazine: Can privacy endure in US crypto policy following Roman Storm’s conviction?
