The native token of the Pyth Network emerged on Thursday after the project confirmed that it had been selected by the United States Department of Commerce to verify and distribute economic data in the chain, a movement that places Blockchain technology in the center of official government processes and highlights the important role of data oracles.
According to Coinmarketcap, the Pyth Token reached its maximum point above $ 0.20, marking a daily gain of more than 70%. It was the last time I quoted just below $ 0.19, even more in approximately 62% in the day.
The rally promoted Pyth at its highest level since February, raising its market capitalization above $ 1 billion, while the volumes shot more than 2,700% in the last 24 hours.
Pyth was the only card to register such massive profits, although the announcement of the Department of Commerce confirmed These quarterly GDP figures would be published in nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche. Chainlink was also appointed with Pyth Network as a key partner of Oracle to spread the data.
Where Pyth and Chainlink stand out is in their coordinated role as oracles, ensuring that the data published by the Government spread and ensure even more in blockchain networks.
Pyth Network is a decentralized Oracle system that offers real -time financial market data directly in blockchains. Like Chainlink, it provides infrastructure to bring data outside the chain, such as shares, exchange rates and basic products, in the chain for use in decentralized finance applications (DEFI).
Related: United States Government Taps Chainlink, Pyth to publish economic data in the chain
Trump’s administration pro-cryptus is intensified
The hug of the administration of the president of the United States, Blockchain technology is produced in the middle of the strong criticism of the official government statistics, particularly the labor market data published by the Office of Labor Statistics (BLS).
This tension reached a peak earlier this month after a great review of the employment numbers, which led Trump to affirm that the figures were “Stained” For political purposes. Shortly after, Trump dismissed the Bls Commissioner Erika Mtntarfer.
Administration’s blockchain initiative is part of a broader effort to prioritize the adoption and innovation of digital assets. This agenda has already produced the recent approval of the Genius Stablecoin Law and the approval in the Chamber of Representatives of a Integral Law of Market Structure and an Anti-CBDC bill, which is now addressed to the Senate.
At the same time, Trump has presided over a notably pro-Crypto values and values. The agency has approved multiple funds (ETF) quoted by the exchange of cryptocurrencies and clarified that certain liquid stagnation activities are out of their jurisdiction, which means that they should not be treated as values.
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