In simple terms, the well-known British multinational bank, Revolut, which serves approximately 45 million users globally, has made history by being the first traditional financial institution to join Pyth Network, a large oracle network. This move sets a precedent within the cryptocurrency sector as Pyth brings on board Revolut as a data provider, allowing them to contribute their reliable price data to the decentralized finance (DeFi) environment.
According to the official announcement, Revolut plans to share precise information about the costs of various digital assets. This data will aid the functioning of numerous decentralized applications (dApps) on the blockchain network. Revolut, a neobank that also facilitates cryptocurrency trading, will transmit this data to Pyth Price Feeds, which will then be utilized by dApps for their operations.
Simultaneously, Pyth Network announced that it aims to assist Revolut in increasing its involvement in the digital asset market gradually, without requiring the neobank to invest capital or engage directly in trading activities. The goal of this partnership is to create more transparent, fair, and accessible markets. The announcement stated: “Paving the path for a brighter future in digital finance.
Through this collaboration, major banking entities are adopting Pyth’s sophisticated oracle tech, signifying a major transition. This move aims to enhance transparency and trustworthiness within the digital asset market, making Pyth a widely accepted, cross-platform solution that both Web3 innovators and institutional players can rely on.
Mazen Eljundi, Head of Cryptocurrency at global neobank Revolut, emphasized that partnering with Pyth Network is a minimal move in their larger strategy to modernize the existing financial system. By doing so, Revolut aims to impact developers and the broader crypto community through providing precise price data, which will be delivered to Pyth Price Feeds.
Furthermore, Pyth Network invites conventional financial institutions to join as data providers for their oracle network. Notably, according to DappRadar’s data, the total value locked (TVL) in the network currently amounts to $386.28 million, representing a decrease of 7.72% within the last 24 hours. It is worth mentioning that on March 21st, the TVL reached its peak at an impressive $1.37 billion.
PYTH Crashes 9%
As per CoinMarketCap’s latest figures, Pyth (PYTH) is currently experiencing a steep drop of approximately 9.06% within the past 24 hours. Its current trading price is $0.3381, marking a decrease from its previous level. Notably, this represents a significant fall of 70.51% compared to its all-time high ($1.15) achieved on March 16th, 2024. After hitting the all-time high (ATH), Pyth dipped to an all-time low of $0.2235 before rebounding by 51.77%. In the last 24 hours, its market cap has been approximately $1.17 billion, with a trading volume of around $52.03 million.
On the daily chart, the dominance of the bears over the PYTH token’s price movement is indicated by a Relative Strength Index (RSI) value of 37.66. Additionally, the slope of the RSI line hints that PYTH could be approaching the oversold territory in the near future.
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2025-01-08 20:42