In a twist of fate that even the most seasoned seers could not have predicted, the Pyth Network has danced its way into the limelight, with its price leaping more than 60%-a veritable pirouette of prosperity! This jubilant surge follows the announcement that the U.S. Department of Commerce has chosen this oracle platform as its trusted confidant in the grand theater of on-chain economic data verification. Who knew data could be so glamorous? 💃
- With a meteoric rise to $0.20, Pyth Network’s price has soared like a kite in a summer breeze, while trading volume has exploded by a staggering 2,700%. Talk about a party! 🎉
- These gains came after the U.S. Department of Commerce decided to hitch its wagon to the Pyth Network for the noble task of verifying and distributing economic data on the blockchain. Who needs a crystal ball when you have blockchain, right?
On that fateful Thursday, August 28, the U.S. Department of Commerce declared its intention to publish the nation’s economic data on the blockchain, with Pyth Network (PYTH) and Chainlink (LINK) stepping up as the chosen ones. It’s like a superhero team-up, but for data! 🦸♂️
Once languishing below $0.12, the PYTH price has now shot up to heights unseen since May, leaving its previous struggles in the dust. The daily trading volume has also surged, with a jaw-dropping 2,700% increase as eager buyers rushed in like kids to a candy store. 🍬
Meanwhile, the market cap of Pyth Network has ballooned to over $1 billion, proving that sometimes, dreams do come true-especially in the wild world of crypto!
U.S. Department of Commerce Takes the Plunge into On-Chain Data
Thursday was a monumental day for the crypto cosmos, as the U.S. Department of Commerce announced its grand plan to publish gross domestic product data across multiple blockchains, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). It’s like a blockchain buffet, and everyone’s invited! 🍽️
The agency has enlisted the help of Pyth Network to ensure that this data is distributed on the blockchain. Real U.S. GDP, which saw a 3.3% annual rise in July, is now officially on-chain. And it’s not just Bitcoin, Ethereum, and Solana getting in on the action; the data is also available on Stellar, TRON, Avalanche, Arbitrum One, Polygon, and Optimism. Talk about a data extravaganza! 🎊
While the oracle platforms Pyth and Chainlink worked their magic to disseminate the data, the federal agency also turned to crypto exchanges like Coinbase, Gemini, and Kraken for publishing. Because why not have a few more cooks in the kitchen? 🍳
“We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive,” proclaimed U.S. Secretary of Commerce Howard Lutnick, probably while wearing a cape. 🦸♀️
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2025-08-28 21:03