The U.S. Commerce Department announced the launch of an initiative for releasing economic data, selecting Pyth Network as a key partner. This decision resulted in a significant increase in Pyth Coin's value.
How Pyth Network Became Part of the Initiative
According to announcements from Solana and Pyth's official accounts, the network will be responsible for verifying data on the blockchain. Additionally, Chainlink mentioned 10 networks in its announcement. However, a last-minute report from Bloomberg highlighted Pyth Network alongside BTC, ETH, and Solana.
The Rising Value of Pyth Coin
Following the announcement, Pyth Coin, which was priced at $0.117, surged to nearly $0.19, marking an increase of over 50%. The official Pyth Network account noted: CITE_NA 'The U.S. Department of Commerce has chosen Pyth Network to verify and distribute economic data on the network...'
Broader Network Release
The Commerce Department published a list differing from Chainlink’s announcement, indicating broader reach: CITE_NA 'The U.S. Government has published the latest GDP figures on Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum, and Polygon.'
Thus, the selection of Pyth Network as a data provider confirms its role in ensuring financial transparency and may open new horizons for the use of decentralized technologies in the government sector.
