Last week, the Solana-based altcoin Pyth Network (PYTH) surged by more than 42% following the announcement of its addition to the Binance spot trading list. Pyth Network is an oracle network that provides real-time financial data for smart contracts and decentralized applications (DApps).

The price of Pyth Network cryptocurrency reached a seven-day high of $0.539 over the week, rising from a weekly low of $0.378. At the time of writing, PYTH was trading at $0.461. Binance added PYTH to its spot trading list last Friday, applying a tag the exchange uses for projects with low liquidity and potentially high volatility. Users owning such assets are required to take tests every 90 days to confirm their awareness of the risks.

In November 2023, Binance already listed a perpetual contract for PYTH with leverage up to 50x. Solana co-founder Anatoly Yakovenko highly praised Pyth and other DeFi projects in the ecosystem, noting that they continued to operate in the bear market and are now in a stage of maturity and growth.