One of the digital tokens of the Solana blockchain has demonstrated a significant increase in value

Over the past seven days, the blockchain-based altcoin Solana SOL $254.47 Solana -0.39% Market capitalization $120.79 billion VOL. 24 hours $1.38 billion has grown by more than 42%, amid news that cryptocurrency exchange Binance is adding support for spot trading in this digital asset. We are talking about Pyth Network (PYTH).

Pyth Network is an oracle network that aims to provide real-time financial data for smart contracts and decentralized applications (DApps).

This week, the native token of the PYTH project soared to a seven-day high of $ 0.539 from a weekly low of $ 0.378, an increase of 42.59%. The cryptocurrency ranks 96th in terms of market capitalization.

On Friday, Binance added spot trading support for the altcoin, saying it would attach a seed tag to PYTH, which the exchange applies to low-liquidity projects that may show higher volatility than other listed tokens. Binance requires users who own assets with seed tags to undergo testing every 90 days to ensure that they are aware of the risks before trading the tokens.

In December, Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects in the smart contract platform ecosystem.

«We thought that Solana was a perfect fit for DeFi when we were developing it, because it was based on the idea that cheaper and faster for finance is always better. And it was a struggle to implement, especially after the FTX crash [біржі].

But there were very, very strong teams, such as Margin, Solend, Jito Labs, Pyth, Jupiter Aggregator… all these guys who continued to build through the bear market, through all the black swan events and now, I think, are at the next stage of maturity, when they really enter the growth mode," Yakovenko said.

It should be added that according to the CoinMarketCap analytical tracker, at the time of writing, SOL is trading at $ 97.61, up 1.23%. The market capitalization of the asset amounted to $ 42.6 billion, and traders made daily trading deals worth $ 1.4 billion.