A Solana (SOL)-based altcoin rallied by more than 42% this week amid news that Binance is adding spot trading support for the digital asset.
Pyth Network (PYTH) is an oracle network that aims to provide real-time financial data to smart contracts and decentralized applications (DApps).
This week, the project’s native token PYTH soared to a seven-day high of $0.539 from a weekly low of $0.378, an increase of 42.59%. The 96th-ranked crypto asset by market cap has retraced from its recent high and is trading at $0.461 at time of writing.
On Friday, Binance added spot trading support for the altcoin, saying it will attach a seed tag to PYTH, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
Back in November, the exchange listed a PYTH perpetual contract with up to 50x leverage.
In December, Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects in the smart contract platform’s ecosystem.
“We thought Solana was perfect for DeFi when we were designing it, really building in this idea that cheaper, faster for finance is always better. And it’s been a struggle to get adoption there, especially after the FTX [exchange] collapse.
But there were really, really strong teams like Margin, like Solend, like Jito Labs, Pyth, Jupiter Aggregator… all these guys that just kept building through the bear market, through all the black swan events and are now like I think at that next stage of maturity to where they’re really hitting growth mode.”