Finance

Pyth Network Gears Up for Major Growth: Coinbase to List $PYTH and Grayscale Launches Institutional Fund

2 days ago
Bitcoin Ethereum News

Pyth Network, a powerful oracle protocol on Solana, might be on the verge of undeniable growth and expansion. Why?

Well, first of all, there’s the matter of getting your token into the hands of as many relevant parties as possible, and one way to do that is to list the token for trading on a popular exchange. Coinbase, for instance, is a very popular exchange. And guess what? Coinbase is set to list the Pyth token ($PYTH) for spot trading on February 20th, 2023—so right around the same time you’re reading this.

The drama surrounding Solana’s memecoin market has threatened to cast shade on Pyth, but Pyth is still there. Pyth is and continues to be a crucial, major infrastructure provider for decentralized finance. It serves off-chain data for smart contracts. The protocol’s integration into major platforms like Coinbase and Grayscale makes it an infrastructure provider even my mom could understand. Because who doesn’t understand Coinbase and Grayscale? And if Pyth is broadcasting off-chain data to these two heavyweights, well then, Pyth’s got to be doing something right, no?

Coinbase and Grayscale: Two Major Moves in One Week

Pyth Network has received a major boost with the announcement from Coinbase that it will begin supporting $PYTH for spot trading on its platform. This listing will come into effect on February 20th, 2025, at 9 a.m. PST. For a long time now, people have been expecting $PYTH to be listed on a major exchange, and this is a development we naturally welcome because Coinbase is one of the world’s most prominent crypto exchanges. Now, we look ahead. Increased liquidity, wider accessibility, and an immediate uptick in trading volumes seem to be in the plans for $PYTH.

In parallel to Coinbase’s announcement, Grayscale, a preeminent digital asset management firm, has debuted an institutional fund centered on the $PYTH token. The debut of the PYTH Trust not only reinforces the token’s legitimacy but also creates an avenue for institutional investors to access the Pyth Network (which underlies $PYTH). Grayscale’s selection of $PYTH for this Trust is a testament to the burgeoning confidence that both it and the market at large express in the Pyth Network’s prospects. Hearing two peals—the listing of $PYTH on Coinbase and the establishment of the PYTH Trust at Grayscale—serves to underscore the rapidly growing recognition that the Pyth Network enjoys in both retail and institutional circles.

The Importance of Pyth Network and Its Role in the Solana Ecosystem

The Pyth Network is the leading oracle protocol for the Solana blockchain, supplying vital off-chain data feeds to decentralized finance projects and applications on Solana. Oracles are such a fundamental piece of the decentralized puzzle that making them reliable is one of the best ways to ensure that smart decentralized applications will perform as expected. And Pyth is kind of like the KGB in a Cold War scenario. It has eyes and ears out in the world, but it doesn’t always do its job in a way that’s friendly to decentralized finance. That’s because Pyth provides off-chain data feeds to on-chain contracts with something like 99% reliability. And if you don’t trust Pyth, you might not want to use the applications that are built on top of the proficient oracle it is.

Pyth, the leading oracle protocol on Solana, has powered the growth of the Solana DeFi ecosystem by providing the data infrastructure necessary to drive a wide array of applications. In fact, the protocol’s data feeds are trusted by many DeFi projects on Solana, which makes Pyth a pretty integral player in the larger ecosystem. That said, while Pyth’s recent push to expand off of Solana and onto other chains promises to open up a whole new world for the protocol, it faces some serious challenges that threaten key aspects of its value.

Despite its trustworthiness, Pyth is not yet premier in the oracle space, which raises some questions about the protocol’s recent overtures to big-name DeFi projects. And then there’s the Solana situation.

Still, Pyth has a solid future, boosted by its collaborations and important developments of late. The two events—the listing on Coinbase and the advent of the Grayscale fund—are clear indicators of Pyth’s burgeoning relevance in the crypto sector.

Recent Developments and Their Impact on $PYTH’s Price

In the last week, a string of essential events surrounding $PYTH has captured the interest of retail and institutional investors. The token’s recent listing on Robinhood, an expanding trading platform that has opened up the world of cryptocurrency to a much wider audience, was perhaps the most attention-grabbing development. $PYTH is now easily tradeable by virtually anyone with a mobile phone—just alongside Venus, Sol, and the Gorga.

These key developments mean that $PYTH has attracted much attention from a large number of players, including traders, institutions, and retail investors. The upcoming listing on Coinbase, the conversion from Grayscale to an ETF, and the recent listing on Robinhood give $PYTH an unprecedented level of visibility. This visibility could serve as a driver for what crypto people like to call “tokenomics”—that is, the economy of the token—meaning this visibility could lead to price appreciation and a deeper level of adoption.

It is essential to note, however, that $PYTH’s ascent has encountered some bumps. The memecoin drama surrounding Solana has, for a time, pulled Pyth into the limelight of Twitter news cycles. The price of the underlying tokens issued by the Pyth Network has, at times and in some moments, been quite volatile, leading to the price of $PYTH itself becoming somewhat of a roller coaster.

Nevertheless, with the backing of Coinbase, Grayscale, and the other not-too-shabby institutional partners that frequently support crypto ventures, $PYTH appears to be well-positioned for growth over the long haul, no matter how parts of the market play out.

What’s Next for Pyth Network?

When we look to the future, Pyth Network’s seems to be a very bright one, as it moves ahead to expand its role within both the Solana ecosystem and the wider DeFi landscape. With support from major players like Coinbase and Grayscale, Pyth Network is positioned quite well to lead the oracle space—not only on Solana but also across other blockchain networks. The protocol is set up in such a way that allows it to provide high-quality, real-time data to DeFi applications that makes the network essentially indispensable to the burgeoning decentralized finance industry.

The latest progress for $PYTH investors indicates a solid prospect for the token to gain both in price and in market acceptance. Partnerships are a necessity for an oracle protocol, and Pyth Network has in a very short time built an impressive list of partners, consisting of many major players in the blockchain space. If Pyth Network continues on its current trajectory, it is likely to be a very strong player in the industry.

As we head into 2025, Pyth Network will be in the spotlight as it tackles the challenges and opportunities in front of it. The listing on Coinbase, the fund run by Grayscale for institutions, and the burgeoning presence of Pyth across the DeFi space all ensure that $PYTH will remain a prominent asset in the near term.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/pyth-network-gears-up-for-major-growth-coinbase-to-list-pyth-and-grayscale-launches-institutional-fund/