Pyth Network price surges on US announcement
Pyth Network (PYTH) jumped more than 60% on Thursday after the U.S. Department of Commerce revealed it will use the oracle platform to verify and distribute official economic data onchain.
The crypto, which had traded below $0.12 for weeks, spiked to $0.20 within hours of the announcement. Daily trading volume skyrocketed by over 2,700%, reflecting intense buying pressure. PYTH’s market cap has now surpassed $1 billion, marking its highest levels since May.
U.S. Department of Commerce goes onchain
The Department of Commerce confirmed it will publish gross domestic product (GDP) and other economic metrics directly on multiple blockchains. Platforms now carrying U.S. GDP data include Bitcoin, Ethereum, Solana, Stellar, TRON, Avalanche, Polygon, Arbitrum One, and Optimism.
Pyth Network will power distribution, while Chainlink also supports the verification process. In addition, exchanges Coinbase, Gemini, and Kraken are assisting with data publishing.
Official stance: immutable economic truth
U.S. Secretary of Commerce Howard Lutnick called the move a milestone for blockchain adoption.
“We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive,” Lutnick said.
With the U.S. embracing blockchain for transparency, Pyth Network has emerged as a key beneficiary, fueling optimism among investors.
