The native token of the Pyth Network surged on Thursday after the project confirmed it had been selected by the US Department of Commerce to verify and distribute economic data onchain — a move that places blockchain technology at the center of official government processes and highlights the important role of data oracles.
According to CoinMarketCap, the PYTH token peaked just above $0.20, marking a daily gain of more than 70%. It was last trading just below $0.19, still up about 62% on the day.
The rally propelled PYTH to its highest level since February, lifting its market capitalization above $1 billion, while trading volumes skyrocketed more than 2,700% in the past 24 hours.
PYTH was the only token to record such massive gains, even though the Commerce Department announcement confirmed that quarterly GDP figures would be published across nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche. Chainlink was also named alongside Pyth Network as a key oracle partner in disseminating the data.
Where Pyth and Chainlink stand out is in their coordinated role as oracles, ensuring that the government-published data is further disseminated and secured across blockchain networks.
Source: Pyth NetworkPyth Network is a decentralized oracle system that delivers real-time financial market data directly onto blockchains. Like Chainlink, it provides infrastructure to bring offchain data — such as stock prices, foreign exchange rates and commodities — onchain for use in decentralized finance (DeFi) applications.
Related: US Government taps Chainlink, Pyth to publish economic data onchain
Trump administration’s pro-crypto push intensifies
US President Donald Trump’s administration’s embrace of blockchain technology comes amid sharp criticism of official government statistics, particularly employment market data published by the Bureau of Labor Statistics (BLS).
That tension reached a peak earlier this month after a major downward revision of employment numbers, which prompted Trump to claim the figures were “rigged” for political purposes. Shortly after, Trump fired BLS Commissioner Erika McEntarfer.
Source: TrumpTruthOnXThe administration’s blockchain initiative is part of a broader effort to prioritize digital asset adoption and innovation. This agenda has already produced the recent passage of the GENIUS Stablecoin Act and approval in the House of Representatives of both a comprehensive market structure bill and an anti-CBDC bill, which now head to the Senate.
In parallel, Trump has presided over a markedly pro-crypto Securities and Exchange Commission. The agency has approved multiple cryptocurrency exchange-traded funds (ETFs) and clarified that certain liquid staking activities fall outside its jurisdiction, meaning they should not be treated as securities.
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Source: https://cointelegraph.com/news/pyth-network-token-surges-us-commerce-onchain-data?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
