PYTH total market value broke $500m in one day

The Pyth Network’s native token, PYTH, debuted with a total market value of $523m.

On November 20, the decentralized oracle network Pyth Network released its Solana-based token, PYTH. Due to the cross-chain airdrop on the first day of trading, the market capitalization at its peak was $765 million.

PYTH is the governance token of the Pyth Network, which bills itself as providing utility for transparent and reliable market data, with the token being used to vote on proposals to govern the project, holders must stake tokens in the network’s staking program.

According to CoinMarketCap, at the time of writing, PYTH’s market capitalization has fallen back to $523.36 million. At its maximum, the PYTH token was trading at $0.65. Since then, the price has fallen by 47% and is now $0.34.

The daily trading volume, meanwhile, exceeded $160 million. According to DefiLlama, Pyth Network ranks fourth in the ranking of the largest oracle networks.

The native PYTH token has already been listed by such cryptocurrency exchanges as KuCoin, OKX, Bybit, Gate.io, HTX, and Bitget.