PYTH price soars 60% as US picks Pyth Network for onchain data verification

Pyth Network price jumped more than 60% as the cryptocurrency reacted to news that the U.S. Department of Commerce has selected the oracle platform as a strategic partner in the verification and distribution of on-chain economic data.

The U.S. Department of Commerce said on Thursday, August 28, that it would be publishing the country’s economic data on the blockchain, and Pyth Network (PYTH) and Chainlink (LINK) would be the blockchain platforms that help verify and distribute this economic data on-chain.

PYTH price, which had struggled below $0.12, shot to highs of $0.20, surging by more than 60%. The coin’s daily volume also rose sharply, with the 24-hour increase a staggering 2,700% as buying pressure mounted.

Meanwhile, Pyth Network’s market cap has surged to over $1 billion as PYTH hits prices last seen in May.

U.S. Department of Commerce brings economic data onchain

Thursday was a big day for the crypto space as the U.S. Department of Commerce announced it will publish gross domestic product data on multiple blockchains, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).

The agency will work with Pyth Network, which will power the distribution of such data on the blockchain. Real U.S. GDP,  which rose 3.3% annually in July, is now onchain. As well as Bitcoin, Ethereum, and Solana, the data is also on Stellar, TRON, Avalanche, Arbitrum One, Polygon, and Optimism.  

While the oracle platforms Pyth and Chainlink helped disseminate the data, the federal agency tapped into crypto exchanges Coinbase, Gemini, and Kraken for publishing.

“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,” said U.S. Secretary of Commerce Howard Lutnick.