Pyth Network Expands Price Feeds for W Token

Pyth Network has introduced an on-chain price feed for the Wormhole governance token, W, which is used on the interoperability platforms.

The Oracle service Pyth Network released an on-chain price feed for the Wormhole governance token, W. Wormhole is an interoperability platform that allows for applications and bridges between different chains. More than fifty different blockchains currently support the Pyth Network W-USD pricing feed.

There are two versions of the W token: the original ERC-20 and the Solana SPL. It started out with a supply of 1.8 billion.

Wormhole, a communication protocol, facilitates the easy transfer of tokens and data across various blockchain networks. By integrating zero-knowledge proofs into the platform and introducing “light client” implementations that guarantee transfers between chains that use this technology, we create secure communication channels across blockchains such as Ethereum, Near, and Solana. The main goal is to create “corridors” between blockchains to facilitate efficient messaging and data transmission. It uses AMD processors to tackle the scaling issues of light client proof generation and verification.

Wormhole raised $225 million in capital last year, putting the company’s valuation at $2.5 billion.

Users will be able to take part in the token airdrop after the W token launches today. Moreover, major centralized exchanges will simultaneously list it.

Using the advantages of the Solana and EVM chains and creating a thorough multi-chain governance structure, Wormhole plans to transform its W into a native multi-chain currency, as stated in its roadmap. First, Wormhole will release the token as the native SPL token on the Solana blockchain, followed by its addition to the EVM blockchain.

Introducing the USDB-USD Price Feed, Pyth Network Provides Blockchains with Real-Time Asset Price Data 

Several blockchains rely on the Pyth Network for asset pricing data. Smart contract apps receive price feeds that provide them with real-time financial market data. Over ninety-five major data suppliers, including cryptocurrency exchanges and market-making businesses, contributed to the data. Each price feed generates a robust aggregate of these prices several times per second. The protocol offers more than 450 price feeds for various assets, including commodities, U.S. stocks, and cryptocurrencies.

Pyth Network has released two new price feeds: one for W-USD and another for USDB-USD. USDB is Blast’s native stablecoin; it has smart contract support and automatic rebasing for EOAs.