Pyth Network token surged to a record high as the crypto bull run gained steam. The coin jumped to a record high of $0.9065 on Monday, a 313% increase from its lowest point this year. This surge has brought its total market cap to over $1.2 billion.
Pyth Network, a rival to Chainlink and Band Protocol, is doing well as the ongoing cryptocurrency rally continued. Bitcoin jumped to a record high of $72,300 on Monday, pushing the total market cap of all coins to over $2.7 trillion.
Pyth Network’s performance is happening at a time when the Total Value Secured (TVS) jumped to a record high of $4.39 billion. This is a remarkable comeback since the TVS dropped below $400 million in 2023.
Most of the networks secured by Pyth Network have seen strong inflows recently. The biggest networks in the ecosystem are Kamino Lend, Marginfi Lending, Orbit Protocol, Synthetix, and Jupiter Perpetual.
Pyth Network, like other oracle networks, plays an important role in the crypto industry by connecting off-chain data to the on-chain. It enables users to secure smart contracts with reliable and low-latency market data.
Other oracle networks have seen their total value secured jump recently. According to DeFi Llama, the TVS in Chainlink has soared to over $29 billion. Other networks like Chronicle, WinkLink, and RedStone have also jumped.
This trend is happening as the Total Value Locked (TVL) in the DeFi ecosystem surged to over $178 billion. The biggest networks in the industry are Lido, Aave, EigenLayer, Maker, and JustLend.
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