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April 03, 2024

Pyth Network Launches W-USD Price Feed for Wormhole’s Governance Token Across 50 Blockchains

In Brief

Pyth Network releases on-chain price feed for Wormhole’s W token, opening access to W-USD across 50 blockchains.

Pyth Network Launches W-USD Price Feed for Wormhole's Governance Token Across 50 Blockchains

Oracle service Pyth Network announced the release of the on-chain price feed for W, the governance token of Wormhole, an interoperability platform facilitating multi-chain bridges and applications. The Pyth Network W-USD price feed is now accessible on over 50 blockchains.

The W token exists as a native ERC-20 and Solana SPL token. Its initial circulating supply is recorded at 1.8 billion.

Wormhole, a communication protocol, facilitates the transfer of tokens and data across diverse blockchain networks. It incorporates zero-knowledge proofs into its platform, introducing “light client” implementations to ensure transfers between different chains using this technology with the primary goal to establish “corridors” between blockchains for efficient messaging and data transmission, creating secure communication channels across blockchains like Ethereum, Near, and Solana among others. Leveraging AMD chips, it seeks to address scaling concerns related to proof generation and verification in light clients.

Last year, Wormhole concluded a funding round, securing $225 million in investment and resulting in a valuation of $2.5 billion.

The launch of the W token is anticipated to occur today, enabling users to participate in claiming the token airdrop. Additionally, it is scheduled to be listed on prominent centralized exchanges simultaneously.

As outlined by Wormhole in the roadmap for its W, it is set to evolve into a native multi-chain token, capitalizing on the benefits offered by Solana and EVM chains while introducing a comprehensive multi-chain governance framework. The token will be launched as the native SPL token on Solana, followed by expansion onto the EVM blockchain.

Pyth Network Offers Real-Time Asset Price Data Services to Blockchains, Introduces USDB-USD Price Feed 

The Pyth Network provides asset price data to various blockchains. The price feeds deliver real-time financial market data to smart contract applications. The data originate from over 95 primary data providers, encompassing market-making firms and cryptocurrency exchanges. Each price feed produces a strong aggregate of these prices multiple times per second. The protocol provides over 450 price feeds covering diverse assets, such as cryptocurrencies, commodities, and United States equities.

In addition to releasing the W-USD price feed, Pyth Network has also introduced its USDB-USD price feed. USDB serves as the native stablecoin of Blast, featuring automatic rebasing for externally owned accounts (EOAs) and smart contracts.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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