Pyth Network Releases Price Feed For EigenLayer’s Token. Now Available Across 75 Blockchains
In Brief
Pyth Network announced the launch of EIGEN-USD price feed for EigenLayer’s token, making it accessible across over 75 blockchains.
Oracle service, Pyth Network announced the launch of an on-chain price feed for EIGEN, the native token of Ethereum-based restaking protocol, EigenLayer. The new EIGEN-USD price feed is now accessible across over 75 blockchains.
EigenLayer allows users to stake ETH to secure third-party networks or actively validated services (AVSs). Currently, the platform has over $12 billion in total value locked (TVL), a decrease from its peak of $20 billion reached in June of this year.
EIGEN token plays a major role in the EigenLayer ecosystem by providing a complementary function to ETH restaking. It introduces a mechanism to handle “intersubjective” faults, or behaviors that are not identifiable on-chain but warrant a penalty. With this mechanism, EIGEN provides a way for the token to be forked without forking the Ethereum mainnet consensus.
EIGEN has a total supply of 1.68 billion tokens, with an initial circulating supply of 185 million.
Earlier this week, EIGEN became transferable, launching with a market cap of $3.9 billion and a fully diluted valuation (FDV) of $6.51 billion. The token has also been listed on centralized exchanges, including Binance and MEXC.
How Do Pyth Network’s Price Feeds Work?
The Pyth Network supplies asset price data throughout various blockchains, enabling smart contract applications to access real-time financial market information. The price feeds are generated from over 95 primary data providers, encompassing market-making firms and cryptocurrency exchanges. Each price feed aggregates these prices multiple times per second, ensuring a strong and accurate reflection of market conditions. The protocol currently supports over 450 price feeds that encompass a wide range of assets, including cryptocurrencies, commodities, and US equities.
Earlier this year, Pyth Network launched an on-chain price feed for W, the governance token of Wormhole. Additionally, it offers price feeds for BLAST-USD, among other assets, further expanding its data offerings.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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, a dedicated journalist at the MPost, specializes in crypto, AI, 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.
