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HNT, PYTH Skyrocket as the Broader Market Pauses
- Despite an overall market correction, several crypto assets are doing very well.
- Among them are PYTH and HNT, which both have not only gained ground in the past 24 hours but have seen continued growth.
- While new developments are a bullish sign, investors should always take these with a grain of salt.
Yesterday saw Bitcoin (BTC) surpass the crucial USD $50k (AUD $77.5) barrier only to fall back below that line hours later. With many of the top dogs taking a bit of a breather, some Altcoins seem to just get started, including two interesting projects.
Pyth Network (PYTH)
PYTH is currently leading the pack, with a 10% gain in the past 24 hours and an impressive 30% in seven days. PYTH’s rally has been sustained since the end of 2023, gaining over 90% since then.
Pyth Network, a price aggregator oracle, was launched in November of last year, starting at USD $0.30 (AUD $0.46). It is notable that it has reached USD $0.63 (AUD $0.97) in such a short time.
While oracle networks like PYTH and Chainlink are seeing sustained interest amid narratives like tokenisation of real-world assets (RWA) they generally enable a greater interaction between the blockchain and real world.
Additionally, the Pyth Network has just voted to approve the DAO constitution.
What is that and why does it matter?
The Pyth DAO on PYTH is a decentralised governance framework enabling PYTH Token holders to participate in decision-making for the Pyth Network.
It matters because it provides a structured way for stakeholders to influence key aspects of the network, such as oracle update fees, data provider rewards, software updates, product listings, and data provision for price feeds.
The Pyth DAO Constitution outlines the rules and processes for this governance, including the introduction and implementation of changes via Pyth Improvement Proposals (PIPs), facilitating a collaborative and transparent approach to network evolution.
Helium (HNT)
HNT has also seen continued growth over the past few months. While HNT gained 8% over the past 24 hours, it is up 27% from last month – but it really started its rally in November last year, gaining 275% since.
Helium, as being part of the Decentralised Physical Infrastructure (DePIN) narrative, continues to see bullish developments such as Helium-based Nova Labs’ partnership with Telefónica to expand mobile hotspots in Mexico, the introduction of a cost-efficient cell plan rewarding users with MOBILE tokens, and the release of Helium Wallet v2.5.0, alongside Helium’s effective use of LoRaWAN technology.
Most recently there has been an announcement that Helium Mobile is partnering with Google for Pixel Phones and Helium Mobile Hotspots.
A word of caution though, Helium has a history of overstating partnerships and it was reported that their claims of delivering 5G speeds are overstated. Not saying at all that Helium is a scam but it is a project in early stages and it’s always worth looking at an investment from all angles.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
