E D Y C R Y P T O W O R L D

Pyth Network has announced an expansion of its Pro services, enhancing its market offerings to include broader US equity coverage and new Asia-Pacific markets. This update, shared via a tweet by Pyth Network, reflects a growing demand for diverse market data. As Pyth continues to enhance its API capabilities, it positions itself as a more valuable resource for traders and institutions alike. Source

The Story So Far

The Pyth Network is making significant strides in enhancing its market presence. By introducing broader US equity coverage and expanding into Asia-Pacific markets, Pyth aims to cater to a wider range of users. This expansion includes additional Pyth Indices, along with coverage of commodities, metals, and rates markets. Such enhancements signify Pyth’s commitment to becoming a comprehensive data provider in the crypto space, potentially increasing its user base and attracting institutional interest.

Market Snapshot

Currently, the Pyth Network’s price and trading volume are not available, indicating a quiet market moment for the entity. Despite these figures being absent, the broader crypto market is experiencing mixed signals, with traders keenly watching developments in market data services. Pyth’s latest enhancements could play a crucial role in shaping trader sentiment as they seek reliable data sources amidst fluctuating conditions.

Pyth Network specializes in providing real-time market data, focusing on both traditional and digital assets. This makes it a critical player for traders seeking accurate and timely information, particularly in a rapidly changing market landscape. By expanding its coverage, Pyth Network is actively responding to the needs of its users and enhancing its market relevance.

Key Levels to Watch

Traders should monitor how the enhancements to Pyth Network’s services affect user engagement and overall market sentiment. As more assets are included in their coverage, there may be increased trading activity surrounding those markets. Additionally, the potential for attracting institutional clients could significantly alter the competitive landscape for data providers in the crypto space.

The post Pyth Network Expands Coverage with New Market Offerings appeared first on Coinfomania.

According to CNBC, Typhoon Dolphin is set to make landfall on China’s east coast on Sunday, bringing torrential rain and strong winds as authorities brace for flooding and landslides across eastern China. China’s National Meteorological Center said the storm is expected to hit the coast Sunday evening with sustained winds of up to 162 kilometers per hour before weakening inland. The typhoon has already passed through Japan’s southern Okinawa prefecture, injuring six people and cutting power to more than 50,000 buildings. Authorities moved offshore workers to safety, ordered vessels back to port and stepped up checks at reservoirs, mountain streams, landslide-prone areas, construction sites and tourist locations. Typhoon Dolphin is expected to be the strongest typhoon to make landfall in China so far this year.

More than 1 million people have been moved to safety, with Shanghai evacuating at least 30,300 people and canceling about 1,500 flights, according to flight-tracking data provider VariFlight. In Zhejiang province, Wenzhou relocated more than 900,000 residents and opened more than 1,000 emergency shelters. In Fujian, authorities evacuated 98,900 people from high-risk areas after raising the typhoon emergency response to Level III, while Zhejiang, Shanghai and Jiangsu also activated Level III responses. Fujian maritime authorities said 55 coastal passenger ferry routes had been suspended, all 115 offshore construction projects halted and 290 construction vessels moved to sheltered waters.

According to Jin10, U.S. Treasury Secretary Bessent said the jobs report released today underestimated the potential strength of the real economy, adding that domestic U.S. businesses are building, factories are producing, and worker productivity is rising. He said July marked the fifth straight month of job growth in goods-producing industries, which have created 105,000 jobs so far this year and posted the strongest start to any seven-month period since 2023. Bessent also said second-quarter productivity growth was more than double expectations and that strong third-quarter growth expectations suggest the U.S. economy may accelerate.

Fake World Assets, or FWAs, have emerged as a new onchain gacha trend on Ethereum, drawing heavy activity and briefly becoming the chain’s largest gas consumer by fees over a 24-hour period within four days of launch. According to Cointelegraph, the protocol generated approximately $1.53 million in daily fees at its peak on July 25, while also briefly overtaking Tether and Circle in Ethereum blockspace usage. TokenWorks, the project’s creator, said, “4 days since launch. Fake World Assets are the next big thing.” TVL continued to rise after launch, reaching over $6.15 million on July 31, while fee revenue eased to around $350,000 per day, implying an annualized run rate of roughly $268 million. By August 1, FWA had recorded 10,000 ETH in volume and 100,000 purchases. Some of that demand appears tied to users seeking early FWA token incentives, although there is also visible interest in the gamified mechanism itself.

Not everyone expects the momentum to last. Simon Dedic, founder of venture capital firm Moonrock Capital and an early backer of onchain collectible platforms, said he is “very bullish on gamified commerce” but that his skepticism on FWA is specific. He argued that much of the current activity is being driven by generous token incentives rather than underlying demand. “The whole thing is purely aimed at crypto degens so they can gamble and speculate,” he said. Dedic added that gamified shopping may have broader potential as Gen Z gains more spending power, but he believes the concept works better for assets people already want to own, such as Pokémon cards, watches and whiskey. He said there is “very little” value in using gamified systems to create demand for assets nobody wanted in the first place. The protocol’s structure lets NFT holders act as liquidity providers by depositing collectibles and ETH in exchange for a share of fees, while players pay for a random NFT spin and can later keep the prize or redeem most of its attached ETH value. Blockworks Research notes that around 70% of purchasers currently choose to convert their winnings to FWA.

TokenWorks said the initial token distribution phase for Fake World Assets has been completed, and external purchases will open at 3 p.m. ET on August 4. According to Odaily, the project had previously distributed tokens only to participants to limit outside capital during the protocol’s early development.

TokenWorks said 50% of protocol fees that had previously gone to the company will instead be used for buybacks. Under the new mechanism, tokens bought back will be allocated 70% to buyers, 10% to depositors, and 20% will be burned. The platform also lowered the purchase fee from 5% to 2.5% and raised the depositor bid ratio from 85% to 90%.

TokenWorks said the parameters will continue to be adjusted based on the protocol’s operation.