According to CryptoPotato, Pyth Network, a price feed oracle and market data provider, has introduced new price feeds for two blockchain tokens, W and USDB. These price feeds are now available on approximately 50 blockchains that have incorporated Pyth into their protocols.
W is the governance token for Wormhole, a cross-chain messaging platform that enables developers to create interoperable decentralized applications. Despite launching its protocol three years ago, Wormhole released W on April 3, with an initial circulating supply of 1.8 billion and a maximum supply of 10 billion. Currently, around 82% of W tokens are locked and will be gradually unlocked over a four-year vesting period. The Token Release Schedule allocates 17% and 23.3% to the Wormhole community and foundation treasury, respectively.
USDB, on the other hand, is the native stablecoin of Blast, a new layer-2 network built on Ethereum that offers native yield for ether (ETH) and stablecoins. Prior to its mainnet launch on February 29, Blast had accumulated over $2 billion in total value locked and a community of 180,000 members. Blast was developed by the team behind the leading non-fungible token marketplace Blur, spearheaded by its founder, Tieshun Roquerre, also known as Pacman. The layer-2 network provides up to 4% and 5% interest for ETH and stablecoins, a yield rate that has raised eyebrows in the crypto community.
Despite rumors suggesting that Blast is a Ponzi scheme due to its model and seemingly unsustainable yield rates, Pacman has refuted these claims, stating that Blast’s yields are sustainable as they are derived from the liquid staking protocol Lido and T-Bills on decentralized finance (DeFi) protocol MakerDAO.
In other news, Pyth’s native token, PYTH, has seen a decrease of 4.5% in the past 24 hours and over 7% in the last seven days. However, the asset has increased by 27% in the past month and was trading at $0.84 at the time of writing, according to data from CoinMarketCap.