Pyth Network Adds W and USDB Price Feeds to Bolster DeFi Data Infrastructure

Pyth Network has launched new price feeds for W, the governance token for Wormhole, and USDB, the native stablecoin of Blast. These feeds are now available on approximately 50 blockchains that utilize Pyth in their protocols.

Pyth Network Expands Price Feed Offerings with W and USDB Tokens

Pyth Network, a leading provider of price feed oracles and market data, has announced the launch of new price feeds for the blockchain tokens W and USDB. These price feeds are now available on approximately 50 blockchains that have integrated Pyth's protocol.

W (Wormhole Token)

W is the governance token for Wormhole, a cross-chain messaging platform that facilitates interoperable decentralized applications. Despite Wormhole's protocol launch three years ago, the platform released W on April 3rd, with an initial circulating supply of 1.8 billion and a maximum supply of 10 billion tokens.

Approximately 82% of W tokens are currently locked and will be unlocked gradually over a four-year vesting period. According to the token release schedule, 17% and 23.3% of the tokens are allocated to the Wormhole community and foundation treasury, respectively.

USDB (Blast Stablecoin)

USDB is the native stablecoin of Blast, a layer-2 network built on Ethereum. Blast offers native yield for ether (ETH) and stablecoins. Prior to the protocol's mainnet launch on February 29th, Blast had amassed over $2 billion in total value locked and a community of 180,000 members.

Blast was founded by Tieshun Roquerre, also known as Pacman, the founder of the non-fungible token marketplace Blur. The layer-2 network provides up to 4% and 5% interest for ETH and stablecoins, respectively, a yield rate that has raised eyebrows within the cryptocurrency community.

Sustainability of Blast's Yield Rates

Rumors have circulated suggesting that Blast is a Ponzi scheme due to its unsustainable yield rates. However, Roquerre has refuted these allegations, explaining that Blast's yields are generated from the liquid staking protocol Lido and T-Bills on the decentralized finance (DeFi) protocol MakerDAO.

Pyth's Response to Growing Demand for Price Feeds

Pyth stated that the new W/USD price feed is now available on over 50 blockchains. This announcement underscores Pyth's commitment to meeting the growing demand for reliable and timely price data in the DeFi ecosystem.

Performance of Pyth's Native Token (PYTH)

Meanwhile, Pyth's native token, PYTH, has experienced a decline of 4.5% over the past 24 hours and over 7% in the last seven days. Despite this recent dip, PYTH is still up 27% over the past month, trading at $0.84 at the time of writing, according to CoinMarketCap.