Solana (CRYPTO: SOL) is swimming against the current as major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) plunged on Thursday night.
What’s Moving? SOL traded 13.69% higher at $82.45 over 24 hours at press time and was up 12.17% for the week. Minutes before press time, SOL touched an all-time high of $83.44.
The Decentralized Finance (DeFi) and Decentralized Application (DApp)-focused project’s coin rose 17.76% and 17.78% against BTC and ETH respectively over 24 hours.
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In the same time frame, BTC and ETH fell 2.89% and 2.77% to $47,331.07 and $3,123.37, respectively. Shiba Inu-themed DOGE fell 5.62% to $0.27 over 24 hours.
SOL has shot up 4,407.61% since the year began, nearly matching the 4,699.46% gains made by DOGE in the same period.
Why Is It Moving? Pyth Network became the first cross-chain oracle to deliver real-time institutional grade market data to DeFi apps and platforms on-chain with the launch of Solana Mainnet on Aug. 26, as per a statement.
See Also: DeFi Play Solana Keeps Hitting Fresh All-Time Highs: Is There Still Time To Buy In?
“Pyth will be able to broadcast market data through the Wormhole Network to communicate with dApps across the Ethereum, Binance Smart Chain (BSC) and Terra ecosystems, “ said the statement.
Wormhole is a decentralized attestation engine that trustlessly bridges information between the above-mentioned supported chains.
Last week, Wormhole launched its mainnet, shortly after which a spike was seen in SOL’s price.
“The Wormhole interoperability protocol is a huge leap forward in decentralized finance and demonstrates the value of oracle networks like Pyth,” said Chris Zuehlke, Partner at DRW and Global Head of Cumberland.
As per Pyth Network, Solana is able to meet the transaction speeds of Nasdaq and the total value locked across its ecosystem is in the region of $2.5 billion.
“As DeFi and TradFi continue to converge on the Solana blockchain, we believe Pyth's ability to connect high-fidelity, time-sensitive, real-world data with DeFi applications will play a critical role in the industry's evolution,” said Dave Olsen, President and Chief Investment Officer of Jump Trading Group, a trading firm involved with Pyth Network.
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