PYTH Coin Surges 100% Amid U.S. Adoption, Outlook Uncertain

Pyth Network's native coin, PYTH, surged 100% after the U.S. announced plans to publish economic data on-chain using Pyth. The cryptocurrency's volume jumped from $23.36 million to $1.42 billion in 24 hours, with open interest reaching $194 million. Despite negative funding rates and spot outflows, price retained recent gains, indicating bullish expectations. The development could lead to further adoption and potentially sustain PYTH's momentum.

The U.S. Department of Commerce has announced plans to publish economic data on-chain, utilizing the Pyth Network to distribute this information across multiple blockchain networks. This initiative has led to a significant surge in the native token of Pyth Network, PYTH, which saw its price increase by over 100% in a single day.

The announcement was made on July 2, 2025, and it has had a substantial impact on the cryptocurrency market. The volume of PYTH tokens traded in 24 hours jumped from $23.36 million to $1.42 billion, while open interest reached $194 million. Despite negative funding rates and spot outflows, the token retained its recent gains, indicating a bullish market sentiment.

The partnership between the U.S. Department of Commerce and Pyth Network is expected to bring government economic data on-chain, making it accessible to decentralized applications (dApps) and smart contracts. This development could lead to further adoption of blockchain technology in various sectors, including finance and government services.

The PYTH token's surge can be attributed to the increased demand for oracle services and token utility, as the Commerce Department's initiative places blockchain technology at the center of official government processes. The token's price discovery was driven by on-chain adoption expectations rather than protocol-level news alone.

The Department of Commerce will publish quarterly GDP figures and other economic statistics across nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar, and Avalanche. Pyth Network and Chainlink will act as oracle layers to verify and broadcast these figures to decentralized applications and smart contracts across supported chains.

This initiative is part of a broader effort by the U.S. government to adopt blockchain technology for public data infrastructure. The move highlights the potential of blockchain to enhance transparency, accessibility, and composability across various sectors.

References:
[1] https://www.coindesk.com/business/2025/08/28/chainlink-to-provide-u-s-department-of-commerce-data-on-chain-for-smart-contract-use
[2] https://en.coinotag.com/pyth-surge-may-follow-us-department-of-commerce-selection-of-pyth-network-to-publish-economic-data-onchain/