Crypto markets kicked off with a bang today with the US government data hitting blockchains for the first time. Pyth Network and Chainlink teamed up with the Commerce Department to push GDP figures onto crypto chains like Solana and Ethereum. Following it, Pyth crypto price action went wild, while TON and LINK holders cleaning up their bruises.
Pyth stole the crypto show, skyrocketing by 70% hours after the announcement. Money is flowing in as the oracle’s role in real-time data delivery is validated by Uncle Sam. Meanwhile, Solana is still surfing its wave, with its ecosystem metrics hitting a new high.
(PYTH/USD, source – TradingView)
TON, on the other hand, hit rough waters, dipping toward $2.60 support amid builder exodus dramas. The community is in frustration over liquidity snags and failed promises. Even with Telegram ties, sentiment is getting more soured and on-chain activity flatlined.
(TON/USD, source – TradingView)
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Expectation on LINK, SOL, and PYTH Crypto
Chainlink is now consolidating with exchange supplies at record lows. People venting online about supply emissions that are outpacing demand, calling out LINK team for the stagnation. However, the new Reserve program is quietly funneling revenue into buybacks. So, a turnaround could be in the play. LINK comes with SBI and Euroclear partnership, but price is still lagging. On-chain data shows that whales has been snapping up LINK aggressively.
Solana still having momentum with 600 million weekly transactions and a record of 81% DEX volume dominance. Developer counts blast paet 83% to over 7,600, not to forget the ETF filings from VanEck and Bitwise. Firedancer update also promised 100x scale, drawing in Visa and BlackRock.
SOL TVL has climbed to yearly peaks, with 107k TPS bursts. Memecoin hype and tokenized stocks have been the reasons for SOL volume bumps. PayPal and upcoming Alpenglow will likely drive Solana beyond $250.
(SOL TVL, source – Defillama)
Besides the other players, Pyth has pushed its market cap above $1 billion, a big crypto number not seen since May. The US-Pyth has a partnership to deliver GDP data across 10 chains, pumping the crypto trading volume up to 70%.
Pyth crypto benefited a lot from Solana’s ecosystem, especially with permissionless Governance. Pyth has been rewarding stakers with cross-chain crypto airdrops. As oracles bridged TradFi and DeFi, Pyth explosive adoption could be coming if not ongoing.
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The post [LIVE] Today Crypto News, August 29 – Ton and Chainlink Bottoming, Solana and Pyth Crypto Network Going appeared first on 99Bitcoins.
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