A Meteoric Rise | Newsletter #55

Welcome to the Pythiad, the official newsletter of the Pyth Network. Did you miss us? Biweekly updates on all things DeFi await you below. Let’s get started.

What’s New with Pyth

May was a meteoric month for the DeFi ecosystem with Pyth powering its growth. Here’s a look at some of the most significant stats:

• Traded Volume Secured tracks how much volume is generated by Pyth-powered protocols. In May alone, Pyth secured more than $100B in traded volume.

• Apps Integration shows how many apps have reached out and are integrating or have integrated Pyth as their oracle. In May, there were 21 integrations: 18 Price Feeds Integrations and 3 Pyth Entropy Integrations.

• Daily Average Updates is a metric for modellign on-chain protocol revenue for Pyth Price Feeds, as all Pyth cross-chain price updates are monetized. In May, Pyth had over 3 million daily updates, with an emphasis on activity from Sui and Aptos.

• For more stats on what happened in May, check out this thread by Mariobern_.

What’s New with DeFi

Regulations

• Terraform Labs and Do Kwon ordered to pay $4.5 billion to settle the SEC fraud case.

• Tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been dropped by Nigeria's Federal Inland Revenue Service.

• The Bank for International Settlements found that 94% of the central banks in its most recent survey were exploring a CBDC.

• India's market regulator suggests shared crypto oversight even as RBI seeks a stablecoin ban.

• Spot Ethereum ETFs are coming this summer, says Gary Gensler.

Technology and Development

• Cardano on track for Voltaire upgrade: the network is ready for its Chang fork and waiting for 70% of operators to install the new node.

• Optimism obtains mission-critical “fault proofs.”

• Ripple stated that its previously announced XRPL EVM Sidechain will launch with Axelar as exclusive bridge to source the native gas token of sidechain, eXRP.

• ZKSync introduces ZK Nation to decentralize Its protocol amidst airdrop plans.

Ecosystems

• PleasrDAO sues Martin Shkreli for duplicating a unique Wu-Tang Clan album, obtaining a temporary restraining order.

• Wormhole now allows W Token staking and governance participation.

• Luxury brands like Jil Sander and Maison Margiela are adopting blockchain to prove authenticity.

Exchanges

• BitMEX co-founder says interest rate cuts will fire up the crypto market.

• Robinhood acquisition of bitstamp allows it to compete with Coinbase and Kraken.

• Robinhood acquires Bitstamp in a $200M deal to expand its global crypto presence.

Gaming

• Hamster Kombat, a Telegram-based crypto gaming sensation, has surpassed 150M players.

• Parallel, an NFT-driven competitive card game built on Ethereum, launched on the Epic Games Store.

• Gaming tokens are hit hard as Bitcoin and Ethereum decline.

Community Shoutout

This week, we’ve received some amazing artwork by Pythians MarkoPejic36925, Pashakep3, mailtolemos, and Zarpythia. Keep up the good work, everyone!

We want to hear your feedback. Join the Pyth Discord and Telegram, and follow Pyth on X and LinkedIn. You can also learn more about Pyth here.