Long Live the Pythian Council | Newsletter #50

Welcome to The Pythiad, the official newsletter of the Pyth Network. Ready to hear what’s new? Biweekly updates on all things DeFi await you below. Let’s dive in.

What’s New with Pyth

• It’s official: The Pyth Network Discord has hit 75,000 members. You can join the revolution here.
• On March 7, 2024, the inaugural Pythian Council was elected and approved by the Pyth DAO through on-chain voting. The Pythian Council is made of 8 members who will act as signers of the Pythian Multisig. The council aims for geographical diversity to better fulfill the ethos, mission, and guiding values of the DAO. Learn more here.
• The Pyth Network officially hit $59 billion in trading volume – a 2X increase month-over-month and a 5X increase quarter-over-quarter.

What’s New with DeFi

Technology and Development 

• The Dencun upgrade resulted in near-zero fees for transactions on Ethereum layer-2 networks.

Stablecoins

• Tether’s USDT has achieved yet another milestone: a $100 Billion Market Cap.
• Tether is also set to launch its USDT stablecoin on Celo, an EVM-compatible blockchain that is transitioning to an Ethereum Layer 2 network.

Ecosystems

• Revolut continues to expand its crypto portfolio with a new product, Revolut Ramp, enabling crypto purchases directly into MetaMask wallets.
• These 10 charts show that RWA, DeFi, and Ethereum ecosystems are vibrant.
• DeFi TVL breaks $100 billion for first time since May 2022.
• Bitcoin DeFi is on the rise as Bitcoin L2s bootstrap $2.7bn in DeFi deposits with points offerings.

Exchanges

• Coinbase was hit with a second outage in just one week; the exchange notes ‘excitement’ in crypto and says it’s hard at work improving its capacity.
• Binance has unveiled a new platform for users to predict token listings and earn rewards, such as USDT futures bonus vouchers or trading fee rebate vouchers.
• The Uniswap Foundation token rewards proposal passes the temperature check vote.

Community Shoutout

This week, we’ve received some amazing artwork by Pythians gr0uchSol, Pashakep3, kais7sol, and maxtorian.

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.