Unstoppable Growth | Newsletter #53

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

• In May, Pyth Data secured $4.4B – a 160% increase since the start of 2024.

• In the last month alone, the Pyth pull oracle facilitated over $110B in total traded volume – a 17x increase over last year.

• Pyth has facilitated 90% or more of total traded volume on 23 chains.

• The Pyth Ecosystem Grants Program has officially launched with 50M PYTH Tokens available. Explore opportunities for community members, developers, and researchers.

• May 19, 2024 (2 PM UTC) oversaw the first unlock of the PYTH Token supply. Please see the Tokenomics blog post for more.

What's New with DeFi

Regulation

• President Biden ordered a halt to the MineOne operation near Warren Air Force Base, citing Chinese ownership, foreign technology and proximity to a strategic missile base.

• FalconX has settled with the CFTC and will pay $1.8 million for its failure to register as a futures commission merchant.

• Robinhood Crypto has been served notice of impending enforcement action by the SEC, joining the list of companies targeted in the SEC’s crypto industry crackdown.

Technology and Development

• Commentators believe that a drop in the price of Bitcoin coupled with reduced mining rewards means fewer miners and a less robust network.

• The Build on Bitcoin (BOB) project announced the launch of its first phase.

Stablecoins

• The developer behind Bitcoin’s Lightning Network, Lightning Labs, has tested a protocol that allows stablecoins to be issued on the Bitcoin blockchain.

• The Philippines central bank will begin controlled trials of a national stablecoin pegged 1:1 to the local peso.

• Coinbase’s $1.6B quarterly profits are boosted by stablecoins.

Ecosystems

• GameStop’s share price has doubled, fueling a surge in GameStop-themed memecoins on Solana.

• Dogecoin pumps as the GameStop rally kickstarts a memes frenzy.

Exchanges

• Rain, the Bahrain-based crypto exchange, fell pretty to a $14.8 million exploit on April 29.

• Japanese cryptocurrency exchange Coincheck expects to complete its listing on Nasdaq in the second or third quarters through a merger with Thunder Bridge Capital Partners IV.

• DYdX Founder Antonio Juliano is set to step down as CEO of the decentralized exchange.

Gaming

• Mobile giant Supercell, the company behind the smash games Clash of Clans and Clash Royale, has invested in a crypto gaming startup.

• Notcoin’s NOT token, which will be minted on The Open Network (TON), will be listed later this month and will be supported by Binance, OKX, and Bybit.

• Solana Labs announced a collaboration with Google Cloud to bring its blockchain game development platform GameShift to Google Cloud’s ecosystem.

Community Shoutout

The Pythians continue to send in amazing artwork. Thank you to Pythians D_MACDO, atrocityexhibition, and mailtolemos. Keep it up!

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