Pyth Network Expands USDM/USD Price Feed Across 60 Blockchains

The Pyth Network has recently launched its USDM/USD price feed, significantly enhancing the availability and reliability of pricing information for the USDM token.

This new feed is accessible on over 60 blockchains, providing widespread access to accurate and timely price data.

The Pyth Network has released its USDM/USD price feed.$USDM is an ERC20 rebasing token by @MountainUSDM, with a redemption value pegged at 1:1 for primary customers.

The Pyth USDM/USD price feed is now available on more than 60 blockchains. pic.twitter.com/rIp4YDJYHw

— Pyth Network 🔮 (@PythNetwork) May 30, 2024

USDM: An Overview

USDM is an ERC20 rebasing token created by Mountain USDM. This token is designed with a unique feature where its redemption value is pegged at a 1:1 ratio for primary customers, ensuring stability and predictability in its value. 

PYTH network wrote in an official X post:

“$USDM is an ERC20 rebasing token by @MountainUSDM, with a redemption value pegged at 1:1 for primary customers.”

The rebasing mechanism allows the token supply to adjust automatically, maintaining its pegged value and offering a stable option for users and investors.

Pyth Network’s Role

Pyth Network is crucial in delivering high-quality price feeds to decentralized applications (dApps) and financial platforms. By integrating the USDM/USD price feed, Pyth Network enhances the functionality and reliability of financial operations across numerous blockchains. This integration allows developers and users to access precise and up-to-date pricing data, fostering greater trust and efficiency in the decentralized finance (DeFi) ecosystem.

PYTH/USD Price Action

The PYTH/USD pair has been experiencing a significant bearish trend over the past 30 days. As of press time, the price of PYTH is $0.4094, reflecting a substantial 26% decline on the monthly chart. This downward momentum is also evident in shorter time frames, with the token recording a 6% drop over the past week and a 4% decline in the last 24 hours. 

Compared to its all-time high of $1.15, achieved on March 16 this year, PYTH has plummeted by 64.47%. However, it is worth noting that the current price is a 78.56% increase from its all-time low of $0.2289, reached in January this year.

Moreover, this persistent bearish momentum is mirrored in PYTH’s market capitalization, which has decreased by 4.46% in the last 24 hours. With a market cap of $1,482,953,854, PYTH currently ranks as the 66th largest cryptocurrency.

Despite the negative sentiment surrounding the token, there is a notable uptick in its 24-hour trading volume. The trading volume has surged by over 8%, reaching $104,925,657. This increase suggests heightened interest and activity in the token, even amid its recent price decline.