YEREVAN (CoinChapter.com) — Grayscale Investments has launched the Grayscale Pyth Trust, giving accredited investors direct exposure to PYTH, the governance token of the Pyth network. The announcement on Feb. 18 introduces another single-asset investment trust to Grayscale’s growing portfolio. The trust is available for daily subscription to eligible institutional and individual investors. Like its other investment products, the trust focuses on one digital asset, allowing investors to gain exposure to PYTH without holding the token directly.
Grayscale Announces Pyth Trust for Accredited Investors. Source: Grayscale on XPyth Network’s Role in Solana’s Ecosystem
Grayscale’s decision to introduce a trust for PYTH follows the growing role of Pyth’s data feeds in decentralized applications (dApps) on Solana. The Pyth Network serves as a decentralized oracle, delivering real-time, high-fidelity financial market data to decentralized applications (dApps) and smart contracts on Solana. This data is crucial for the accurate execution of smart contracts and the reliable operation of trading platforms.
According to Solana Compass, approximately 95% of Solana-based dApps depend on Pyth’s price feeds for precise market information. This extensive reliance underscores Pyth’s dominance and essential role in providing timely and accurate data to the network. By sourcing data directly from over 90 leading exchanges, market makers, and financial institutions, Pyth ensures that the information supplied to the blockchain is both current and reliable.
The Pyth Network is structured to handle large-scale data operations efficiently. Developed on Solana, it uses the blockchain’s high processing speed and low latency to provide price updates in real time. These updates are essential for decentralized finance (DeFi) applications, which rely on accurate and immediate data. The network gathers first-party data from established financial entities. This ensures the accuracy of the information shared with users.
Pyth extends beyond Solana, operating on more than 20 blockchains, including Ethereum, BNB Chain, and Aptos. This cross-chain integration allows it to support various DeFi platforms, delivering uniform and dependable market data. So far, Pyth has processed over $300 billion in transaction volume. It supplies data to applications such as Solend, Drift, Mango Markets, and Ribbon Finance.
Grayscale’s Expanding Investment Products
The launch of the Grayscale Pyth Trust follows the firm’s recent updates on potential investment products. In its latest quarterly review, Grayscale listed 39 assets under consideration for future trusts. The firm continues to expand its offerings, focusing on assets that align with growing demand in the digital asset space.
Grayscale’s Updated List of Crypto Assets Under Consideration for Investment. Source: Grayscale WebGrayscale has also recently introduced trusts for Dogecoin, Horizen, Lido DAO, and Optimism, allowing investors to gain exposure to a wider range of blockchain projects. The firm also operates an XRP Trust, providing access to XRP, the native token of the Ripple network. Notably, discussions about a possible XRP-based exchange-traded fund (ETF) continue as regulatory conditions evolve.
Additionally, the company also manages investment products for Aave and MakerDAO, focusing on assets used in decentralized lending, governance, and stablecoin issuance. Above all, the expansion of Grayscale’s investment trusts reflects an effort to provide institutional and individual investors with access to various digital assets.
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