Pyth Network has introduced a real-time monitoring function for Bitcoin ETF prices, a key tool in bridging traditional finance and decentralized finance (DeFi) by leveraging blockchain oracles. This integration allows developers and users in DeFi access to credible, verified price data for the 13 Bitcoin ETFs currently listed in the USA, thus bridging a significant gap between traditional finance and the emerging crypto world.
Pyth Network serves as an oracle providing real-time market data on blockchain applications. On February 20th, it announced the launch of price feeds for 13 exchange-traded funds (ETFs) associated with Bitcoin, providing accurate and readily available price data for developers of decentralized finance (DeFi) applications. The Bitcoin ETFs monitored on the platform include Ark Invest (ARKB), Blackrock (IBIT), Vaneck (HODL), Wisdomtree (BTCW), Fidelity (FBTC), Invesco (BTCO), Franklin (EZBC), Hashdex (DEFI), Valkyrie (BTF), Grayscale (GBTC), and Bitwise (BITS).
This initiative aims to bridge the gap between traditional finance (TradFi) and DeFi. According to Pyth, this new service could help the DeFi platform expand portfolio options, improve risk mitigation strategies, and increase liquidity by attracting new institutional capital on-chain.
The approval of Bitcoin spot ETFs in the US market in January marked a significant milestone, providing traditional investors with a preferred channel to access crypto. Bitcoin ETFs have attracted the attention of both professional and non-professional investors. The participation of entities like ARK Invest, BlackRock, and Fidelity underscores the significance of introducing tokens into more regulated markets. In just the week between February 12th and 16th, Bitcoin ETFs recorded an influx of $2.2 billion, surpassing the aggregated value of inflows into the other 3,400 ETFs available in the US market.
In the crypto market, memecoins have proven to be an intriguing investment channel, offering varying degrees of risk and return. One to watch is Meme Kombat ($MK), which is building a unique platform that combines gaming and entertainment. The platform allows meme characters to engage in one-on-one battles, where users can wager tokens to win MK tokens. The platform will host characters from major memecoin communities to attract widespread participation.
Meme Kombat effectively merges two highly valued sectors in the crypto ecosystem: video games and gambling, making it an interesting reference point for investors seeking the next 100x token. To fund development and marketing efforts, Meme Kombat is conducting a successful token presale, having raised over $9.25 million towards its $10 million target. The presale price is set at $0.279, but it could increase significantly once listed on exchanges. Meme Kombat's smart contract has undergone full verification, with security checks revealing no issues.
Posted Using InLeo Alpha