[LIVE] Current Crypto Updates, August 29 – Ton and Chainlink Finding Stability, Solana and Pyth Crypto Protocol Advancing

The crypto markets launched explosively today with US government data being recorded on blockchains for the first time. Pyth Protocol and Chainlink collaborated with the Commerce Department to transfer GDP figures onto crypto chains such as Solana and ETH. As a result, Pyth’s crypto price action soared, while TON and LINK holders were left to recover their losses.

Pyth took center stage, soaring by 70% just hours after the news. Investment has surged as the oracle’s function in delivering real-time data gains validation from the government. Simultaneously, Solana continues to ride its wave, with its ecosystem metrics reaching a new peak.

(PYTH/USD, source – TradingView)

In contrast, TON faced turbulent times, descending towards the $2.60 price floor level amid issues related to builder migration. The community is expressing dissatisfaction over market fluidity challenges and unmet commitments. Despite connections with Telegram, feelings are worsening, and on-chain activity has stagnated.

(TON/USD, source – TradingView)

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Expectations for LINK, SOL, and PYTH Crypto

Chainlink is currently stabilizing with trading protocol supplies at historical lows. Users are expressing their concerns online about token supply emissions outpacing buyer interest, criticizing the LINK team for the lack of progress. Nevertheless, the new Reserve program is subtly directing revenue toward buybacks, suggesting a potential rebound could be on the horizon. LINK is associated with partnerships involving SBI and Euroclear, yet its price remains stagnant. On-chain indicators show that whales have been actively acquiring LINK.

Solana maintains its momentum with 600 million transactions weekly and a remarkable 81% dominance in DEX volume. Developer counts skyrocketed by over 83% to surpass 7,600, not to mention the ETF filings from VanEck and Bitwise. The Firedancer news also promises unprecedented 100x scaling, attracting attention from Visa and BlackRock.

SOL TVL has surged to yearly heights, with bursts of 107k TPS. Memecoin excitement and tokenized stocks have driven SOL’s trading volume increases. PayPal and the forthcoming Alpenglow are likely to propel Solana above $250.

(SOL TVL, source – Defillama)

In addition to the other players, Pyth has elevated its trading market cap beyond $1 billion, a significant crypto figure not observed since May. The US-Pyth collaboration aims to distribute GDP data across 10 chains, inflating the crypto trading volume by 70%.

Pyth has significantly benefited from Solana’s ecosystem, particularly through its permissionless Governance. Pyth has been rewarding stakers with cross-chain crypto airdrops. As oracles connect TradFi and DeFi, Pyth’s explosive adoption may be on the brink of realization, if not already happening.

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The post [LIVE] Today Crypto Update, August 29 – Ton and Chainlink Bottoming, Solana and Pyth Crypto Network Going appeared first on 99Bitcoins.