In a move that would make even the most jaded of investors raise an eyebrow, Grayscale Investments has, with great fanfare, introduced the Grayscale Pyth Trust. A fund, they say, for the sophisticated and the initiated; a playground for those who delight in the governance token that is PYTH (PYTH).
This exclusive club, open only to the ‘qualified’ (one wonders what peculiar qualifications are required), promises exposure to the very sinews of the Pyth network. Decentralized oracles, it seems, are the new couriers of truth in the digital realm.
Pyth, with its uncanny ability to disseminate market data to a plethora of blockchain networks, including the ever-so-popular Solana, has become the linchpin of decentralized applications. Or so Grayscale would have us believe.
Approximately 95% of Solana’s decentralized applications are said to be as dependent on Pyth’s price feeds as a debutante is on her pearls. A “strong market position”? One might call it an indispensable stranglehold.
“By providing accurate and real-time data feeds,” Grayscale boasts, “Pyth is as crucial to the Solana ecosystem as a good vintage is to a dinner party.” The trust, they claim, will offer opportunities as boundless as the sea, linked to the growth of Solana. How gallant of them.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, proclaims in a statement that would make a politician blush, “higher-beta and higher-upside” await those brave enough to invest. Since its inception in 2023, PYTH has swelled to a market capitalization of over $750 million, or so CoinGecko tells us.
Solana’s growing pains
Since 2023, Solana has bloomed like a desert flower after the rain, largely due to the frenzied trading of memecoins. Alas, all that glitters is not gold, and insider selling has become the serpent in the garden.
Last year, the total value locked on the chain skyrocketed to the heavens, only to come crashing down like Icarus. Short interest in SOL (SOL) is on the rise, a clear sign that not all is well in paradise.
On a fateful Valentine’s Day, Libra (LIBRA), a cryptocurrency with the tacit approval of Argentine President Javier Milei, demonstrated the volatility of love, erasing billions in market capitalization in a trice.
Yet, Solana soldiers on, generating more revenue than Ethereum, despite the memecoin market’s cold shoulder. A testament to resilience or a prelude to further woes? Time will tell.
Expanding the suite of crypto funds
Grayscale, ever the enterprising sort, continues to expand its crypto investment stable. First, it was the Dogecoin fund, then Lido and Optimism. One can’t help but wonder if they’re simply throwing darts at a board filled with cryptocurrency logos.
Among the assets “under consideration” for future funds, one finds the likes of Worldcoin (WLD) and Rune (RUNE). One can only imagine theCriteria for such consideration.
Grayscale, of course, is best known for its Bitcoin and Ethereum ETFs. The Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) remain the golden children of this ever-diversifying family.
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2025-02-18 22:47