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VanEck has introduced a new exchange-traded note (ETN) based on the PYTH token, available on the Euronext Amsterdam and Paris exchanges. This ETN allows access to crypto assets without the need for direct holding of PYTH tokens.
Pyth Network and Its Role in DeFi
Pyth Network operates as a decentralized oracle protocol that enables smart contracts to access real-world data. This structure strengthens data communication across blockchains and plays a significant role in the DeFi sector.
VanEck’s Pyth ETN is fully collateralized, with assets securely stored in cold storage by Bank Frick, based in Liechtenstein. Furthermore, the ETN is traded on regulated exchanges and has an expense ratio of 1.5%. Through this ETN, investors can gain exposure to the performance of the PYTH cryptocurrency without directly holding it.
Market Status and Price Movements
In the past week, the price of the PYTH token has decreased by 11%, while it has risen by 3.85% in the last 24 hours. According to CoinMarketCap data, the PYTH token is currently trading at $0.3372. With secure storage provided by Bank Frick and VanEck’s offering in regulated markets, this product aims to provide a secure environment for investors. However, the volatile nature of crypto markets must not be overlooked.
VanEck’s new ETN product aims to provide a more accessible option for those looking to invest in crypto assets while also strengthening the role of the Pyth Network in the DeFi ecosystem.
