CHR Surges After ChromaWay Leads Web3 and Business Integration Discussions at Google Sweden Event, Pyth Network Distributes Over $77 Million in PYTH Tokens

Daily Top Performer — Chromia (CHR)

Last week, the SPX index is up 0.74%, driven by gains in technology, communication services, and real estate sectors. The broader cryptocurrency market is up, with Bitcoin and Ether rising 1.21% and 2.08% respectively in the past 24 hours. 

Today’s outperformer is CHR, which jumped 13.0% as ChromaWay and Google Cloud host transformative Web3 event in Sweden, highlighting blockchain's business potential. 

Chromia (CHR), launched in May 2019, is a blockchain platform that merges relational databases with blockchain to enhance decentralized app (dApp) development. It offers a versatile infrastructure for various applications, from games to enterprise, functioning as a private, public, or hybrid blockchain. At the "Web3 is Happening: Google Cloud and ChromaWay" event hosted at Google Sweden, ChromaWay, a key Nordic tech startup and creator of relational blockchain technology, showcased its significance in blockchain adoption across various sectors like finance, gaming, and IT. ChromaWay's CEO Henrik Hjelte highlighted the state of Web3, its evolution, potential business integrations, and focused on leveraging Web3 to enhance Web2 and the possibilities offered by Chromia’s Shared Appnet. 

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Talk of the Town:

Pyth Network's recent airdrop of its Solana-based PYTH token was a significant event, placing over $77 million worth of crypto in the hands of users. The PYTH token debuted with an initial market capitalization of $765 million, later adjusting to around $457 million. Starting at a trading price of $0.53, it quickly fell and stabilized near $0.30. Pyth Network distributed about 250 million tokens through this airdrop, with an initial circulating supply of 1.5 billion PYTH tokens set to expand to 10 billion over the next three years. Out of approximately 90,000 eligible wallets, over 35,000 have claimed their tokens. Backpack, a new crypto exchange, also participated by airdropping PYTH tokens to its new users and certain NFT holders. Pyth, as an oracle network, facilitates the integration of blockchain with real-world data for DeFi smart contracts and currently holds a 4.75% market share in the oracle sector.

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