VanEck Europe Launches Pyth Network ETN, Triggering Chainlink Supporters
Pyth Network, a Solana-based Oracle, has expanded into Traditional European markets, much to the chagrin of Chainlink bulls.
TradFi giant VanEck’s European arm has announced the launch of its Pyth Network ETN (Exchange Traded Note). The Pyth Network ETN provides VanEck clients with exposure to the asset, without needing to navigate the complexities surrounding digital asset custody.
However, crypto tribalists have criticized the listing, claiming that “VanEck either doesn't know how to do basic research or they're paid shills”.
VanEck’s announcement reinforces the firm’s confidence and support of the Solana ecosystem, which it believes could trade at $3,211 by 2030.
VanEck EU Expands Crypto Offering with Pyth ETN
On November 5th, 2024, VanEck EU announced it was expanding its crypto offering to include the Pyth ETN. Reflecting the performance of the MarketVector Pyth Network VWAP Close Index and trading under the VPYT ticker, the ETN is now trading on Euronext Amsterdam and Euronext Paris.
In support of the launch, VanEck Europe CEO Martijn Rozemuller highlighted the crucial role of blockchain oracles in Layer-1 blockchains, arguing that Pyth Network is a key player in DeFi infrastructure.
“Smart contracts based on blockchain technology are gaining increasing significance in the financial world due to their numerous applications, and oracle networks play a crucial role in enabling real-world use for smart contracts. With our Pyth ETN, investors have the opportunity to participate in the development of o network such as Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure.” - Martijn Rozemuller, CEO of VanEck Europe.
On a global scale, VanEck has been one of the biggest supporters of the Solana network. Appearing on the Bankless podcast in May 2023, VanEck Head of Digital Assets Research Mathew Sigel speculated that Solana had greater upside potential than Ethereum.
At the time, $SOL was trading at around $20 and the idea that it would outperform $ETH in the future was widely believed to be inconceivable.
Since then, VanEck has made its support of the Solana Ecosystem clear. In July 2024, the firm made history by filing for the first spot Solana ETF in the United States.
Chainlink Supporters Bite Back
While Pyth Network fans were buoyed by the news, supporters of rival Oracle solution Chainlink have criticized VanEck for playing favorites.
Social media commentators have made severe accusations against VanEck EU, suggesting that the firm’s research team is spreading misinformation.
Referencing VanEck’s recent Pyth Network Research report, detractors argue that VanEck EU has failed to provide accurate research and analysis on Oracle benchmark tests.
At press time, VanEck has not responded to the disparaging comments made by social media commentators.
$PYTH Up 6.25%
The launch of VanEck’s Pyth ETN appears to have had a positive impact on the asset’s value.
$PYTH has surged 6.25% on a daily timeframe, rising from $0.32 to currently trade hands at $0.34, based on Step Finance data.
However, this increase may be due to wider dynamics as traders prepare for Election Day results.
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