Toronto, Ontario--(Newsfile Corp. - December 18, 2024) - Prophecy DeFi Inc. (CSE: PDFI) ("Prophecy DeFi" or the "Company") is pleased to provide an update on its strategic investments in Jupiter and Pyth Network, underscoring its strong confidence in Solana as a leading Layer 1 blockchain. Solana's scalability, efficiency, and innovative contributions to decentralized finance (DeFi) position it as a critical force in the decentralized economy. Through these holdings, Prophecy DeFi provides investors with direct exposure to the infrastructure driving Solana's growth.
Jupiter Governance Milestone Strengthens Liquidity Incentives
Jupiter has established itself as one of the most advanced aggregator platforms in the crypto ecosystem, with a market cap of over $1.4 billion USD. [1] By consolidating liquidity across decentralized exchanges on Solana, Jupiter allows users to seamlessly find the most efficient routes for token swaps. Since launching in January 2024, Jupiter has grown to now have over $2.6 billion USD[2] in Total Value Locked (TVL), showcasing its importance to the Solana ecosystem.
On December 8, 2024, Jupiter successfully passed a key governance proposal aimed at refining the distribution of future rewards, allocating two incentives of $860 million USD worth (at historical prices) of tokens each over two years. [3] This governance initiative highlights Jupiter's proactive strategy to strengthen liquidity incentives and reinforces its leadership within the Solana ecosystem.
Prophecy DeFi remains actively engaged in Jupiter's governance and benefits directly from this in the form of airdrops. In the last quarter, Prophecy DeFi earned 58,841.42 JUP tokens, realizing a quarterly yield of 16.9%. These earnings are automatically reinvested, compounding the Company's position for future returns. Prophecy DeFi has continued its active involvement in governance this quarter and expects to receive another airdrop relating to its activities in Q1 2025.
Pyth Network Enhances Decentralized Market Data Infrastructure
Pyth Network, with a market cap exceeding $1.6 billion USD[4], is redefining the oracle landscape by delivering high-fidelity, low-latency market data sourced directly from industry leaders. Oracles are essential to DeFi, connecting blockchain networks to real-world data feeds. Pyth's real-time data is critical for applications such as trading platforms and derivatives, where precision and speed are paramount.
Since its launch in November 2023, Pyth Network has demonstrated rapid adoption:
- 330+ applications across 55+ blockchains,
- $300B+ cumulative trading volume, and
- 500+ real-time price feeds across traditional and digital asset classes. [5]
Prophecy DeFi currently holds 422,913 PYTH tokens, benefiting from Pyth's exponential growth and its pivotal role in enhancing the performance of Solana's ecosystem. Compared to legacy oracle providers, Pyth's innovative approach addresses the real-time data needs of high-performance blockchain environments, positioning itself as a critical infrastructure solution.
Prophecy DeFi's Vision
Prophecy DeFi is committed to bridging traditional financial markets with the crypto economy. Our investments in Jupiter and Pyth Network reflect our belief in Solana as a leading Layer 1 blockchain and our confidence in its ability to drive DeFi innovation. By supporting these foundational protocols, we offer investors direct exposure to critical components of Solana's growth, aligning with our mission to foster the global adoption of DeFi and blockchain technology.
Prophecy DeFi continues to champion projects and innovation within DeFi. By investing in infrastructure like Jupiter and Pyth Network, we position ourselves and our investors to capitalize on the potential of blockchain solutions.
About Prophecy DeFi
Prophecy DeFi Inc. (PDFI) is a publicly traded investment company whose primary objective is to invest its funds for the purpose of generating returns from capital appreciation and income. It plans to accomplish these goals by bringing together technology start-ups in the Blockchain and Decentralized Finance sectors to fund innovation, elevate industry research, and create new business opportunities in a coherent ecosystem.
www.prophecydefi.com
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the effective date of the Amendments. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the CSE nor its Market Regulator (as such term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release.
[1]https://coinmarketcap.com/currencies/jupiter-ag/
[2]https://defillama.com/protocol/jupiter
[3]https://www.coindesk.com/markets/2024/12/09/jupiter-dao-passes-massive-860-m-jupuary-airdrop-vote
[4]https://coinmarketcap.com/currencies/pyth-network/
[5]https://www.pyth.network/blog/where-pyth-is-now-q1-202
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