US Commerce Selects Chainlink, Pyth for Blockchain Economic Data
- US Commerce picks Chainlink, Pyth for blockchain data distribution.
- First-time US economic data available directly on blockchain networks.
- Potential boost for DeFi markets and new financial tools.
The U.S. Department of Commerce selected Chainlink and Pyth Network to distribute official economic data across ten blockchains, marking the initial government venture into blockchain dissemination.
This collaboration enhances data transparency, benefiting DeFi innovations and potentially boosting market predictions, as evidenced by surging token values for Chainlink and Pyth post-announcement.
Chainlink and Pyth Network have been chosen by the U.S. Department of Commerce to distribute BEA economic data onto public blockchains.
This selection marks a significant shift towards integrating blockchain with official economic data, reflecting increased DeFi relevance.
Chainlink, Pyth to Relay BEA Data on 10 Blockchains
The U.S. Department of Commerce selected Chainlink and Pyth to update BEA economic data, such as GDP, on ten blockchains.
Chainlink Labs and Pyth Network lead this effort, displaying growing trust in blockchain’s data integrity.
Market Surge as Chainlink, Pyth Lead Data Integration
The announcement led to strong market responses, with LINK and PYTH prices soaring, indicating positive market sentiment.
Analysts expect increased DeFi engagement and innovative financial products due to enhanced data availability onchain.
Growing Institutional Trust in Blockchain Data Provenance
Similar ventures, like Chainlink’s SWIFT collaboration, show temporary market boosts and growing institutional interest in blockchain.
Experts predict broader blockchain adoption, considering historical trends and the demand for verifiable government data.
Sergey Nazarov, Co-founder, Chainlink Labs, “Bringing U.S. government data onchain unlocks innovative use cases for blockchain markets, such as automated trading strategies, increased composability of tokenized assets… real-time prediction markets for crowdsourced intelligence.” – Chainlink Blog
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