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Pyth Network brings real-time oil data to 80 blockchains

Pyth Network brings real-time oil data to 80 blockchains

GrafaGrafa2024/12/18 09:10
By:Liezl Gambe

Pyth Network (CRYPTO:PYTH) has expanded its decentralised oracle services by providing real-time oil market data for West Texas Intermediate (WTI) and Brent Crude Oil.

The service aggregates data from trusted financial sources, including exchanges and market makers, and is now available across over 80 blockchain ecosystems.

With this new feature, developers can create decentralised finance (DeFi) applications connected to the energy markets.

This includes oil-based derivatives, perpetual futures, and other financial instruments that could bridge traditional financial markets with decentralised finance solutions.

The real-time oil data feed will cover front-month, second-month, and third-month futures contracts for WTI and Brent Crude Oil. It will also offer additional non-expiring contracts for difference (CFD) prices.

By aggregating data from multiple trusted sources, Pyth reduces the reliance on single-source data feeds, enhancing the reliability of DeFi protocols.

This move is seen as an opportunity to attract both retail and institutional investors interested in energy market exposure.

The first DeFi platform to integrate Pyth’s oil price feeds will be Storm Trade, a Telegram-based perpetual futures trading platform that allows users to trade commodities, crypto, and forex with leverage.

Pyth Network has already become a key player in perpetual futures trading on several blockchain networks, including Solana (CRYPTO:SOL), Avalanche (CRYPTO:AVAX), and Sui (CRYPTO:SUI).

Marc Tillement, director of the Pyth Data Association, noted that Pyth controlled 100% of perpetual futures trading activity on these chains in July.

Pyth’s permissionless model and market coverage allow it to launch on new chains and provide access to over 100 crypto markets on day one.

At the time of reporting, the price of Pyth Network (PYTH) was $0.4466.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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