The U.S. Department of Commerce puts official economic data on-chain through two major oracles, with Pyth rising over 62% and LINK rising over 6.73%
The U.S. Department of Commerce is moving official macroeconomic data onto the blockchain and collaborating with both Pyth Network and Chainlink. The first wave is expected to initially put GDP, real GDP, PCE, and other data from the past five years on-chain, with plans to expand to more economic data. As of the deadline, LINK rose 6.73% in a day, while Pyth surged 62%.
Pyth collaborates with the U.S. Department of Commerce to put the past five years of U.S. GDP on-chain
The oracle Pyth Network announced a collaboration with the U.S. Department of Commerce to help bring government economic data on-chain, emphasizing the release of official statistics in a verifiable and tamper-proof manner. Pyth currently spans over 100 public chains and serves over 600 applications, enhancing security and accountability through a publicly transparent data publisher mechanism and a pioneering staking model.