Source: CoinMarketCap states that enhancing transparency, the U.S. announces the release of GDP data on nine blockchains.
The U.S. Department of Commerce announced yesterday (28th) that it has published the latest Gross Domestic Product (GDP) data on nine mainstream blockchains, including Bitcoin and Ethereum, aiming to establish a 'conceptual proof' that echoes the earlier forecast by the U.S. Secretary of Commerce.
U.S. Secretary of Commerce Howard Lutnick stated: 'We are making the truth of the U.S. economy unprecedentedly immutable and globally visible, solidifying our position as the world’s blockchain capital.'
To avoid favoring any specific blockchain, the Commerce Department specifically released data on nine chains: Bitcoin, Ethereum, Solana, Tron, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
How to put economic data on-chain? The specific approach is to hash a PDF file containing July's GDP data and then record this unique cryptographic proof on the blockchain to ensure data integrity and tamper resistance.
This move is not only a groundbreaking initiative by the U.S. government, but it is also the first case among the G7 economies where a country uses a public blockchain to publish official economic statistics.
Source: BEA states that enhancing transparency, the U.S. announces the release of GDP data on nine blockchains.
The blockchain oracle benefits surged, with PYTH skyrocketing 100% overnight.
The news sparked a strong reaction in the cryptocurrency market, especially for oracle projects that play a key role; oracles function to securely transmit real-world (off-chain) data onto the blockchain.
Pyth Network, selected as a partner, saw its token $PYTH surge over 100% after the news, with a market cap surpassing $1 billion and a 24-hour trading volume skyrocketing over 2,700%, currently retreating to a daily increase of 96.72%.
Source: CoinMarketCap
Another selected partner, the oracle giant Chainlink, saw its token $LINK rise over 5% at one point, currently slightly retreating to a price of $24.44.
Source: CoinMarketCap
In this collaboration, Chainlink will provide six key economic data points on the blockchain, including GDP and the Personal Consumption Expenditures Price Index (PCE), while Pyth Network will initially provide quarterly GDP data for the past five years.
Foreign media noted that once economic data is on-chain, it is expected to bring innovative applications to decentralized finance (DeFi), such as lending protocols that can automatically adjust interest rates based on GDP trends.
Further reading:
NYSE glitch causes trouble! Buffett's Berkshire stock price plummets 99%, Chainlink: highlights the importance of oracles.
Tokenized asset market cap hits $12 billion! RWA wave surges, is the oracle key?
Kraken and Coinbase announced they are on-chain partners with the U.S. Department of Commerce.
In this historic project, cryptocurrency exchanges play a crucial infrastructure support role.
Kraken exchange stated in a press release that it has made the U.S. Department of Commerce a client and will assist the department in acquiring cryptocurrencies such as Bitcoin, Ethereum, and Solana to pay for on-chain transaction fees (Gas Fee) required for data publication on various blockchains.
Coinbase, the U.S. exchange, also expressed pride in becoming the crypto infrastructure partner of the Commerce Department in this project, emphasizing that 'on-chain data = higher transparency + better accessibility.'
See more U.S. cryptocurrency news:
Bo Hines joins Tether with a bang, launching a U.S. expansion strategy, creating the strongest regulatory advantage.
U.S. retirement funds can buy coins! Trump signs order: 401(k) will open up to invest in cryptocurrencies and private assets.
'The U.S. announces GDP on nine blockchains! PYTH coin skyrocketed 100% overnight, two exchanges became partners.' This article was first published in 'Crypto City.'
