30s Summary
Data provider Pyth Network is launching live oil market data streams for West Texas Intermediate and Brent Crude Oil, expanding its decentralized data services offering. The service will provide real-time pricing data for futures contracts from reliable financial sources. This could lead to the creation of oil-based financial products, futures, and other tools on the blockchain. Pyth’s data streams can be integrated by developers to build advanced decentralized finance (DeFi) applications, possibly making the market more attractive to retail and institutional investors. The first DeFi app to integrate this will be Storm Trade.
Full Article
Pyth Network, a data provider, is set to launch live oil market data streams for West Texas Intermediate (WTI) and Brent Crude Oil, extending its range of decentralized data services. The new price info will gather real-time data from reliable monetary sources like exchanges and market makers, putting it within reach on more than 80 blockchain systems.
Integrating Pyth’s data streams allows developers to build advanced decentralized finance (DeFi) applications that incorporate energy markets. This launch could lead to oil-based financial products, futures, and other financial tools becoming available onchain, bringing together normal financial markets with decentralized methods.
The new service will offer gathered price data for different types of futures contracts of WTI and Brent Crude Oil — with non-expiring contracts for difference (CFD) prices also available. Pyth’s technique, which reduces the reliance on a sole data source, collates oil price data from renowned financial institutions, like exchanges, market makers, and index providers. This method could enhance reliability for DeFi systems and make the market more attractive to retail and institutional investors interested in the energy markets.
Having onchain oil market data available could lead to opportunities for DeFi applications to go beyond cryptocurrencies. This could empower developers to build tools for risk management, trading platforms, decentralized financial tools and more. The very first DeFi app to integrate Pyth’s oil price feeds will be Storm Trade, a Telegram-based platform that lets users trade commodities, crypto, and forex with leverage.
Pyth Network has emerged as the main choice for trading perpetual futures across multiple blockchain networks, including Solana, Avalanche, and Sui, among others. The network commanded all of the perpetual trading activity on these chains in July, due to its open-to-all model and wide market coverage, says Pyth Data Association director Marc Tillement. Tillement shared that, thanks to the data provider having “over 500 price feeds” available everywhere, it’s feasible to launch on a new blockchain on day one and have unrestricted access to “over 100 crypto markets.”