Pyth Network, an Oracle provider, has revealed plans to launch real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil, expanding its decentralized data services. The data feed will aggregate real-time information from trusted financial sources, making it available across more than 80 blockchain ecosystems. This integration of Pyth's data feeds will enable developers to create advanced decentralized finance (DeFi) applications related to energy markets. It also has the potential to connect traditional financial markets with decentralized solutions, offering opportunities for oil-based derivatives and other financial instruments to be available on-chain. The availability of oil market data on the blockchain could open up possibilities for DeFi applications beyond cryptocurrencies, paving the way for the development of hedging tools, trading platforms, decentralized financial instruments, and more.



Other News from Today