Pyth Network Expands Its Decentralized Oracle Services with Real-Time Oil Market Data

Oracle provider Pyth Network has announced that it will launch real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil, expanding its decentralized data services. The new price feed will aggregate real-time data from trusted financial sources, including exchanges and market makers, available across over 80 blockchain ecosystems.

By integrating Pyth’s data feeds, developers can build cutting-edge decentralized finance (DeFi) applications related to energy markets. This development opens up the potential for oil-based derivatives, perpetual futures, and other financial instruments to be available on-chain and connect traditional financial markets (TradFi) with decentralized solutions.

The availability of oil market data on the blockchain could open up opportunities for DeFi applications beyond cryptocurrencies, potentially allowing developers to build hedging tools, trading platforms, decentralized financial instruments, and more.

Image: freepik

Designed by Freepik