Pyth Network brings real-time oil data to over 80 blockchains

4 days ago 6

Pyth Network, an oracle provider, announced 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, accessible on over 80 blockchain ecosystems.

By integrating Pyth’s data feeds, developers can create advanced decentralized finance (DeFi) applications linked to energy markets.

This development offers the potential for oil-based derivatives, perpetual futures and other financial instruments to be available onchain and bridge traditional financial (TradFi) markets with decentralized solutions.

Real-time oil market data onchain

The new service offering will provide aggregated pricing data for front-month, second-month, and third-month futures contracts of WTI and Brent Crude Oil — with additional non-expiring contracts for difference (CFD) prices available.

By aggregating multiple inputs from trusted sources, Pyth sources oil price data from reputable financial institutions, including exchanges, market makers, and index providers.

This approach reduces the need for single-source data feeds, potentially improving reliability for DeFi protocols and creating an attractive space for retail and institutional investors seeking energy market exposure.

Implications and first DeFi protocols to integrate

The availability of onchain oil market data could open up possibilities for DeFi applications that extend beyond cryptocurrencies, potentially enabling developers to build hedging tools, trading platforms, decentralized financial instruments and more.

The Telegram-based perpetual futures trading platform Storm Trade will be the first DeFi application to integrate Pyth’s oil price feeds. Storm Trade allows users to trade commodities, crypto and forex with leverage.

Pyth leading perp trading on Solana

Pyth Network has emerged as the leading option for perpetual futures trading on multiple blockchain networks, including Solana, Avalanche and Sui, among others.

The network controlled 100% of perpetual trading activity on these chains in July, attributed to its permissionless model and extensive market coverage, according to Pyth Data Association director Marc Tillement.

Tillement told Cointelegraph that, due to the Oracle provider having “over 500 price feeds” available everywhere, it’s possible to launch on a new chain on day one and have permissionless access to “over 100 crypto markets.”

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