Pyth Network has expanded its decentralized oracle service with real-time oil market data, enabling applications in the energy DeFi market.
Pyth Network brings real-time oil data to over 80 blockchains
Pyth Network announced the launch of real-time market data feeds for West Texas Intermediate (WTI) and Brent crude oil, expanding its decentralized data services.
The Price of Everything: Pyth Brings Multi-Trillion Dollar Energy Markets On-Chain@storm_trade_ton, @KinetixFi, and @LineDefiHub will lead integration across 8 key energy feeds👇 pic.twitter.com/MyS82zUtj8
— Pyth Network 🔮 (@PythNetwork) December 17, 2024
The new price feed will aggregate real-time data from reliable financial sources, including exchanges and market makers, accessible across over 80 blockchain ecosystems.
This development unlocks the potential for oil-based Derivative products, Futures Contracts, and other on-chain financial instruments, bridging the traditional finance (TradFi) market with decentralized solutions.
This approach reduces the need for single data sources, potentially improving reliability for DeFi protocols and creating an attractive space for both retail and institutional investors to participate in the energy market.
The perpetual futures trading platform Storm Trade, built on Telegram, is the first DeFi application to integrate Pyth Network's oil price data feed. Storm Trade allows users to trade commodities, cryptocurrencies, and foreign exchange with leverage.
Pyth Network has emerged as a leading choice for futures trading across multiple blockchains, including Solana, Avalanche, and Sui, among others.
According to Pyth Data Association director Marc Tillement, Pyth Network has "over 500 price feeds" everywhere, allowing it to launch on new chains on day one and have "permissionless access to over 100 crypto markets".
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