Pyth Network now offers real-time WTI and Brent Crude Oil data, expanding its decentralized oracle services for DeFi energy market use.
Pyth Network, an oracle provider, has announced the introduction of real-time oil market data feeds for Brent Crude Oil and West Texas Intermediate (WTI), thereby expanding its decentralized data services.
The new price feed will compile real-time data from reputable financial sources, such as exchanges and market operators, and will be accessible on more than 80 blockchain ecosystems.
Developers can develop sophisticated decentralized finance (DeFi) applications that are connected to energy markets by incorporating Pyth’s data flows.
This development has the potential to bridge traditional financial (TradFi) markets with decentralized solutions by making oil-based derivatives, perpetual futures, and other financial instruments available onchain.
On-Chain Data Regarding Energy Market In Real Time
The new service offering will offer aggregated pricing data for the front-month, second-month, and third-month futures contracts of WTI and Brent Crude Oil, as well as non-expiring contracts for difference (CFD) prices.
Pyth sources oil price data from reputable financial institutions, such as exchanges, market makers, and index providers, by aggregating multiple inputs from trusted sources.
This method minimizes the necessity for single-source data flows, which has the potential to enhance the reliability of DeFi protocols and establish an appealing environment for institutional and retail investors seeking exposure to the energy market.
Implications, Initial DeFi Protocols To Be Integrated
The availability of onchain oil market data has the potential to expand the scope of DeFi applications beyond cryptocurrencies, allowing developers to create decentralized financial instruments, trading platforms, and hedging tools.
Storm Trade, a perpetual futures trading platform that operates on Telegram, will be the initial DeFi application to incorporate Pyth’s oil price feeds.
Storm Trade enables users to trade commodities, crypto, and forex using leverage.
Solana’s Perp Trafficking Is Being Led By Pyth Network
Pyth Network has become the premier choice for perpetual futures trading on a variety of blockchain networks, such as Sui, Avalanche, and Solana.
Marc Tillement, director of the Pyth Data Association, stated that the network’s permissionless model and extensive market coverage were the reasons for its control of 100% of perpetual trading activity on these chains in July.
Tillement informed Cointelegraph that the Oracle provider’s availability of “over 500 price feeds” across the globe enables the launch of a new chain on the first day and the granting of permissionless access to “over 100 crypto markets.”
