Originally published on: December 17, 2024
Pyth Network is revolutionizing the oracle industry by introducing real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil. This groundbreaking development opens up a world of possibilities for decentralized finance (DeFi) applications linked to energy markets across more than 80 blockchain ecosystems.
Gone are the days of relying on outdated or centralized data sources. Pyth’s new price feed aggregates real-time data from trusted financial sources, such as exchanges and market makers, making it readily accessible to developers looking to create innovative DeFi solutions in the energy sector.
The integration of Pyth’s data feeds paves the way for the creation of oil-based derivatives, perpetual futures, and other financial instruments onchain. This seamless connection between traditional financial (TradFi) markets and decentralized solutions offers a new realm of opportunities for both retail and institutional investors seeking exposure to energy markets.
The new service offering includes aggregated pricing data for 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. By drawing data from multiple trusted sources, Pyth ensures the reliability of its price feeds, enhancing the overall integrity of DeFi protocols.
This influx of onchain oil market data has the potential to transform the DeFi landscape, enabling developers to build hedging tools, trading platforms, decentralized financial instruments, and more beyond just cryptocurrencies. The possibilities are truly endless with Pyth’s innovative approach to data provision.
Among the first DeFi applications to integrate Pyth’s oil price feeds is Storm Trade, a Telegram-based perpetual futures trading platform that allows users to trade commodities, crypto, and forex with leverage. This integration underscores Pyth Network’s growing prominence in the perpetual futures trading space across various blockchain networks, including Solana, Avalanche, and Sui.
With Pyth Network leading the charge in providing real-time oil data on over 80 blockchains, the future of decentralized finance looks brighter than ever. Stay tuned for more updates on how Pyth is reshaping the DeFi landscape and opening up new horizons for financial innovation.