Originally published on: December 17, 2024
Pyth Network, a leading oracle provider in the blockchain space, has announced a groundbreaking development – the launch of real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil. This expansion of decentralized data services will provide valuable insights and information to developers and users across over 80 blockchain ecosystems.
The new price feed will aggregate real-time data from trusted financial sources such as exchanges and market makers, offering reliable information to the growing DeFi community. By leveraging Pyth’s data feeds, developers can now build sophisticated DeFi applications that are directly linked to energy markets, opening up a world of possibilities in the decentralized finance space.
The integration of Pyth’s data feeds also paves the way for the creation of oil-based derivatives, perpetual futures, and other financial instruments that can now be accessed onchain. This move bridges the gap between traditional financial markets and decentralized solutions, offering a new level of accessibility and transparency to retail and institutional investors seeking exposure to energy markets.
Among the key features of this new service offering is the provision of 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 consolidating data from multiple reputable sources, Pyth ensures the reliability of its price feeds, reducing the risk associated with single-source data feeds common in the DeFi ecosystem.
The availability of onchain oil market data presents exciting opportunities for developers to create innovative DeFi applications that extend beyond cryptocurrencies. This opens the door to the development of hedging tools, trading platforms, decentralized financial instruments, and more, all built on a foundation of real-time, accurate oil market data.
One of 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. Storm Trade’s integration with Pyth’s data feeds showcases the network’s dominance in the perpetual futures trading space across multiple blockchain networks.
Pyth Network’s success in the blockchain space can be attributed to its permissionless model and extensive market coverage, which have contributed to its recent 100% control of perpetual trading activity on blockchains like Solana, Avalanche, and Sui. This level of market dominance underscores the growing demand for reliable, decentralized data feeds in the DeFi ecosystem.
With over 500 price feeds available and an unparalleled level of market access, Pyth Network is well-positioned to continue leading the way in the DeFi space, providing users with the tools and information they need to make smart, informed decisions in a rapidly evolving financial landscape. Subscribe to the Finance Redefined newsletter to stay updated on the latest DeFi developments and opportunities. Join us as we explore the exciting possibilities that decentralized finance has to offer.