- Pyth Network to provide on-chain GDP data with the U.S. government.
- Immediate market impacts seen on governance tokens.
- Partnership highlights blockchain’s growing acceptance.
The U.S. Department of Commerce has chosen Pyth Network for on-chain economic data validation, beginning with GDP figures. This highlights a governmental shift toward blockchain, influencing governance tokens like PYTH, which surged by 68% post-announcement.
The U.S. Department of Commerce has partnered with Pyth Network to validate and distribute on-chain economic data, starting with quarterly GDP figures. This move represents a shift in the government’s approach towards blockchain and data transparency.
The partnership between the U.S. Department of Commerce and Pyth Network involves validation and distribution of economic data on-chain. Starting with GDP data, this move aims to enhance data transparency using blockchain technology.
This initiative, led by Secretary Howard Lutnick, is regarded as a significant step for decentralized data infrastructure. The decision follows months of close engagement with leaders at Pyth, emphasizing a shared vision. “Secretary Lutnick and the Department of Commerce’s visionary stance on data innovation and willingness to embrace blockchain technology is positioning the U.S. as a world leader in finance.”
Market reactions were swift, with the PYTH Token experiencing a 68% surge. This increase indicates strong market confidence and shows the immediate integration effect of official economic data on chain.
Political and market implications include strengthened policy on blockchain adoption. This partnership validates blockchain’s potential to provide secure, verifiable data, paving the way for similar future collaborations.
Market dynamics further include a 7% rise in Chainlink’s (LINK) value, showcasing investor optimism. Such movements underscore the growing trend of blockchain applications in official economic readings.
Long-term outcomes may include wider acceptance of blockchain solutions by government bodies. Historical data supports potential enhancements in financial and regulatory environments, promoting transparent, decentralized infrastructures.
About the author
Pyth Network Collaborates with U.S. Commerce on Chain Data
Pyth Network partners with U.S. Commerce to distribute on-chain GDP data, impacting markets.
Non-Custodial Bitcoin Lending Platform Launched by Lygos Finance
Lygos Finance debuts a non-custodial Bitcoin-backed lending platform utilizing Discrete Log Contracts, emphasizing security and decentralization.
Corporate Bitcoiners Target Thailand for ASEAN Treasury Expansion
Major consortium eyes Bitcoin reserves in Thailand, strengthening ASEAN economic influence with a $3.8 trillion strategy.
U.S. Commerce Partners with Chainlink for Onchain Data
The collaboration between the U.S. Department of Commerce and Chainlink aims to integrate macroeconomic data into blockchain platforms for enhanced DeFi utility and financial innovation.
Chris Larsen’s XRP Moves Spark Controversy and Sell-Off Fears
Chris Larsen's transfer of 50 million XRP valued at $175 million causes community concern over Ripple's transparency and potential regulatory scrutiny.
Ethereum Emerges as Wall Street Stablecoin Leader
Ethereum leads stablecoin adoption, termed "Wall Street token," by VanEck CEO Jan van Eck.
Related
BlockDAG’s $386M Milestone and 3M X1 App Users Leave DOGE and Pi Behind
Discover why BlockDAG leads with $386M raised, 3M X1 app users, while DOGE drops and Pi struggles with migration.
Non-Custodial Bitcoin Lending Platform Launched by Lygos Finance
Lygos Finance debuts a non-custodial Bitcoin-backed lending platform utilizing Discrete Log Contracts, emphasizing security and decentralization.
Arctic Pablo’s 10,761% ROI Potential Sparks Rally, Making It The Best Crypto To Invest In Now While Dogecoin And Mog Coin Catch The Fire
Discover the best crypto to invest in now, featuring Arctic Pablo Coin, Dogecoin, and Mog Coin for massive returns. Don’t miss out on Arctic Pablo’s presale opportunity!
Corporate Bitcoiners Target Thailand for ASEAN Treasury Expansion
Major consortium eyes Bitcoin reserves in Thailand, strengthening ASEAN economic influence with a $3.8 trillion strategy.
U.S. Commerce Partners with Chainlink for Onchain Data
The collaboration between the U.S. Department of Commerce and Chainlink aims to integrate macroeconomic data into blockchain platforms for enhanced DeFi utility and financial innovation.
Could MAGACOIN FINANCE Mirror Solana’s Early Run? Experts Forecast 900x ROI Potential
Analysts suggest MAGACOIN FINANCE could replicate Solana’s early growth, with forecasts pointing to a staggering 900x ROI potential for early investors.
Be the first to leave a comment