In a groundbreaking initiative, Chainlink and Pyth have been selected by the U.S. Department of Commerce to bring official government economic data onchain. The announcement boosted Chainlink’s LINK token by over 5%, while Pyth’s PYTH token jumped nearly 50%.
The Bureau of Economic Analysis will provide six key data points, including GDP, the PCE Price Index, and real final sales figures. Chainlink confirmed the feeds will run across 10 blockchains such as Ethereum, Avalanche, and Optimism, with updates scheduled monthly or quarterly in line with traditional release schedules.
Pyth, meanwhile, will offer quarterly GDP data going back five years and expand coverage to additional datasets.
This marks the first U.S. government-backed initiative to connect official economic statistics directly to blockchain. Analysts say it could transform DeFi and broader blockchain applications by giving developers reliable, tamper-proof access to crucial macroeconomic information, bridging the gap between traditional finance and decentralized networks.
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