PANews reported on December 17 that oracle provider Pyth Network announced the launch of real-time oil market data feed services for West Texas Intermediate (WTI) and Brent crude oil to expand its decentralized data services. This new price feed service will aggregate real-time data from trusted financial sources, including exchanges and market makers, which can be accessed across more than 80 blockchain ecosystems.
By integrating Pyth's data feed services, developers can create decentralized finance (DeFi) applications associated with the energy market. This development makes it possible for oil-based derivatives, perpetual futures, and other financial instruments to be realized on-chain, thereby building a bridge between traditional finance (TradFi) markets and decentralized solutions.