In an unprecedented move, the U.S. Commerce Department has launched economic data on public networks, as revealed by a late announcement from Chainlink. This development has significantly impacted the Pyth Network, with its market value witnessing a notable rise due to its critical role in this initiative.
How Did Pyth Coin Surge?
Pyth Network’s involvement in data verification has been confirmed by both Solana and Pyth’s official communications. Featuring prominently alongside cryptocurrencies like Bitcoin and Ethereum, Pyth Network gained attention in a last-minute report by Bloomberg, despite Chainlink’s initial mention of ten networks.
Pyth’s price experienced a remarkable update, increasing from $0.117 to nearly $0.19, marking an over 50% rise following the Commerce Department’s announcement.
The U.S. Commerce Department has chosen Pyth Network to verify and distribute economic data on the network. Pyth is honored to collaborate closely with the Commerce Department, being selected as the official data provider for this historic initiative.
With this collaboration, the United States positions itself prominently on the global stage, inviting fresh opportunities for transparency and trust in financial data management.
What Does Wider Network Integration Involve?
Expanding beyond Chainlink’s initial announcement, the Commerce Department presented further network participation information:
The U.S. Government has published the latest GDP figures on Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum, and Polygon. – U.S. Commerce Department
Pyth Network confirmed its proposal to deliver GDP data covering the past five years on a quarterly timeline, with the ultimate aim of widening its users’ access to extensive economic information.
– Pyth serves as the official conduit for releasing immutable economic statistics.
– The network will initially broadcast GDP details quarterly, building towards broader data access.
– The initiative underscores a wave of economic transparency and accountability enhanced through blockchain-based technologies.
– Pyth is prepared to aid governments in modernizing data infrastructures for robust digital transparency.
By enabling secure and immutable economic data distribution, Pyth Network sets the stage for transformative improvements in data access and reliability, ensuring stakeholders receive accurate, verified information. In doing so, it reinforces the Department’s commitment to advancing transparency in public data dissemination through decentralized systems.
