The U.S. Commerce Department had been hinting about releasing economic data on public networks, and today, Chainlink $25 cleared up any doubts with a last-minute announcement revealing that this data is now live. The announcement sparked a rapid surge in Pyth Network’s value due to its involvement in the initiative.
Why is Pyth Coin Rising?
According to announcements from Solana $211 and Pyth’s official accounts, Pyth Network will play a role in verifying data on the chain. While Chainlink had mentioned 10 networks in its announcement, a Bloomberg last-minute report highlighted Pyth Network alongside BTC, ETH, and Solana.
Following the announcement, Pyth’s price, which was at $0.117, climbed to nearly $0.19, marking an increase of over 50%. The official Pyth Network account noted:
“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.
This collaboration positions the U.S. as a global leader in finance, opening new horizons in transparency, access, and trust.
Pyth ensures that official statistics are released in a verifiable and immutable manner, ushering in a new chapter on how governments can utilize decentralized technologies. Verified onchain economic data will initiate a new wave in tokenization, economic transparency, and data accountability.
Initially, Pyth plans to release GDP data from the past five years on a quarterly basis and intends to expand the initiative to support a broader set of economic data. As governments modernize data infrastructures, Pyth stands ready to provide a secure infrastructure for digital transparency.”
Broader Network Release
The Commerce Department published a list differing from Chainlink’s announcement, indicating broader reach:
“The U.S. Government has published the latest GDP figures on Bitcoin $112,430 , Ethereum $4,491 , Solana, TRON, Stellar , Avalanche , Arbitrum, and Polygon .” – U.S. Commerce Department
