U.S.A.'s historical decision causes LINK and PYTH to surge; Economic data disseminated across ten blockchain platforms

The U.S. Department of Commerce has taken a significant step forward in the adoption of decentralized tools for managing economic data. The department has announced its decision to publish key macroeconomic indicators, such as real GDP, personal consumption expenditures price index (PCE), and real final sales to domestic private buyers, directly on ten public blockchain networks.

This groundbreaking move could accelerate the adoption of DeFi (Decentralized Finance) in public environments and establish a new global standard for managing economic data. The involved blockchain networks include Ethereum, Arbitrum, Avalanche, Base, Botanix, Linea, Mantle, Optimism, Sonic, and ZKsync.

Chainlink and Pyth Network have been chosen as verification channels for this initiative. Chainlink provides the official feeds of the Bureau of Economic Analysis (BEA), while Pyth Network acts as the data editor for GDP, leveraging its network of top-tier financial data providers.

The publication of economic data is done through cryptographic hashes that allow verification of authenticity without intermediaries. This opens the door to new forms of citizen audit, where any user can verify economic figures without relying on filtered reports.

Since the announcement, the PYTH token has registered an increase of over 70%, reaching a market capitalization of around $1.9 billion. LINK, the native cryptocurrency of Chainlink, has experienced a moderate increase of around 6%, reaching a market capitalization of nearly $17 billion. The trading volume of both PYTH and LINK doubled in less than 24 hours.

If other government agencies replicate this model, oracles could become the standard for distributing public data in the digital age. This could further solidify the role of Chainlink and Pyth Network as guarantors of institutional integrity in decentralized environments. LINK has strengthened its presence on decentralized derivatives and insurance platforms as a result of this initiative.

The decision to publish economic data on public blockchains has been recognized as a turning point for oracles as public infrastructure. If successfully implemented, this could pave the way for a more transparent and decentralized future for economic data management.

U.S.A.'s historical decision causes LINK and PYTH to surge; Economic data disseminated across ten blockchain platforms