The U.S. Department of Commerce has put official economic data on-chain through two major Oracle Machines, with Pyth pumping over 62% and LINK pumping over 6.73%.

The U.S. Department of Commerce is moving official macroeconomic data onto the Blockchain, collaborating with Pyth Network and Chainlink respectively. The first wave is expected to put data such as GDP, real GDP, and PCE from the past five years on-chain, with plans to expand to more economic data. As of the deadline, LINK has pumped 6.73% in a single day, while Pyth has seen a big pump of 62%.

Pyth collaborates with the U.S. Department of Commerce to put the past 5 years of U.S. GDP on the Blockchain.

The oracle Pyth Network announced a collaboration with the U.S. Department of Commerce to assist in bringing government economic data on-chain, emphasizing the release of official statistics in a cryptographically verifiable and tamper-proof manner. Pyth currently spans over 100 public chains, serving more than 600 applications, strengthening security and accountability through a publicly transparent data publisher mechanism and an innovative staking model.

Step one: Pyth will trace back the past 5 years of the U.S. GDP ( updated quarterly ), and it is expected to expand to more economic datasets; the goal is to establish a long-term collaboration and distribution channel for government data on the blockchain, promoting the transparency of public information, corporate adoption, and the implementation of applications such as financial contract automation.

Chainlink will put six macroeconomic data from the U.S. Bureau of Economic Analysis on the blockchain.

At the same time, the veteran oracle Chainlink also announced a collaboration with the U.S. Department of Commerce to put six macroeconomic data points from the U.S. Bureau of Economic Analysis (BEA) on-chain, including "real GDP level and annualized quarterly change," "PCE price index level and annualized quarterly change," and "private final sales level and annualized quarterly change." The first wave is expected to adopt ten public chains including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync, with updates based on indicators on a monthly or quarterly basis.

As a leader in oracle technology and industry standard, Chainlink has integrated with over 2,400 ecosystems, providing critical data for dozens of public chains and hundreds of DeFi protocols, and collaborating with large institutions such as Swift, Mastercard, Fidelity, and ANZ.

In this article, the U.S. Department of Commerce has put official economic data on the blockchain through two major oracle services, with Pyth pumping over 62% and LINK pumping over 6.73%, originally appearing in Chain News ABMedia.