cryptojournalist
Pyth Network, a decentralized oracle provider, is now offering live oil price data for WTI and Brent Crude Oil. This means developers can use real-time oil prices to build DeFi apps across more than 80 blockchain networks.
What’s Included?
Pyth’s new feeds pull oil price data from trusted sources like exchanges and market makers. The data includes:
Prices for oil futures contracts (front-month, second-month, and third-month)
Non-expiring CFDs (contracts that track price differences)*
By pulling from multiple sources, Pyth avoids relying on a single data provider, making the feeds more reliable for DeFi tools.
Why It’s a Big Deal for DeFi
With real oil market data now available onchain, developers can move beyond crypto-only tools and build apps for real-world markets. Think trading platforms, oil-based derivatives, and tools for hedging risk.
The first project to use Pyth’s oil data is Storm Trade, a Telegram-based app where users can trade commodities, crypto, and forex with leverage.
Pyth’s Growing Role in DeFi
Pyth is leading the way in decentralized perpetual futures trading on blockchains like Solana, Avalanche, and Sui. In July, it captured all perpetual trading activity on these chains, thanks to its open-access system and wide range of market data.
Marc Tillement, Pyth’s director, noted that the network offers 500+ price feeds, so new blockchains can access over 100 crypto markets right from the start.
*Footnote: Contracts for Difference (CFDs) allow traders to profit from price changes without owning the underlying asset, like oil.
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