Pyth Network Launches Energy Price Feeds Bringing the First Real-Time WTI & Brent Crude Oil Market Data On-Chain

Real-time data for some of the most liquid energy assets paves way for novel DeFi applications like perpetual oil futures 

PORTO, Portugal, Dec. 17, 2024 /PRNewswire/ -- Pyth Network ("Pyth"), the public decentralized data infrastructure that empowers the next generation of financial applications, today announced the expansion of its low-latency price feeds to deliver reliable real-time market data on West Texas Intermediate (WTI) and Brent Crude Oil futures contracts & aggregated spot price through a non-expiring Contract for Difference (CFD) on more than 80 blockchains. This is the first time real-time pricing data for these assets are available on-chain creating new opportunities for developers to create novel DeFi applications like perpetual futures for some of the most liquid real-world assets in tradfi.

Michael Cahill, CEO and Co-Founder of Douro Labs, commented on the news, "By bridging the gap between traditional finance and decentralized systems, Pyth is creating opportunities for innovative financial products that are the paving way for decentralized markets to power a truly accessible global financial system. Pyth Energy Feeds is revolutionizing the way people interact and invest in real world assets."

Pyth Energy Feeds aggregate price data from a variety of trusted sources, such as index providers, exchanges, market makers, and other financial institutions, to provide real-time information on the pricing data of these real-world assets. Pyth strategically chose to integrate the market data for the two most liquid crude oil markets in the world into the Pyth Network so DeFi builders can create innovative tools using energy data and novel applications that cater to both retail and institutional users. One of the first DeFi protocols to integrate these feeds is Storm Trade, a perpetual futures trading platform on Telegram for trading crypto, forex, and commodities with leverage. With Pyth Energy Feeds DeFi protocols on more than 80 blockchains will be able to integrate the following data:

 WTI Crude Oil Data

• WTI1M: Aggregated price for the front-month futures contract for one barrel of WTI Crude Oil.
• WTI2M: Aggregated price for the second-month futures contract for one barrel of WTI Crude Oil.
• WTI3M: Aggregated price for the third-month futures contract for one barrel of WTI Crude Oil.
• USOILSPOT: Aggregated price for a non-expiring Contract for Difference (CFD) that tracks the price of WTI Light Sweet Crude Oil.

Brent Crude Oil Data

• BRENT1M: Aggregated price for the front-month futures contract for one barrel of Brent Crude Oil.
• BRENT2M: Aggregated price for the next-month futures contract for one barrel of Brent Crude Oil.
• BRENT3M: Aggregated price for the after-next-month futures contract for one barrel of Brent Crude Oil.
• UKOILSPOT: Aggregated price for a non-expiring Contract for Difference (CFD) that tracks the price of Brent Crude Oil.

As DeFi looks to bring TradFi on-chain, Energy assets can offer DeFi users a valuable opportunity for portfolio diversification as the highly liquid nature of these markets allows them to serve as a hedging tool for investors looking for risk-adjusted investments with exposure to larger geopolitical related market movements.

Jayant Krishnamurthy, CTO and Co-Founder of Douro Labs, added, "Introducing energy assets to DeFi will help further attract investors who have grown increasingly keen to deploy capital on-chain. By using key crude oil benchmarks like WTI and Brent, DeFi users will be able to get exposure to more traditional assets alongside their digital assets."

Pyth Energy Feeds marks a significant milestone in Pyth's mission to provide comprehensive on-chain data for all asset classes, empowering DeFi users to trade and invest in a broader array of real-world assets. Integrating energy price feeds enables developers to build energy markets immediately, expanding the scope of DeFi beyond cryptocurrencies to power real-world assets like energy commodities, metals, equities, and ETFs. This product not only strengthens the DeFi ecosystem but also offers new ways to incorporate traditional financial assets into decentralized markets.

About Pyth Network

Pyth Network is a public, decentralized data infrastructure designed to power the next generation of financial applications. As the largest and fastest-growing first-party financial oracle for real-time asset price data, Pyth delivers over 500 low-latency price feeds across digital assets, FX, ETFs, equities, and commodities to more than 80 blockchain ecosystems. This robust infrastructure enables DeFi builders to create dApps that rival traditional financial apps in speed and performance.

Supported by leading financial institutions including Cboe, Revolut, Two Sigma, and Virtu Financial, Pyth provides a unique opportunity for data providers to securely monetize their quote and trade data while contributing to the evolution of the digital asset ecosystem. With decentralized architecture ensuring data integrity, security, and transparency, Pyth facilitates nearly a trillion dollars in total transaction volume across every major blockchain and hundreds of applications, serving as critical infrastructure for the global financial market.

To learn more, please visit: https://www.pyth.network/

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SOURCE Pyth Network