The US government is publishing economic data onchain to increase transparency: Chainlink and Pyth will publish BEA GDP, PCE and other macroeconomic feeds on public blockchains. Onchain government data enables automated trading, real-time prediction markets and improved DeFi risk models.
US government publishes BEA data onchain via Chainlink and Pyth.
Expect automated trading, prediction markets and DeFi risk tools to use live macro inputs.
Pyth token rose ~70% on the announcement; Chainlink (LINK) rallied roughly 61% during August.
Onchain government data: US taps Chainlink and Pyth to publish BEA GDP and PCE onchain — learn implications for DeFi and markets.
The US government announced on Tuesday that it is publishing economic data onchain to boost transparency for government spending.
What does it mean that the US government is publishing economic data onchain?
Onchain government data means official macroeconomic figures from agencies like the Bureau of Economic Analysis (BEA) will be published directly to public blockchains by oracle providers. This creates a verifiable, tamper-resistant record for GDP, PCE and other indicators that markets and DeFi protocols can consume in real time.
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Chainlink was selected to provide BEA data feeds including real gross domestic product (GDP), the PCE price index, and real final sales to private domestic purchasers. Pyth was named a publisher of GDP data by the Department of Commerce. Both providers will post signed data transactions that smart contracts and onchain applications can read.
The selection follows an administrative push to increase government spending transparency and to support financial innovation. A Chainlink spokesperson said the company will add additional feeds in response to public demand or government direction. A Pyth announcement confirmed its role publishing GDP figures onchain.
Publishing official economic data onchain enables several concrete use cases. Smart contracts can trigger actions when a reported indicator crosses thresholds. Prediction markets can settle automatically based on authoritative onchain figures. DeFi protocols can use real-time macro inputs for collateral and risk adjustments.
Market participants reacted immediately. The price of Pyth (PYTH) surged by nearly 70% on the announcement. LINK posted modest intraday gains of over 3% before retracing to about $25.
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Source: https://en.coinotag.com/us-government-may-publish-economic-data-onchain-via-chainlink-and-pyth-potentially-supporting-crypto-markets/