The U.S. Department of Commerce has launched a major blockchain initiative by using Chainlink and Pyth Network to publish official economic data onchain.
Summary
- Chainlink and Pyth Network have been selected to bring verified U.S. economic data onchain.
- Chainlink is publishing 6 key macroeconomic indicators from the Bureau of Economic Analysis, including real GDP and the PCE Price Index, across ten major blockchain networks.
- Pyth Network will initially publish 5 years of quarterly U.S. GDP data onchain and plans to expand to additional datasets.
The U.S. government has started publishing key economic indicators onchain. The initiative, led by the Department of Commerce, leverages the infrastructure of two major oracle providers—Chainlink (LINK) and Pyth Network (PYTH).
How Chainlink brings U.S. economic data onchain
Chainlink now publishes macroeconomic data from the Bureau of Economic Analysis (BEA) onchain through its secure, enterprise-grade infrastructure.
The data includes 6 major indicators:
- Real GDP (Level)
- Real GDP (Percent Change, Annual Rate)
- PCE Price Index (Level)
- PCE Price Index (Percent Change, Annual Rate)
- Real Final Sales to Private Domestic Purchasers (Level)
- Real Final Sales to Private Domestic Purchasers (Percent Change, Annual Rate)
These datasets will be updated monthly or quarterly and made available across ten blockchain ecosystems including Ethereum, Arbitrum, Base, Avalanche, Mantle, Optimism, ZKsync, Linea, Sonic, and Botanix. This allows developers, financial institutions, and DeFi protocols to integrate reliable economic data into applications such as inflation-linked products, tokenized assets, prediction markets, and automated trading strategies. The published indicators are expected to expand over time based on public and government demand.
Pyth to publish verified GDP data onchain
Pyth Network has also been tapped to bring official GDP data onchain. Following close collaboration with Secretary of Commerce Howard Lutnick and the Department of Commerce, Pyth will begin by publishing five years’ worth of quarterly U.S. GDP figures.
The data will be verifiably distributed across Pyth’s infrastructure, which spans over 100 blockchains and supports more than 600 decentralized applications. Over time, Pyth anticipates expanding its offerings to include a broader set of macroeconomic indicators in partnership with government agencies.
Source: https://crypto.news/chainlink-and-pyth-bring-u-s-government-economic-data-onchain/