Pyth Network to Launch Real-Time Oil Data Feeds, Enabling Onchain Oil Derivatives in DeFi Applications

By José Oramas December 18, 2024 In DeFi, Onchain, Pyth

Source:AdobeStock

Pyth Network has launched real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil.
Pyth’s team highlighted the multi-trillion-dollar opportunity of energy markets, enabling DeFi applications such as oil-based derivatives and perpetual futures.
This launch follows VanEck’s recent listing of a Pyth Exchange Traded Note (ETN) in Europe, allowing investors to track PYTH’s performance without direct exposure.

Decentralised oracle provider Pyth Network has launched real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil. This officially expands the protocol’s data services to include energy markets.

The new price feeds will aggregate data from trusted financial sources such as exchanges, market makers, and index providers, making it accessible on over 80 blockchain networks. Storm Trade, a Telegram-based perpetual futures trading platform, will be the first DeFi protocol to integrate Pyth’s oil price feeds.

Developers can use these feeds to create decentralised finance (DeFi) applications linked to energy markets, such as oil-based derivatives, perpetual futures, and other financial instruments. But the team made it very clear on their X account:

Why it matters: Energy markets = multi-trillion-dollar opportunity. These feeds enable DeFi to tap into real-world commodities, expanding beyond crypto to where institutional capital lives. Think portfolio diversification, risk hedging, and enhanced liquidity.

Pyth Network

Pyth ETN Allows Exposure Without Holding Crypto

This comes just a month after asset manager VanEck expanded its crypto product offerings to include a new Pyth Exchange Traded Note (ETN) in Europe.

As Crypto News Australia reported, the ETN —listed on Euronext Amsterdam and Euronext Paris— allows investors to gain exposure to the PYTH cryptocurrency, the token of the Pyth Network, without directly holding or managing the asset. This simplifies participation in the crypto market while tracking PYTH’s performance.

Pyth Network is a popular DeFi protocol built on Solana. It uses data from some of the biggest market makers in crypto and traditional finance, including CBOE, Jane Street, OKX and Bybit. In other words, it works like a charm for data collection, which is protected and validated using advanced cryptographic techniques.

Marc Tillement, Director of the Pyth Data Association, said Pyth’s extensive coverage of over 500 price feeds allows projects to quickly access price data for more than 100 crypto markets. This permissionless access enables protocols to launch on new blockchains with minimal barriers.