PANews reported on December 17 that according to Cointelegraph, oracle provider Pyth Network announced that it will launch a real-time oil market data feed service for West Texas Intermediate (WTI) and Brent crude oil to expand its decentralized data service. This new price feed service will aggregate real-time data from trusted financial sources including exchanges and market makers, which can be accessed in more than 80 blockchain ecosystems.

By integrating Pyth's data feed service, developers can create decentralized finance (DeFi) applications related to the energy market. This development makes it possible to implement oil-based derivatives, perpetual futures and other financial instruments on the chain, thus building a bridge between the traditional financial (TradFi) market and decentralized solutions.